Madeye18

To all the $FIGR holders... First off, I want to thank you for being a @Figure investor - we appreciate your support. One of Figure’s key initiatives in 2026 is to demonstrate the value proposition of OPEN (On-Chain Public Equity Network). Specifically, we want to show that when you migrate stock from the national market (e.g., Nasdaq or NYSE) to blockchain and force the borrow/short sales to happen on blockchain, two key things happen: - Investors get the full economic benefit of lending out stock. Today, much of that benefit is taken by the prime broker who sits in between borrower and lender. I’ve heard of situations where the borrower is paying 30% or more for stock on “special” (i.e. high short demand), while the lender is getting 3%. The prime brokers make an enormous amount of money intermediating the borrow. - Companies create a countervailing force to short selling interest. When stock is heavily shorted, the high borrow cost creates a reason to be long the stock, akin to a “free” dividend We are building a pipeline of companies to list on OPEN, and I want to be able to demonstrate this value proposition to them. This is where we need your help. I’m asking you to move at least some - if not all - of your Nasdaq shares of FIGR onto the blockchain (FGRS). Once we get a critical mass of stock on the blockchain, the borrow will flip and have to happen there. In doing this, you: - Will earn the full benefit of any shares you lend out for borrow. - Irrespective of whether you lend shares, you will demonstrate the validity of OPEN to other companies. - If you are a fund or SPV, it is much cheaper, faster and easier to distribute shares to your LPs vs brokerage distribution. - You (or your LPs) can switch shares back to Nasdaq at any time, without cost or tax consequences. I’ve heard a few reasons why people/funds are hesitant to make this switch, including: - Concern about liquidity on OPEN. Jump provides liquidity today, and will make as much market depth as is needed to support liquidity. In fact, OPEN is open 24x7 - with significant liquidity during US and Asia market hours. And - as mentioned above - if you feel you need to, you can move the stock back, usually the same day (or one business day later in the worst case). - Concern about wallets/QCs. There are a variety of ways to hold FGRS, including through a Figure Markets wallet or a BitGo qualified custodian wallet (with more options coming). - Concern about losing keys. FGRS is a security, not a bearer asset. If for whatever reason you lose your keys (or your security), Figure’s transfer agent mints you a new one. The net is, hopefully you own FIGR because you believe in our ability to bring capital markets to blockchain. And now you can directly impact how fast we do this by migrating your stock to OPEN. To make this easy for you, Jacob - @ZawadaJacob - will handhold you through the process of migrating. DM him, and if you have any questions, respond to this thread and I'll answer them. Thanks!