Overview
- Figure submitted an SEC registration for a proposed offering of Series A Blockchain Common Stock that would be issued and settled entirely on the Provenance blockchain.
- The company says the on-chain shares would enable 24/7 trading, direct wallet ownership, on-chain market making, blockchain voting, and stock lending and settlement using its $YLDS stablecoin.
- The new class would be non-dilutive and available only to existing shareholders, with 1:1 convertibility into Class A stock held in treasury through a structure underwritten by Goldman Sachs, Morgan Stanley and Cantor.
- Figure cautioned that the number of shares and pricing are not set and the transaction may not be completed, with timing dependent on market conditions.
- The filing follows Figure’s strong Q3 and momentum—net income of about $90 million on $156 million in revenue, Figure Connect at roughly 60% of originations, a disclosed $77 million Druckenmiller stake that lifted shares as much as 15%, and fresh analyst price-target increases.