Figure Technology Solutions (NASDAQ:FIGR), a top blockchain-focused public firm, says it is aiming to trade digital securities; blockchain native equity.
Everyone knows that all securities will eventually be digital. Figure is a company that is doing it today. Figure has filed an S-1 registration statement with the Securities and Exchange Commission seeking to trade its “Series A blockchain common stock.
The S-1 states:
“The infrastructure supporting capital markets today is fragmented and operates on legacy systems, which employ antiquated processes for loan approvals and transaction processing. This creates process and cost inefficiencies in serving consumer credit markets and limits the development of alternative marketplaces. Furthermore, the manual elements underpinning the records of ownership and transfer of financial and real assets constrain liquidity, maintain elevated costs, and are error-prone.
Figure aims to address these challenges by using blockchain-based technology to innovate beyond legacy processes.”
These digital assets will trade on Figure’s alternative trading system (ATS).
Figure explains that holders of the digital shares will be able to borrow against and lend the shares on “Democratized Prime, a blockchain-based decentralized finance (“DeFi”) protocol on the Provenance Blockchain.”
The process will have no need for DTCC as the security will be issued on the Provenance Blockchain.
Rather than centralized exchanges, the security will trade on its non-custodial ATS and settle in self-custody user wallets.
Instead of introducing brokers, traders can access the marketplace through their blockchain wallets. DeFi is expected to replace prime brokers’ stock-based lending roles.
Founder and Executive Chairman Mike Cagney describes their move as a vast leap forward from legacy securities markets to the new capital markets infrastructure. The old way is on the outs and will no longer be needed.
Michael Tannenbaum, CEO of Figure, said this process is a huge advancement over established methods: “The ability to cross collateralize this equity with other blockchain assets is a huge improvement over the current siloed market.”
The digital securities will be non-dilutive and sold to existing investors, including Goldman Sachs, Morgan Stanley, and Cantor Fitzgerald.
Figure and its partners report originating more than $19 billion of home equity loans, among other products.
A conference call has been scheduled to review the offering on November 18, 2025, at 4:15 PM ET.
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