Figure has launched OPEN, a blockchain-native equity trading system, enabling companies to list equities directly on blockchain.
Quiver AI Summary
Figure has launched the On-Chain Public Equity Network (OPEN), enabling companies to list their equities directly on the blockchain, diverging from traditional tokenization methods. OPEN allows shareholders to trade on a limit order book via Figure’s Alternative Trading System and engage in decentralized finance (DeFi) activities, which reduces dependency on prime brokers and lowers trading costs. This new blockchain-native market structure promises enhanced transparency, improved liquidity, and a more democratized trading environment. Figure plans to be the first issuer on OPEN, facilitating a secondary equity offering that aligns with its goal of transforming equity trading. The initiative has garnered interest from industry players, including BitGo, and is expected to attract more blockchain-native companies and investors.
Potential Positives
- Figure has launched the On-Chain Public Equity Network (OPEN), enabling companies to list their equity on the blockchain, which can enhance market accessibility.
- OPEN's blockchain registry reduces costs and capital requirements compared to traditional centralized equity capital markets, potentially attracting more companies to use the platform.
- Figure plans to be the first issuer to use OPEN, with a public registration statement already filed for a secondary equity offering, demonstrating commitment and leadership in the blockchain space.
- Market makers like Jump Trading LLC are preparing to support the OPEN network, indicating confidence in its future liquidity and operational scale.
Potential Negatives
- OPEN may face regulatory scrutiny as it diverges from traditional equity market practices, potentially complicating compliance and investor confidence.
- The transition to a decentralized trading model could alienate traditional investors accustomed to established market structures and create apprehension about the platform's reliability.
- Figure's reliance on blockchain technology introduces risks associated with cybersecurity and technological adoption, which could impact user trust and market participation.
FAQ
What is the On-Chain Public Equity Network (OPEN)?
OPEN is a platform allowing companies to list their equity natively on the blockchain, enhancing trading transparency and efficiency.
How does OPEN differ from traditional equity markets?
OPEN equities are blockchain registered rather than tokenized versions of DTCC securities, allowing for continuous trading and reduced costs.
What advantages does OPEN offer to shareholders?
Advantages include self-custody trading, reduced capital requirements, and portfolio margining through DeFi for better asset management.
Which companies can benefit from listing on OPEN?
Both blockchain-native companies and traditional firms seeking transparent, decentralized trading can benefit from listing on the OPEN network.
How can investors learn more about participating in OPEN?
Investors can visit Figure's website at https://www.figure.com/OPEN for more information on participation and investment opportunities.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$FIGR Insider Trading Activity
$FIGR insiders have traded $FIGR stock on the open market 49 times in the past 6 months. Of those trades, 1 have been purchases and 48 have been sales.
Here’s a breakdown of recent trading of $FIGR stock by insiders over the last 6 months:
- MICHAEL SCOTT CAGNEY has made 0 purchases and 12 sales selling 2,450,058 shares for an estimated $72,005,737.
- JUNE OU has made 0 purchases and 12 sales selling 2,450,058 shares for an estimated $72,005,737.
- MICHAEL BENJAMIN TANNENBAUM (Chief Executive Officer) has made 0 purchases and 13 sales selling 1,484,634 shares for an estimated $52,879,656.
- ADAM GILBERT BOYDEN sold 468,860 shares for an estimated $11,721,500
- DAVID TODD STEVENS (Chief Capital Officer) has made 0 purchases and 6 sales selling 136,535 shares for an estimated $5,015,355.
- MINCHUNG KGIL (Chief Financial Officer) has made 0 purchases and 4 sales selling 132,994 shares for an estimated $4,665,542.
- DAVID K CHAO purchased 4,000 shares for an estimated $153,056
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$FIGR Revenue
$FIGR had revenues of $138.5M in Q3 2025. This is an increase of 56.97% from the same period in the prior year.
You can track FIGR financials on Quiver Quantitative's FIGR stock page.
$FIGR Hedge Fund Activity
We have seen 145 institutional investors add shares of $FIGR stock to their portfolio, and 1 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- RIBBIT MANAGEMENT COMPANY, LLC added 11,253,191 shares (+inf%) to their portfolio in Q3 2025, for an estimated $409,278,556
- ORLAND PROPERTIES LTD added 8,776,113 shares (+inf%) to their portfolio in Q3 2025, for an estimated $319,187,229
- GILDER GAGNON HOWE & CO LLC added 3,272,349 shares (+inf%) to their portfolio in Q3 2025, for an estimated $119,015,333
- VANGUARD GROUP INC added 2,522,717 shares (+inf%) to their portfolio in Q3 2025, for an estimated $91,751,217
- SOROS FUND MANAGEMENT LLC added 2,233,482 shares (+inf%) to their portfolio in Q3 2025, for an estimated $81,231,740
- DUQUESNE FAMILY OFFICE LLC added 2,116,825 shares (+inf%) to their portfolio in Q3 2025, for an estimated $76,988,925
- APOLLO MANAGEMENT HOLDINGS, L.P. added 1,548,527 shares (+inf%) to their portfolio in Q3 2025, for an estimated $56,319,926
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
$FIGR Analyst Ratings
Wall Street analysts have issued reports on $FIGR in the last several months. We have seen 6 firms issue buy ratings on the stock, and 0 firms issue sell ratings.
Here are some recent analyst ratings:
- Piper Sandler issued a "Overweight" rating on 01/14/2026
- Keefe, Bruyette & Woods issued a "Outperform" rating on 11/18/2025
- Needham issued a "Buy" rating on 11/17/2025
- Mizuho issued a "Outperform" rating on 11/17/2025
- Goldman Sachs issued a "Buy" rating on 10/14/2025
- Bernstein issued a "Outperform" rating on 10/06/2025
To track analyst ratings and price targets for $FIGR, check out Quiver Quantitative's $FIGR forecast page.
$FIGR Price Targets
Multiple analysts have issued price targets for $FIGR recently. We have seen 10 analysts offer price targets for $FIGR in the last 6 months, with a median target of $53.5.
Here are some recent targets:
- Patrick Moley from Piper Sandler set a target price of $75.0 on 01/14/2026
- James Yaro from Goldman Sachs set a target price of $58.0 on 01/13/2026
- Gautam Chhugani from Bernstein set a target price of $72.0 on 01/13/2026
- Ryan Tomasello from Keefe, Bruyette & Woods set a target price of $62.0 on 01/08/2026
- Craig Siegenthaler from B of A Securities set a target price of $47.0 on 11/17/2025
- John Todaro from Needham set a target price of $51.0 on 11/17/2025
- Dan Dolev from Mizuho set a target price of $56.0 on 11/17/2025
Full Release
NEW YORK, Jan. 14, 2026 (GLOBE NEWSWIRE) -- Building on the success of over $20 billion in loans originated on public blockchain, Figure has launched the On-Chain Public Equity Network ( OPEN ), allowing companies to list their equity native on blockchain. Unlike other tokenization efforts, OPEN equities are blockchain registered, not a tokenized version of Depository Trust and Clearing Corporation (DTCC) securities.
The equities will trade on a limit order book using Figure’s Alternative Trading System (ATS), opening the door for continuous trading. Shareholders will be able to use Figure’s Democratized Prime, a decentralized finance (DeFi) protocol to borrow against and lend out their stock, disintermediating the role prime brokers traditionally play.
OPEN provides several advantages to both listing companies and shareholders over the current centralized equity capital market, including:
- Blockchain registry reduces the cost and capital requirements mandated by DTCC
- Self-custody, self-settle ATS eliminates the need for custodial brokers, radically democratizing access to trading and reducing costs
- Portfolio margining through DeFi supports the potential for higher advance rates and better cross-collateralization across asset classes, including crypto
- Replacing the existing stock borrow locate process with a transparent limit order book directs stock loan economics back to shareholders, not prime brokers
“OPEN reinvents equity trading,” said Mike Cagney, Figure’s Executive Chairman. “The significant benefits over the centralized incumbent model incent companies to use OPEN and their investors to demand it. After originating over $20 billion in on-chain credit, we’re now excited to bring public equity to Provenance Blockchain.”
Figure plans to be the first issuer to use OPEN, having filed a public registration statement in November 2025 for a non-dilutive, secondary equity offering using the OPEN network. Figure intends to support frictionless two-way exchange of OPEN stock for its Nasdaq equity, a capability every OPEN issuer will have. By making the securities exchangeable, liquidity is consistent across both marketplaces.
Market makers such as Jump Trading LLC have begun preparations to be onboarded to the blockchain and enabled to provide market-making and BitGo signing on to provide qualified custodial services to eligible OPEN shareholders who need it.
“We’re seeing growing momentum across the industry toward more transparent, blockchain-native market structures,” said Mike Belshe, CEO and Co-founder of BitGo. “Figure’s OPEN on-chain offerings represent the next evolution of digital asset markets, and BitGo is proud to support the infrastructure that enables them to operate securely and at scale.”
In connection with the announcement, Figure is building out a dedicated business development effort to drive OPEN adoption, and already has its first commitment for the next on-chain issuance. Figure expects strong additional interest from DATs and blockchain native companies, as well as support from the dealer community and buy-side pressure to drive growth in the OPEN network of listed companies.
Issuers interested in learning more can visit https:/www.figure.com/OPEN
About Figure Technology Solutions, Inc.
Figure Technology Solutions, Inc. (Nasdaq: FIGR) is a blockchain-native capital marketplace that seamlessly connects origination, funding, and secondary market activity. More than 200 partners use its loan origination system and capital marketplace. Collectively, Figure and its partners have originated over $21 Billion of home equity to date, among other products, making Figure’s ecosystem the largest non-bank provider of home equity financing. The fastest growing components are Figure Connect, its consumer credit marketplace, and Democratized Prime, Figure’s on-chain lend-borrow marketplace. Figure’s ecosystem also includes DART (Digital Asset Registry Technology) for asset custody and lien perfection, and $YLDS, an SEC-registered yield-bearing stablecoin that operates as a tokenized money market fund.
Figure is the market leader in real world asset (RWA) tokenization and its most recent securitization received a AAA rating from S&P and Moody’s, the first of its kind for blockchain finance. For more information, visit https://figure.com or follow Figure on LinkedIn .
The On-Chain Public Equity Network includes a variety of services offered by the Figure Group of companies, which include its alternative Trading System (“Figure ATS”) operated by Figure Securities, Inc., member FINRA/SIPC. Figure Securities, Inc. is a wholly owned subsidiary of Figure Technology Solutions, Inc.
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