Figure Technology Solutions Series A Blockchain Common Stock (FGRS)

Research, firm shelf, model-client eligibility, and advisor selection are recorded separately. The scheduled date is the outside bound; new evidence can reopen the file sooner.

FGRS is real stock issued on a chain, not a token that points at stock. Figure Technology Solutions, the Nevada company whose Class A shares trade on Nasdaq as FIGR, created a second kind of common stock, its Series A Blockchain Common Stock, registered it with the SEC on Form S-1 (No. 333-291591), and sold 4,375,000 shares at $32.00 on 18 February 2026. The shares exist only on the Provenance Blockchain, a chain Figure founded. Each has one vote, the same dividend and liquidation rights as a Class A share, and may be converted one for one into Class A at any time. Figure Equity Solutions, a Figure subsidiary registered as a transfer agent, keeps the file that ties each wallet to a named holder; the balances and transfers themselves live on chain. A U.S. client may hold it after Figure’s identity checks. There is no accreditation test and no minimum, and the offering was sold to retail investors. The shares trade on Figure’s own ATS against YLDS, Figure’s interest-bearing certificate, or move peer to peer between cleared wallets; they cannot leave Provenance. We rate the research favorable with conditions. The holder gets a shareholder’s full rights with no custodian or note in between, which few tokens on file can claim. The conditions are about Figure. The issuer, the transfer agent, the trading venue, the settlement asset, the wallet software, and the chain’s founder are all Figure. On chain, the marker allows forced transfers, and one ordinary key holds that power along with mint and burn. And the market is thin: 2,380,904 shares sat on chain on 23 September, a fraction of the company. For most clients the Nasdaq share is the same claim with deeper markets; FGRS is for a client who wants to hold or settle the stock on chain.

Research triggers: events that reopen the assessment or shelf decision
• Figure uses forced transfer to move shares other than to correct an error or carry out an exchange, or burns shares without a matching exchange
• The nfgrd marker’s admin, forced-transfer grants, or required attribute change
• Figure ends conversion or exchange into Class A, or the ATS stops quoting FGRS
• A filing says the transfer agent’s off-chain file overrides the chain, or Figure names a new transfer agent
• Nevada law or Figure’s charter changes to let non-permitted holders hold the stock

The research file

What the holder owns

The prospectus calls it “blockchain stock”: Series A Blockchain Common Stock, par $0.0001, issued under a certificate of designation the board adopted from its authority to create series of blockchain common stock. “The blockchain stock and the Class A common stock are separate classes of securities, and the blockchain stock has a separate CUSIP number.” It ranks with Class A for dividends and in liquidation, votes one per share alongside Class A and Class B, and votes as its own class on any change to its certificate of designation. Votes are cast from the holder’s wallet, and fractional shares vote fractionally. Figure has never paid a cash dividend and says it does not plan to; if it does, it may pay FGRS holders in a dollar token such as USDC or YLDS. Because the stock converts into Class A at any time, any holder counts as a beneficial owner of Class A for federal securities law.

How it was sold

The February offering was built so that Figure’s total share count did not change. The underwriters, Goldman Sachs, Morgan Stanley, and Cantor, bought 4,375,000 existing Class A shares from selling stockholders and sold them to Figure; Figure then minted the same number of blockchain shares to buyers. Buyers paid through the sales agents or in YLDS through Figure Markets; selling stockholders were paid in YLDS; Figure kept the Class A shares in a treasury account at UMB and received no cash. The 10-Q confirms the structure and a $10 million buyback of 312,500 Class A shares from the underwriters. The share count has moved a lot since: 6,941,715 blockchain shares at 30 June, 812,672 on 7 August, and 2,380,904 on chain on 23 September, held across 186 Provenance accounts. The filings describe exchange between the two forms as the way the count moves after the offering.

How the record works

Figure Equity Solutions, Inc. (transfer agent file 084-06830) is “the transfer agent and registrar for the blockchain stock.” It keeps names, addresses, and tax numbers off chain; “wallet addresses, blockchain stock balances and records of trades and transfers are maintained on-chain on the Provenance Blockchain,” and it “maintains the Master Security Holder File and Control Book, which link the off-chain PII with the corresponding on-chain records.” We file this as the issuer-direct model: the chain holds the share ledger and the transfer agent holds the key to who each wallet is. The prospectus does not say which record wins if the two disagree. Nevada law bars bearer shares, which is why every holder must be identified and why the stock “is not freely transferable to record owners that are not permitted holders.”

How a holder gets out

The stock is not redeemable. There are two exits. The first is Figure ATS, run by Figure Securities: a displayed limit-order book that trades FGRS only against YLDS, settles on Provenance at execution, and charges each side 0.03 percent; Figure pays the network fees for ATS trades. The seller then holds YLDS, which Figure Certificate Company redeems for dollars. The second is conversion or exchange into Class A. The holder files a request through Figure’s OPEN interface; the blockchain shares go into a pending state, Figure’s operations team reviews requests daily, UMB moves Class A shares from Figure’s treasury account to the holder’s broker through DTC, and Figure then burns the blockchain shares. The prospectus says this takes one to two or more business days, and that price parity between FGRS on the ATS and FIGR on Nasdaq is not assured. Class A holders can make the trip the other way.

Who controls the shares on chain

FGRS is the Provenance marker nfgrd, nine decimals, described on chain as “FGRS Blockchain Equity.” On 23 September 2026 (block 33652006) Provenance’s REST endpoints showed a restricted marker: every receiving account must carry the attribute figure.kyc.passport.pb, a name owned by a single Figure key, so removing that attribute stops a wallet from receiving shares. Forced transfer is allowed, which lets an account with that permission move shares out of any wallet without the holder’s signature. Governance control is allowed, so Provenance’s validators can also act on the marker by vote. Full admin rights sit with a group-policy account, group 722, with a 51 percent threshold and a 48-hour voting window; the same group administers the YLDS marker. One ordinary key, pb1qt67…696p, holds mint, burn, withdraw, deposit, transfer, and forced-transfer rights. Two more single keys hold transfer rights, one with deposit. The prospectus itself names no freeze or clawback power over the stock. Ketju’s control reader does not read Provenance markers, so the file states these facts from the chain’s endpoints and the daily monitor does not watch them yet.

Against the other tokenized stocks on file

Securitize’s SECZ and CURRENC’s tokens are the same shares as the listed stock, moved on chain by a secondary transfer agent while Continental’s file governs. Exodus’s filings say its tokens give no ownership interest. Robinhood’s tokens are notes and xStocks are claims on a custodian. FGRS is the only one on file where the issuer created a separate registered class that exists only on chain, with its own vote. The price of that is concentration: every layer from the chain to the order book is Figure’s, so a Figure failure reaches every part of the holder’s position at once, while the Class A share sits with DTC, a broker, and an outside transfer agent.

Sources

The claims above trace to these. Where a number could not be independently verified, the thesis says so.

• SEC EDGAR: Figure Technology Solutions, Inc. prospectus, Form 424(b)(4), 18 February 2026 · primary · accessed 2026-09-23
  Supports: Series A Blockchain Common Stock, separate class and CUSIP, one vote a share, parity with Class A, convertible one for one, synthetic secondary structure, paid in YLDS, held only on Provenance, permitted holders, Nevada bars bearer shares, Figure ATS against YLDS, 0.03% fee, not redeemable, OPEN exchange through UMB, Figure Equity Solutions master securityholder file, no cash dividends, retail sales
• SEC EDGAR: Figure Technology Solutions, Inc. Form 10-Q for the quarter ended June 30, 2026 · primary · accessed 2026-09-23
  Supports: 4,375,000 shares sold, no cash proceeds, $10 million buyback of 312,500 Class A shares, 6,941,715 blockchain shares at June 30, 812,672 blockchain shares at August 7
• SEC EDGAR: Figure Equity Solutions, Inc. Form TA-1/A (September 3, 2025) · primary · accessed 2026-09-23
  Supports: transfer agent file 084-06830
• Provenance REST: nfgrd marker detail · primary · accessed 2026-09-23
  Supports: restricted marker, required attribute, forced transfer allowed, governance control allowed, access grants
• Provenance REST: group policy for the nfgrd marker admin · primary · accessed 2026-09-23
  Supports: group 722, 51% threshold, 48-hour window
• Provenance REST: nfgrd holders · primary · accessed 2026-09-23
  Supports: 186 holding accounts
• Provenance REST: nfgrd supply · primary · accessed 2026-09-23
  Supports: 2,380,904 shares on chain

Inherited controls

The research above describes the protocol layer. Every position also inherits the asset it holds and the chain it settles on. The most administered layer sets the position’s effective control grade; that is a control description, not a quality or suitability score.