Figure Markets 4.23 Million Blockchain-Based Shares Ahead of ATS Pricing

Figure Technology Solutions has initiated a formal marketing process for a block of equity totaling 4.23 million shares, signaling a tangible push to use distributed-ledger infrastructure for primary share transfers. The company is not running a traditional exchange listing for this portion; instead, the stock will be routed to a trading venue operated on its own blockchain architecture. Sellers behind the placement are current holders rather than the firm issuing new shares, and pricing is scheduled to be set after the close of trading in New York on February 17. That timing ties the commercial mechanics of the sale to standard market hours while moving settlement and later trading to a nontraditional venue. This transaction tests whether institutional and accredited investors will accept counterparty and execution arrangements that diverge from established exchange norms. If demand is strong, the deal could accelerate adoption of blockchain-native settlement models by demonstrating real capital markets activity outside of legacy systems. Conversely, low uptake would underscore lingering frictions—regulatory, custodial or liquidity-related—that still limit such initiatives. The offering also places a spotlight on how alternative trading systems built on distributed ledgers interface with existing market surveillance, reporting and compliance frameworks. For market participants, the immediate questions are around counterparty credit, the speed and finality of settlement, and the availability of price discovery when matches occur on a blockchain ATS. Over a longer horizon, successful execution could encourage other fintech firms and incumbent brokers to experiment with tokenized equity primitives and bespoke ATS designs. Regulators and custodians will watch settlement mechanics closely; any operational glitch could provoke heightened scrutiny and slow broader acceptance. For Figure, the deal represents both a product-market test and a signaling event—proof that a company can move blocks of stock in this manner without a Nasdaq listing. The outcome will influence whether blockchain-native share trading moves from niche proof-of-concept to a viable complementary pathway for certain issuers and investors.