Figure Technology Solutions has launched a proposed secondary public offering for up to 4.23 million shares of its Series A Blockchain Common Stock, or Blockchain Stock, the company announced in a press release Friday (Feb. 13).
The company, which is a blockchain-native capital market for tokenized assets, said in a November press release that it had filed a registration statement with the Securities and Exchange Commission (SEC) regarding the proposed offering of its Blockchain shares.
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Figure said in the November release that Blockchain shares would be a class of blockchain-native equity securities, trade on the company’s alternative trading system and be convertible into Figure’s Class A common stock on a one-for-one basis.
The company added that Blockchain Stock would use a blockchain-only security stack, with the security issued on the Provenance Blockchain, traded on Figure’s non-custodial alternative trading system, and settled in self-custodial user wallets.
“This is a new moment in capital markets infrastructure for efficiency and risk management – a huge step forward from traditional securities markets infrastructure and the start of a world that no longer needs it,” Mike Cagney, executive chairman and co-founder of Figure, said in the November release.
In January, Figure announced the launch of its On-chain Public Equity Network (OPEN), which allows companies to list their shares natively on the blockchain, and which Figure planned to be the first issuer to use OPEN, having filed the public registration statement in November to do so.
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“OPEN is reinventing stock trading,” Cagney said when announcing the new offering. “The significant advantages over the centralized incumbent model are driving companies to use OPEN and their investors demanding it. Having extended over $20 billion in on-chain credit, we are now excited to bring public capital to Provenance Blockchain.”
Figure said in an earnings release Friday that during the fourth quarter, volume in its consumer lending marketplace grew 131% year over year to $2.7 billion. For the full year, volume increased 63% year-over-year to $8.4 billion.
Mike Tannenbaum, CEO of Figure, said in the release that the results reflect “the significant progress we have already made in modernizing capital markets and position us to further accelerate this transformation.”
