Figure stock will be the first public equity trading native on public blockchain; BitGo, Jump Trading Group sign on to support

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

Source: Figure Technology Solutions