FGRS (Figure Tokenized Stock)

Figure priced its Class A IPO on September 10, 2025: 31.5 million shares at $25, with Nasdaq trading under FIGR planned for the next day. On November 13 it announced a confidential draft for Series A Blockchain Common Stock. The proposed route would exchange existing Class A shares for blockchain shares rather than use a token sale to fund a new network.

OPEN was announced running on Provenance on January 14, 2026, while Figure’s own issuance was still ahead. Executive chairman Mike Cagney presented the network as an extension of Figure’s blockchain credit business into public equity. The choice made Figure’s own shareholders the first users of its proposed alternative to conventional equity settlement.

In a January 21 letter, SEC staff asked Figure to explain who maintained the register, what stayed on-chain or off-chain, and how holders would vote, receive distributions and convert shares. These were requests for disclosure, not a finding that blockchain eliminated intermediaries. They capture the practical questions the new market had to answer.

The final documents name Figure Equity Solutions as transfer agent and restrict transfers to approved holders. Figure’s filings place transaction records on-chain and identifying information off-chain. Self-custody therefore changes how a shareholder holds and moves the asset, while the company still needs to recognize the person behind the wallet.

After registration became effective on February 17, the offering was priced the next day at $32 for 4,375,000 blockchain shares. Its structure used the proceeds to acquire corresponding Class A shares from the underwriters. A separate 312,500-share repurchase brought the selling holders’ total to 4,687,500 Class A shares. Treating the whole transaction as fresh crypto issuance would miss this exchange of existing equity.

Figure announced FGRS on February 19. Holders received the new class’s one-vote-per-share entitlement and the ability to convert whole shares into Class A. Conditional dividends and residual liquidation rights also belong to the share. But the two trading routes need not produce identical prices: conversion requires processing, and FGRS does not trade as FIGR on Nasdaq.

The FGRS Pool adds a second use for the on-chain share: a holder can lend it to another eligible participant rather than simply wait to sell. Its addendum separates borrower-paid interest from corporate dividends and separates the lending operator from Figure Securities’ ATS. That is the concrete test OPEN leaves behind—whether an identified shareholder can trade and lend the same equity efficiently across these connected services, without confusing their different obligations.