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Quick take:
Figure Technologies has launched FGRD, the first SEC-registered public equity natively issued and settled entirely on blockchain infrastructure
Due to robust institutional demand, the secondary offering was upsized to 4,375,000 shares of Series A Blockchain Common Stock, priced at $32.00 per share.
The stock will trade on the newly launched On-Chain Public Equity Network (OPEN), enabling T+0 settlement and direct peer-to-peer lending without traditional intermediaries.
Figure Technologies has officially debuted its tokenized stock, coinciding with a significantly upsized $150 million capital offering. This development marks a pivotal moment for the fintech giant, led by SoFi co-founder Mike Cagney, as it seeks to redefine how private equity is managed, traded, and settled.
According to the announcement, the new offering, which saw its target raised due to increased investor demand, underscores a growing appetite for institutional-grade digital assets.
Figure is leveraging its proprietary Provenance Blockchain to provide a real-time, transparent ledger of ownership. This new system allows for instantaneous settlement and reduces the administrative friction typically associated with private share transfers.
Figure sees the transition into tokenized equity as being more than just a technical milestone but also a strategic one. Industry analysts also suggest that Figure is setting a blueprint for how private companies can access liquidity without the immediate need for a traditional IPO.
Figure’s latest venture follows a series of aggressive expansions into the Web3 and DeFi sectors. The company went public last September, raising $787.5 million in an IPO that valued it at about $5.29 bilion. Earlier in 2025, Figure also received a $200 million investment from Sixth Street as part of a strategic partnership that would allow Figure to issue up to $2 billion in loans on-chain.
The company plans to use the $150 million injection to accelerate ecosystem growth, particularly its trading platform and digital asset services. As more institutional players look toward tokenization as the future of capital markets, Figure’s successful debut of tokenized stock serves as a high-profile proof of concept.
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