OpenWorld to tokenize equity on Figure’s blockchain platform By Investing.com

OpenWorld agreed to tokenize its equity on Figure Technology Solutions’ OPEN network in connection with a proposed NASDAQ listing and its merger with VerifyMe, adding a blockchain-based capital markets angle to the deal. Figure remains financially strong, with revenue up 48% to $432 million over the last 12 months and loan marketplace volume reaching $2.9 billion in Q1 2026, though Bernstein cut its price target to $67 from $72 while keeping an Outperform rating. The transaction is still subject to merger completion and regulatory approvals.

Analysis

This is less a single-stock event than a signaling trade for the tokenization stack. The meaningful second-order effect is distribution: if an issuer can dual-track a conventional listing with an onchain equity wrapper, the value migrates toward the venue and the plumbing providers, not just the operating company. That is positive for FIGR because it can monetize issuance/settlement/financing rails, and modestly positive for NDAQ because it preserves primary-listing relevance while making the exchange look incremental rather than disintermediated.

The bigger hidden beneficiary is any balance-sheet or market-maker franchise that can intermediate collateral across asset classes. Cross-collateralizing crypto and equities creates a new source of leverage, which tends to increase wallet share for venues that can clear, lend, and rehypothecate at scale. That argues the economic upside may accrue over months, not days, as the first real monetization comes from financing and lending utilization rather than the headline tokenization announcement.

Main risk is regulatory gating plus execution drag: the market is likely overestimating how quickly a novel onchain equity structure can achieve meaningful float, borrow, and secondary liquidity. If the merger with VRME stalls or the SEC narrows the allowable mechanics, the narrative could re-rate sharply lower within weeks because the investment case is premised on network effect acceleration. For OPEN/FIGR specifically, the setup is asymmetric only if adoption proves repeatable; otherwise this is a one-off PR event with limited revenue contribution.

Contrarian view: consensus is focused on 'tokenization = growth,' but the near-term winner may actually be incumbents like NDAQ, which can absorb innovation without surrendering the listing franchise. The market is also likely underpricing the impact on short interest and borrow costs if onchain lending proves efficient; a small cohort of hard-to-borrow names could see outsized volatility, creating tradable dislocations even if fundamental value creation remains limited.

Key Decisions for Investors

• Long FIGR on a 1-3 month horizon, but only as a catalyst trade: target a rerating if regulatory milestones are cleared; cut quickly if the VRME merger/SEC process slips. Use a defined-risk call spread rather than outright equity to express upside with limited downside.
• Pair trade: long NDAQ / short a basket of legacy transfer-agent or low-multiple cap-table infrastructure names over 3-6 months. The thesis is that exchanges monetize tokenization while also defending their listing franchise, whereas smaller intermediaries face margin pressure if onchain issuance scales.
• Long OPEN only as a tactical momentum name for the next 2-6 weeks, not a core hold. The risk/reward improves if additional issuers follow; if no follow-through appears, fade the move into strength because announcement alpha should decay quickly.
• For FIGR, sell upside via a covered call or call spread into any post-announcement volatility spike. The market is likely to overpay for the first tokenization proof point, but the revenue inflection is probably delayed until financing/lending usage is observable.
• Watch for borrow-rate dislocations in names that become tokenization candidates; if onchain lending is real, shorting hard-to-borrow equities could become more expensive, creating a separate relative-value opportunity in the borrow market.