Figure Debuts Onchain Stock With $150M Offering

Edgen Crypto

·Feb 19 2026, 16:52

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Key Takeaways

Figure Technology Solutions is launching a tokenized version of its stock directly on its proprietary blockchain, a move intended to bypass traditional financial intermediaries. The launch is supported by a significant capital raise, signaling investor confidence in the onchain equity model.

Figure launched FGRD, a native tokenized stock, on its Onchain Public Equity Network (OPEN) on February 19.
The debut coincides with an upsized $150 million secondary offering, which includes participation from venture firm Pantera Capital.
The model bypasses traditional clearing systems, enabling real-time settlement and direct integration with Figure's decentralized lending protocol.

Figure Secures $150M for Tokenized Stock Launch

Blockchain firm Figure Technology Solutions launched a tokenized version of its stock, FGRD, on Thursday, February 19. The digital asset is issued and traded natively on the company's Onchain Public Equity Network (OPEN). The debut accompanies a secondary share offering that was upsized to $150 million, with notable participation from venture capital firm Pantera Capital. In a concurrent move, Figure also announced it would repurchase $10 million of its common stock from existing shareholders.

Onchain Equity Aims to Modernize Market Infrastructure

Unlike many tokenized securities that act as derivatives or proxies for offchain assets, FGRD represents actual equity issued directly on a blockchain. This structure is designed to eliminate legacy intermediaries, such as traditional clearing and custody systems. By recording and finalizing transactions directly onchain, Figure aims to provide faster execution, programmable compliance, and reduced settlement risk. Investors holding FGRD can also use the tokens within Figure's decentralized finance protocol, Democratized Prime, for lending and borrowing.

By issuing FGRD natively onchain, we’re re-architecting the core infrastructure of capital markets to be real-time, transparent, and programmable, while removing layers of intermediaries that add cost, risk, and friction.

— Mike Cagney, Executive Chairman of Figure.