Figure Technology is making a bold bid to redefine the future of public markets by filing a second IPO application with the SEC, this time aiming to issue shares natively on the Solana blockchain.
Quick Summary – TLDR:
- Figure Technology has filed a second IPO application with the SEC, aiming to issue shares directly on the Solana blockchain.
- The equity would be natively digital and tradable through DeFi, bypassing Nasdaq, brokers, and traditional intermediaries.
- Solana’s speed and low transaction costs are key reasons why it was chosen over other blockchains like Ethereum.
- If approved, this move could pave the way for blockchain-native IPOs and broader adoption of tokenized real-world assets.
What Happened?
Figure Technology has filed a new application with the U.S. Securities and Exchange Commission (SEC), proposing a groundbreaking method of issuing company equity directly on the Solana blockchain. The company’s executive chairman, Mike Cagney, confirmed the move during the Solana Breakpoint conference, highlighting this as a leap toward decentralized finance integration with public equity markets.
BREAKING: @Figure filed for a second IPO last week with the SEC, asking for permission to natively issue equity on Solana 🤯 pic.twitter.com/hobQAYKhUh
— Solana (@solana) December 12, 2025
A Bold Step into Blockchain-Native Equity
Figure’s plan is not a traditional IPO. Instead of trading on Nasdaq or relying on prime brokers and intermediaries like Robinhood or Goldman Sachs, the equity will be issued and traded onchain, using Figure’s own alternative trading system. This system functions like a decentralized exchange, enabling direct peer-to-peer trading of tokenized shares.
This blockchain-native equity model allows investors to take their tokenized shares into decentralized finance (DeFi) platforms, where they can be used as collateral, lent, or integrated into other protocols, offering a new layer of liquidity and utility.
Cagney emphasized that the company’s ambition goes beyond just tokenizing its own stock. Figure wants to enable other companies to launch their own native equity on the Solana blockchain, pushing forward a broader adoption of tokenized financial infrastructure.
Why Solana?
Figure’s decision to build this equity issuance system on Solana wasn’t arbitrary. Solana stands out due to:
- High transaction throughput capable of processing thousands of transactions per second.
- Low transaction fees making microtransactions and fractional ownership viable.
- A strong and growing DeFi ecosystem, offering tools and liquidity for secondary trading.
- Fast settlement speeds, which help address inefficiencies common in traditional markets.
Solana’s ecosystem is already growing its share of the real-world asset (RWA) market, making it an attractive foundation for future financial products.
Regulatory Hurdles and Market Implications
Filing a blockchain-based IPO with the SEC is a highly complex process, especially under the scrutiny of evolving regulatory frameworks. The application must address:
- The legal status of tokenized shares as securities.
- Compliance with AML and KYC rules.
- Creating secure, institutional-grade custody solutions.
However, if Figure secures SEC approval, it would mark a monumental shift, proving that traditional financial markets can integrate with decentralized systems.
At the Solana Breakpoint event, Solana co-founder Anatoly Yakovenko spotlighted the increasing importance of stablecoins and tokenized assets in driving blockchain utility. With stablecoins potentially reaching a trillion-dollar market cap, Solana’s infrastructure is well-positioned to support this surge in adoption.
The Future of Tokenized Assets
Figure’s vision is part of a broader trend in capital markets where real-world assets like equities and bonds are being tokenized, allowing greater access, transparency, and efficiency. While Ethereum currently dominates this space, Solana is emerging as a strong contender due to its performance advantages.
As more companies look to tap into this model, Figure’s experiment could become a blueprint for blockchain-native IPOs and digital equity structures.
SQ Magazine’s Takeaway
I love seeing a company like Figure Technology not just talk about Web3 transformation but actually take real steps to make it happen. Filing for an IPO that completely bypasses traditional financial systems and gives everyday investors access to DeFi-ready equity is a massive deal. This isn’t just tech innovation, it’s financial system innovation. If the SEC gives this a green light, we’ll remember this as a turning point for how companies raise money and how people invest. I’m watching this closely, and honestly, you should too.
