FGRS (Figure Tokenized Stock)

The legacy Figure group dates to 2018, when its consumer-credit business and HELOC product began. Figure reached public markets through a conventional Class A IPO in September 2025: 31.5 million shares were priced at $25, with Nasdaq trading under FIGR expected to begin the next day.

On November 17, 2025, Figure proposed a separate Series A Blockchain Common Stock class. The filing described Provenance issuance, Figure ATS trading and one-for-one conversion into Class A shares, but the size and completion of the transaction were still undetermined. That proposal was not a completed token sale.

Figure announced OPEN running on Provenance Blockchain on January 14, 2026. The company described blockchain-registered equity rather than a wrapper around DTCC-held securities, but it still referred to Figure’s own blockchain stock as OPEN’s planned first issuance. The network and the stock therefore had separate launch dates.

The registration became effective on February 17. Figure priced 4,375,000 Series A Blockchain Common Stock shares at $32 on February 18 and announced FGRS on February 19. Figure said users could buy, trade, lend and borrow the shares through Figure Markets; those activities operate within the named platform, ATS, wallet and compliance stack.

Each whole FGRS share carries one vote and may be converted, at the holder’s election, into one whole Class A share. Class B carries ten votes per share and the classes generally vote together. The prospectus reported concentrated voting control, so FGRS voting rights do not imply proportional control of Figure.

Figure said it did not intend to pay cash dividends on common or blockchain stock for the foreseeable future. SEC registration is not SEC approval, and the reviewed documents do not state a reserve-redemption right, stablecoin peg or guaranteed return. Transfers require KYC/AML-onboarded wallets and the required Figure Markets and YLDS access.

The final prospectus says FGRS is not listed on Nasdaq or another national securities exchange. Current SEC metadata distinguishes FIGR as Nasdaq and FGRS as OTC, while OTC Markets identifies FGRS as Series A blockchain common stock on Pink Limited. The issuer’s filed chronology says it was incorporated in Delaware on March 18, 2024 and converted to a Nevada corporation on April 28, 2025; its June 2026 Form 10-Q cover identifies Nevada as the current state of incorporation.

A Provenance explorer deep link is provided, but live supply, holder and administrator figures are deliberately omitted. The repository’s market quantity, an earlier explorer snapshot and OTC Markets’ later share-structure figure did not agree, and the explorer page did not expose stable machine-readable evidence during review. OPEN’s expansion to additional issuers also remains a company roadmap rather than proof of a completed broad equity network.