Figure Debuts Tokenized Stock On-Chain After $150M Offering
Following an upsized $150 million offering, Figure is debuting its tokenized stock, FGRD. The shares are issued natively on-chain, enabling instant settlement and featuring embedded compliance protocols. This move demonstrates a functional model for public equity markets operating on blockchain infrastructure.
- The $150 million offering was an upsized secondary public offering of 4,375,000 shares of the new Series A Blockchain Common Stock at a price of $32.00 per share. Concurrently, existing shareholders sold 4,687,500 shares of the traditional Class A common stock, and Figure repurchased approximately $10 million of its shares. - FGRD shares are a distinct class of stock ("Series A Blockchain Common Stock") issued directly on the Provenance Blockchain, not just a tokenized wrapper for traditional DTCC-held securities. This structure allows for direct on-chain holding, voting, and a one-for-one conversion into Figure's Class A common stock at any time. - The tokenized shares trade on Figure's On-Chain Public Equity Network (OPEN), which features a limit order book on Figure's Alternative Trading System (ATS). Market makers like Jump Trading and custody providers such as BitGo are supporting the network to ensure liquidity and security. - A key feature for asset utilization is the integration with Figure's "Democratized Prime," a DeFi protocol that allows FGRD holders to lend their shares or use them as collateral. This aims to disintermediate prime brokers and allow shareholders to earn yield from stock lending. - The OPEN platform is designed with embedded compliance, including automated regulatory reporting and investor verification systems built into the Provenance Blockchain protocol to address AML and KYC requirements. - Prior to this equity launch, Figure and its partners had already originated over $22 billion in loans on-chain, establishing the Provenance Blockchain as a significant ledger for real-world asset (RWA) tokenization. - The offering saw participation from crypto investment firm Pantera Capital, signaling interest from established digital asset investors in this new model for on-chain equity.
