In February 2026, the global capital markets reached a historic milestone. Fintech company Figure Technology Solutions Inc. officially began marketing approximately 4.23 million blockchain-native shares to investors. This move not only represents an innovation in corporate fundraising but also marks the transition of "blockchain stock" from a conceptual idea to large-scale application. For investors tracking Figure crypto stock developments, this event signals a fundamental reshaping of traditional stock trading models.
4.23 Million Shares Issued On-Chain: Pricing and Trading Details
According to reports from Bloomberg and other media outlets, Figure has officially started presenting this batch of blockchain-native shares to investors. These shares are being sold by existing shareholders, not through a new issuance by the company, and are expected to be priced after the close of trading on February 17, 2026, New York time.
The underwriter lineup for this offering is impressive, with Goldman Sachs, Morgan Stanley, and Cantor Fitzgerald jointly participating. Documents indicate that these shares can be converted into Figure’s common stock on a 1:1 basis in the future. Additionally, the company plans to repurchase up to $30 million worth of shares after the offering to help stabilize market expectations.
What Are "Blockchain-Native Shares"? How Are They Different from Tokenized Stocks?
In the deep integration of crypto and finance, blockchain-native shares are fundamentally different from the more common "tokenized stocks."
Traditional tokenized stocks—like the stock tokens previously launched by Binance—typically involve holding conventional securities off-chain and then issuing a "wrapped" token on-chain to represent the underlying security. In contrast, the blockchain-native shares issued by Figure are fully issued, registered, traded, and settled natively on blockchain infrastructure, completely bypassing the traditional centralized custody model of the Depository Trust & Clearing Corporation (DTCC) in the US.
These shares will not be listed or traded on NASDAQ or the New York Stock Exchange. Instead, trading will be exclusive to Figure’s alternative trading system (ATS), which is built on the Provenance Blockchain. This means that from the moment of issuance, the equity certificate exists as an on-chain asset, offering programmability and instant settlement.
The OPEN Network: Redefining the "Superhighway" of Capital Markets
Figure’s move is not a sudden initiative—it’s the result of years of preparation. In January 2026, Figure officially launched its On-Chain Public Equity Network (OPEN), designed to allow companies to list their equity directly on the blockchain.
Through the OPEN network, Figure is building an ecosystem that does not rely on traditional prime brokers:
- Self-Custody and Settlement: Investors can hold assets in their own wallets and conduct non-custodial, peer-to-peer trades via Figure’s ATS.
- DeFi Integration: Shareholders can leverage decentralized finance protocols to lend out their blockchain shares or use them as collateral for borrowing, redirecting profits that would typically go to prime brokers back to shareholders.
- Market Maker and Custody Support: Leading market makers like Jump Trading are ready to provide liquidity for the network, while BitGo will offer qualified institutional-grade custody services.
Figure Executive Chairman Mike Cagney commented, "OPEN is a major improvement over the existing centralized model. It incentivizes companies to use OPEN, and investors will demand it."
Market Macro Backdrop: The RWA Boom
Figure’s move comes amid a surge in real-world asset (RWA) tokenization. As of early 2026, monthly trading volume for tokenized stocks has surpassed $800 million, and institutional participation in this market has jumped from around 39.4% at the start of 2025 to 82% by year-end.
On the macroeconomic front, with capital costs remaining elevated, the traditional T+1 or T+2 settlement cycles in legacy financial markets are increasingly seen as sluggish. In contrast, on high-performance blockchains like Solana or Provenance, settlement is nearly instantaneous, dramatically improving capital efficiency. Paul Atkins, the new Chair of the U.S. Securities and Exchange Commission (SEC), recently stated that tokenization will "reshape the financial system" in the coming years.
Institutional Perspectives and Price Dynamics
As Figure deepens its presence in blockchain finance, major institutions have released updated assessments of its stock (ticker: FIGR).
Market Data
While Figure (FIGR) as an individual stock is influenced by various factors in traditional markets, overall sentiment in the crypto market often closely correlates with its performance. For reference, today’s Bitcoin (BTC) price is $68,915.2, up 3.51% over 24 hours, with a market dominance of 55.42%. Ethereum (ETH) is trading at $2,049.85, up 5.38% over 24 hours. The overall crypto market rebound is fueling positive liquidity expectations for the RWA sector.
Institutional Price Targets
- Bernstein: In January 2026, Bernstein named Figure (FIGR) a "Top Pick" for 2026, raising its price target from $54 to $72, citing growth in its tokenized credit market that far exceeded expectations.
- Goldman Sachs: In a mid-February report, Goldman Sachs slightly adjusted its Figure price target from $57 to $49 but maintained a "Buy" rating. Analysts noted that while recent earnings were slightly below expectations, fourth-quarter revenue surged 106% year-over-year, and strong loan origination in February supports the company’s long-term growth prospects.
Conclusion: The Milestone Significance of Figure Crypto Stock
Figure’s issuance of 4.23 million blockchain-native shares is far more than a simple equity financing event. It pushes the boundaries of future finance: when stocks can be traded instantly, borrowed and lent freely, and self-custodied like cryptocurrencies, the existing Wall Street intermediary system faces a profound challenge.
For investors following Figure crypto stock, the pricing on February 17 will be a key moment to watch. Regardless of the outcome, through the OPEN network and this offering, Figure has set a new milestone on the path toward a fully on-chain capital market.
