Figure Unveils Blockchain Stock Offering
Additionally, market makers will operate on-chain and investors will be able to use shares as collateral and exchange them with Figure’s Nasdaq shares through the company’s treasury.
Figure said the blockchain-based structure will enable 24/7 trading, direct ownership via digital wallets and more transparent stock lending without brokers or centralized clearing houses.
Holders will be able to lend or borrow shares through Democratized Prime, a decentralized financial protocol on Provenance, and use the company’s SEC-registered $YLDS stablecoin to settle transactions. Shareholders will also be able to vote directly on the blockchain, according to Figure’s press release.
“What we’re doing is not just issuing a new stock. We’re actually creating an entirely new equity capital market,” said Mike Cagney, executive chairman and co-founder of Figure, during a Tuesday afternoon conference call to discuss the proposed offering.
“We believe this is hugely disruptive. When we started Figure in 2018, our goal was to use blockchain to transform the way capital markets work,” he added. “We’ve certainly done that in the credit space – at this point there’s over $20 billion in loans generated on blockchain. … This is our opportunity to do that in the equity space, and we ultimately see this as extensible to any asset, whether it’s commodities or currencies or crypto.”
CEO Michael Tannenbaum said the structure expands the company’s work in applying blockchain to capital markets.
“This expansion integrates seamlessly into Figure’s ecosystem and connects our origination platform, alternative trading system and yield stablecoin to create a comprehensive, self-reinforcing marketplace for real-world asset financing,” Tannenbaum said during the conference call.
The blockchain’s equity capital will be non-dilutive and only available to existing shareholders, with Figure producing new blockchain shares, Cagney and Tannenbaum confirmed.
Under the proposed structure, existing investors will sell Class A shares to underwriters Goldman Sachs, Morgan Stanley And Cantor. Upon issuance of the Blockchain Shares, Figure will purchase an equal number of Class A Shares from the underwriters and hold them in cash for possible exchanges and conversions.
The number of shares to be offered and the price range have not yet been determined. Figure said the timing and terms will depend on market conditions, and there can be no assurance that the transaction will be completed.
Both Tannenbaum and Cagney expect this model to increase liquidity and utility, potentially leading to a premium for blockchain securities over traditional National Market System (NMS) securities.
Figure in the news
Monday’s announcement builds on several new initiatives at the New York-based tech company.
Following its debut on the Nasdaq in mid-September – an IPO that valued the company at $5.29 billion – Figure launched an AI-powered platform for DSCR (Debt Service Coverage Ratio) lending in mid-October that uses blockchain to speed up processing and reduce costs.
In Figure’s third-quarter 2025 earnings report, its first earnings release since going public, the company reported $2.5 billion in consumer lending volume, up 70% year over year.
It also nearly tripled the volume of its first home equity line of credit (HELOC) compared to a year earlier.
