Overview
- Figure submitted a registration for what it calls the first blockchain-native public equity, to be issued and settled on Provenance and traded on the company’s alternative trading system, bypassing traditional clearing infrastructure.
- The structure is designed for 24/7 trading, direct wallet ownership, on-chain voting, stock lending and borrowing via Democratized Prime, and settlement using the SEC-registered YLDS stablecoin.
- The offering is described as non-dilutive, with existing holders selling Class A shares to underwriters Goldman Sachs, Morgan Stanley and Cantor, after which Figure would repurchase shares into treasury for conversions and exchanges.
- Terms, size and timing have not been set, the company cautioned there is no assurance the deal will be completed, and management indicated the new class is not expected to go live until next year.
- Recent momentum includes a disclosed $77 million Duquesne Capital stake that lifted shares up to 15% and analyst price-target raises, following Q3 results showing net income up 227% to $90 million on $156 million of revenue and Figure Connect driving about 60% of loan volume.