Shares of Figure Technologies retreated on 19 Feb, giving back part of their post-listing gains as investors digested a secondary offering that expands the company’s public float just months after its Nasdaq debut.
The company's stock returned nearly 7% on the session as Figure priced an upsized secondary offering at $32 per share on 18 Feb, less than six months after its Nasdaq debut.
The transaction allowed existing shareholders to sell 4.375mn of a new tokenized class of the company's stock and 4.687mn of traditional Class A shares. As the offering was set below recent market levels, trading moved closer to the deal level as the new shares entered circulation.
The deal was structured as a secondary sale by existing investors, allowing them to sell roughly $150mn worth of Class A shares while expanding the company’s public float. Figure offset a portion of that increase with a $10mn buyback of approximately 312,500 shares.
The stock debuted at $25 per share in September 2025 and, while still trading above that level, is down about 25% year to date.
Tokenized offering
Figure operates a blockchain-based capital markets platform focused on home equity lending, loan origination software and secondary market infrastructure. The company says its ecosystem has originated more than $22bn in home equity products and serves more than 200 institutional partners.
Its blockchain-native shares were issued and settled through its own trading system, known as the OPEN network, bypassing traditional post-trade infrastructure such as the Depository Trust & Clearing Corporation (DTCC).
"We've eliminated the legacy intermediaries," the company said on X.
Security incident affects customer data
The company is also navigating the aftermath of a recently disclosed security incident.
On 13 Feb, Figure confirmed to TechCrunch a data breach involving unauthorized access to certain internal systems. The intrusion resulted from the compromise of an employee account, allowing attackers to access files containing customer information.
The exposed data reportedly included names, dates of birth, email addresses, phone numbers and physical addresses. External security researchers estimated the breach may have affected close to one million records. Figure reportedly said that a “limited number of files” were accessed and that it was notifying affected individuals.
Sandmark contacted Figure Technologies for further details on the breach and any related implications but did not receive a response before publication.
