Figure Files SEC Request for Blockchain-Native Equity IPO on Solana

Figure Technology Solutions has submitted a second Initial Public Offering (IPO) filing to the U.S. Securities and Exchange Commission (SEC), proposing to issue its equity natively on the Solana blockchain. The announcement was made by Figure's executive chairman and co-founder, Mike Cagney, during the Solana Breakpoint conference. This filing comes just days after the company's traditional listing on Nasdaq.

The proposed blockchain-native equity would bypass traditional market infrastructure, including exchanges like Nasdaq and brokers such as Robinhood and Goldman Sachs. Instead, shares would trade through Figure's own alternative trading system, which Cagney described as "effectively a decentralized exchange." This system would enable real-time settlement directly on the Solana network.

A key innovation is the integration of tokenized equity with decentralized finance (DeFi) protocols. Once on Solana, the shares could serve as collateral for lending, borrowing, or liquidity provision, granting shareholders access to DeFi markets unavailable to conventional broker-held securities. Figure plans to run parallel listings if approved, allowing investors to choose between traditional Nasdaq shares and the tokenized, DeFi-enabled version.

Solana was chosen for its technical characteristics, including high throughput, fast transaction finality, and low costs, which are deemed suitable for high-volume equity trading. Analysts like Matt Hougan, CIO of Bitwise Asset Management, see Solana emerging as a leading network for stablecoins and tokenized assets. Research from RedStone also identifies Solana as a "high-performance challenger" in the tokenized asset space, particularly for U.S. Treasury markets.

Figure's ambition extends beyond its own shares. Cagney stated the broader goal is to "allow for native Solana equity issuance," potentially enabling other companies to issue equity directly on the blockchain. The SEC review process is now pending, positioning Figure among a small group of firms exploring regulated, blockchain-native securities.