Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
Figure Markets 4.23M Blockchain Shares In Secondary Offer
Feb 13, 2026 | NCFA Fintech Market Activity | Digital Assets and Capital Markets
Image: Freepik
Figure Opens Secondary Sale Of Blockchain Common Stock
On February 13 2026, Figure Technology Solutions’ started marketing secondary offering for up to 4,230,000 shares of its Series A Blockchain Common Stock.
Figure also intends to repurchase up to $30 million of its Class A common stock from the underwriters at the offering price, funded with cash on hand, conditional on completing the offering. It named Goldman Sachs, Morgan Stanley, and Cantor as lead joint book running managers and sales agents.
This announcement puts the tokenized equity idea into real distribution asking public market buyers to get comfortable with a blockchain-based common stock wrapper, while it simultaneously uses a buyback to manage float and pricing pressure during the deal window.
See: Tokenized Infrastructure Is Changing How Markets Operate
Figure also made one constraint explicit. Its registration statement has been filed but is not yet effective, so the shares cannot be sold until the SEC process clears.
Figure confirmed that more than 200 partners use its loan origination system and capital marketplace, and that Figure and its partners have originated over $22 billion of home equity to date. It also listed parts of its ecosystem that connect capital markets plumbing to tokenized rails, including Figure Connect, Democratized Prime, DART for custody and lien perfection, and $YLDS as an SEC registered yield bearing stablecoin that operates as a tokenized money market fund.
Talking Point
If tokenized common stock starts trading like any other public equity, what becomes the harder problem to solve, market structure and custody, or investor comfort and liquidity?
Tokenized equity only counts currently if it's allowed to live inside the daily reality of public markets. That means underwriting, prospectus distribution, broker workflows, shareholder recordkeeping, and secondary liquidity all need to work without drama. If this offering clears cleanly, other issuers will copy the playbook fast, because it offers a path to modernize market infrastructure without waiting for a full system rebuild.
Once the SEC process clears, buyers will decide whether blockchain common stock feels like a better wrapper or an extra moving part. If trading holds up and operational friction stays low, tokenized equity moves from category theory to a repeatable financing tool.
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