Fintech firm Figure Technology Solutions has officially begun marketing 4.23 million blockchain-native shares for investors, according to sources close to the process. The company, co-founded by former SoFi CEO Mike Cagney, plans to set the sale price following the New York market close on February 17. Unlike traditional issuances, these securities will be traded exclusively on Figure’s own blockchain-based Alternative Trading System (ATS), bypassing traditional infrastructures such as Nasdaq.
This move carries a significant impact, as it enables 24/7 securities trading by integrating Decentralized Finance (DeFi) technology. The shares will be convertible one-for-one into common stock and will allow holders to lend or borrow against their assets directly on the blockchain, effectively replacing the traditional roles of prime brokers. Following this announcement, Figure’s stock rose 3.8% to $35.37, seeking stability after post-IPO volatility.
The next critical step for the market will be monitoring the results of the $30 million share buyback that Figure will execute after the offering closes. Additionally, investors will be closely watching the financial report for the quarter ended December 31, where the firm expects to report an adjusted EBITDA of up to $83 million. The success of this issuance will determine whether “blockchain-native” infrastructure can compete at scale with conventional stock markets in terms of liquidity and operational efficiency.
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