Figure Technology Solutions, Inc., listed on NASDAQ under the ticker FIGR, has announced a major milestone for blockchain-based securities with the filing of a registration statement on Form S-1 with the U.S. Securities and Exchange Commission. The filing relates to a proposed offering of its Series A Blockchain Common Stock, a new category of equity that exists entirely on blockchain infrastructure. The company presented this development as a breakthrough in capital markets innovation, highlighting that the security will be issued on blockchain rather than through legacy market systems.
The Blockchain Stock will serve as a native blockchain equity class designed to operate through Figure’s alternative trading system. It is expected to trade exclusively on this platform and will be convertible on a one-to-one basis into Figure’s Class A Common Stock. Holders will also gain access to borrowing and lending capabilities through Democratized Prime, a decentralized finance protocol hosted on the Provenance Blockchain. Through this system, investors will be able to leverage their holdings without relying on traditional brokerage channels.
Blockchain as the Operating Layer of Securities
Unlike traditional stock held through the Depository Trust & Clearing Corporation, the Blockchain Stock leverages a blockchain-only securities stack. The asset’s transactions and settlement processes will occur on the Provenance Blockchain, allowing users to hold and trade securities directly through self-custody blockchain wallets rather than centralized intermediaries. Instead of routing activity through introducing brokers or prime brokers, participants will access the system through blockchain wallets, and decentralized finance mechanisms will replace traditional stock lending functions.
Figure leadership noted that this development represents a turning point for both operational efficiency and risk management in capital markets. They suggested that this move signals a departure from dependence on legacy infrastructure, framing the initiative as part of a larger transformation in how public equities could be issued and traded in the future. The company expects the system to prove less costly and more transparent than traditional public equity trading.
Today, we announced a public filing of the registration statement for a proposed offering of a tradeable, blockchain-native equity security.
This non-dilutive, first-of-its-kind transaction follows Figure’s successful tradfi IPO.
Read more about it in the press release, along… pic.twitter.com/5qV4WhBLvj
— Figure (@Figure) November 17, 2025
The Blockchain Stock is expected to trade continuously, 24 hours a day, seven days a week. Figure emphasized that the model removes opacity from the stock lending market, enabling token holders to see and benefit directly from lending opportunities, particularly during periods when lending rates are elevated. The ability for holders to lend stock transparently was presented as a key advantage over legacy systems, where stock locate markets are administered through intermediaries.
Industry Firsts and a Blueprint for Future Issuances
Figure highlighted several industry firsts that accompany the offering. The Blockchain Stock will exist solely on the Provenance Blockchain, assigned a unique CUSIP, and settle exclusively through blockchain mechanisms. It will also be the first public equity security to use stablecoin-only settlement, with Figure’s SEC-registered yielding stablecoin, known as YLDS, designated to handle all settlement and bid encumbrances in the secondary market.
The structure also supports cross-asset collateralization through Democratized Prime, enabling investors to leverage multiple blockchain assets simultaneously. Direct on-chain governance will allow shareholders to vote without relying on proxy intermediaries, with blockchain serving as the definitive record of ownership and voting rights. Figure also plans to provide mechanisms for seamless exchange between the Blockchain Stock and NASDAQ-traded shares via its Treasury function.
While the number of shares and price range for the offering are yet to be finalized, the company indicated that completion will depend on market conditions. The offering is designed to be non-dilutive, as existing investors will sell Class A Common Stock to underwriters — including Goldman Sachs, Morgan Stanley, and Cantor — who will deliver Blockchain Stock to purchasers. Figure will then acquire an equivalent number of Class A shares to hold in treasury, maintaining balance and enabling future conversions.
With this initiative, Figure positions itself at the forefront of blockchain capital markets, offering a model that could reshape the way public equities are issued, traded, and governed.