Figure, the blockchain-powered financial services firm, has submitted a second initial public offering (IPO) request to the U.S. Securities and Exchange Commission (SEC). This filing aims to issue equity shares directly on the Solana blockchain, potentially making Figure the first company to launch native, on-chain stock trading outside traditional exchanges.

The announcement came during a keynote at the Solana Breakpoint conference, where Figure's executive chairman and co-founder, Mike Cagney—best known for co-founding fintech giant SoFi—unveiled the ambitious plans.

Building on a Nasdaq Debut

Figure isn't starting from scratch. The company, which specializes in tokenized assets, home equity lending, and blockchain-based capital markets, recently completed its first IPO on the Nasdaq, marking a traditional entry into public markets. This second filing represents a parallel track: a "new class" of equity designed exclusively for blockchain issuance. Unlike synthetic tokens or wrapped assets, these shares would be natively minted and traded on Solana, leveraging the network's high-speed, low-cost infrastructure.

At the heart of the proposal is Figure's proprietary Alternative Trading System (ATS), described by Cagney as "effectively a decentralized exchange." This on-chain venue would handle issuance, trading, and settlement without intermediaries like Nasdaq, Robinhood, or Goldman Sachs. Transactions could settle in seconds using U.S. dollars, stablecoins like USDC, or even Figure's own Yield Lending Deposit Share (YLDS) token—a regulated security token representing fractional ownership in a lending pool.

Unlocking DeFi for Traditional Equity

The real innovation lies in what comes after issuance. Once on Solana, Figure's equity tokens could flow seamlessly into DeFi protocols. Investors might borrow against their shares, lend them for yield, or use them as collateral in liquidity pools—opportunities unavailable in conventional broker-held stocks. "This opens up collateral markets that just don't exist today," Cagney explained, highlighting how tokenized equity could generate new liquidity streams for shareholders.

Figure's existing products, like its 24/7 lending marketplace on Provenance Blockchain, already demonstrate the firm's expertise. The SEC filing extends this to multiple chains, including Solana, Ethereum, and Avalanche, but Solana's scalability—handling thousands of transactions per second—positions it as the ideal launchpad for high-volume equity trading.