Figure is debuting its tokenized stock along with upsized $150 million offering

Finance Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Figure is debuting its tokenized stock along with upsized $150 million offering The FGRD token represents common shares of the company issued natively onchain with instant settlement and built-in lending tools. By Krisztian Sandor | Edited by Oliver Knight Feb 19, 2026, 1:27 p.m. Make us preferred on Google Figure executive chairman Mike Cagney (Figure) What to know : Figure will issue Thursday a tokenized version of its stock directly on blockchain rails, bypassing legacy clearing systems. Stock token holders will be able to lend or borrow through Figure's DeFi market. The listing comes amid Figure's $150 million secondary share offering, with Pantera Capital among participants. Figure Technology Solutions (FIGR), the blockchain company helmed by ex-SoFi CEO Mike Cagney, is debuting Thursday a new, tokenized class of its stock that trades entirely on blockchain rails cutting out traditional intermediaries, the firm told CoinDesk. The stock token, dubbed FGRD, will be available on Figure’s Onchain Public Equity Network (OPEN), where it is issued, traded and settled without relying on the traditional clearing and custody systems that underpin most of Wall Street. STORY CONTINUES BELOW Don't miss another story. Subscribe to the Crypto Daybook Americas Newsletter today . See all newsletters Sign me up By signing up, you will receive emails about CoinDesk products and you agree to our terms & conditions and privacy policy . Instead, FGRD transactions are recorded and finalized directly on a blockchain, allowing for faster execution and programmable compliance, the company said. Investors can access the asset through the Figure Markets app and self-custody wallets integrated with the network. Investors will also be able use their stock tokens for lending or borrowing through Figure's decentralized finance protocol Democratized Prime. Figure operates a blockchain-native capital markets platform that connects loan origination, funding and secondary trading. The company has originated over $22 billion in home equity loans and offers tools for digital asset custody, tokenization and onchain yield products. Its infrastructure is used by banks, credit unions and fintechs to bring traditional assets onto public blockchains. Tokenized equities — digital versions of traditional stocks that trade on blockchain rails — have drawn attention recently for their potential to reduce settlement risk, improve transparency and increase market access. Most are backed by offchain assets and depend on intermediaries to reflect real-world ownership. FGRD differs in that it is issued natively onchain, representing the actual equity rather than a derivative or proxy. "Public equity still runs on decades-old market plumbing, and it simply doesn’t make sense anymore," said Mike Cagney, executive chairman of Figure. "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," he added. Figure's tokenized stock debut comes amid the company's secondary public offering , which was upsized to $150 million. Venture firm Pantera Capital participated in the deal. The firm also said to repurchase $10 million of its common stock from existing shareholders. Figure went public in September, with its shares erasing gains over the past month as crypto prices tumbled. 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