Figure Technology rises amid big appetite for its blockchain-native share offering

Figure Technology Solutions is rising in early trading after upsizing its secondary offering of “blockchain native” shares.

The offering is priced at $32, roughly a 13% discount to Tuesday’s closing price and below any closing price for Figure since the week of its IPO in September.

This is not a dilutive offering: selling shareholders are able to exit common stock at $32, and in exchange the buyers will receive “blockchain native” shares at a discount to the current share price, presumably to help more activity migrate to Figure’s Provenance Blockchain. Holders could then lend these securities for yield, borrow against them, or have the option of converting these blockchain-native shares into common stock.

This secondary offering was originally announced on February 13 along with the release of Figure’s preliminary Q4 results.

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