Figure Plans Second Offering With Equity Issued Directly on Solana
What Is Figure Trying to Do With Its New SEC Filing?
Figure Technology has filed for a second public offering designed to issue its equity directly on a public blockchain, marking another attempt to bring regulated securities into onchain markets. The plan follows the company’s recent Nasdaq listing and builds on years of work in tokenized lending and blockchain-based financial services.
Speaking at the Solana Breakpoint conference, executive chairman Mike Cagney said the company submitted a filing to launch “a new version of Figure equity on a public blockchain,” specifying Solana as the network. The offering would be separate from the firm’s Nasdaq-listed shares and would not trade on traditional stock platforms.
Cagney said the onchain security would bypass intermediaries such as Robinhood, Goldman Sachs or any other broker or prime broker. Instead, the equity would , which he described as “effectively a decentralized platform.”
Investor Takeaway
How Would Blockchain-Native Equity Work for Investors?
By issuing stock directly on Solana, investors would be able to take Figure’s equity into DeFi protocols, where it could be borrowed against or lent out. Cagney said this gives shareholders access to collateral markets that do not exist in traditional broker-held securities, opening the door to new forms of liquidity tied directly to regulated equity.
The firm’s system relies on Figure’s ATS, a to handle digital securities within US regulatory boundaries. Although Cagney described it as “effectively a decentralized platform,” it remains registered under the existing regulatory framework for .
The goal, according to Cagney, goes beyond Figure’s own shares. He said the company wants to support direct, native equity issuance for other companies inside the Solana ecosystem. “One of the focus points that we have is not only bringing that equity over to the Solana ecosystem but allowing for native Solana equity issuance as well,” he said.
Why Solana — and Why Now?
Tokenization is one of the quickest-growing segments in blockchain finance, with real-world assets (RWAs) moving from pilot programs into ahead commercial use. Solana’s share of this market has risen over the past year as developers and institutions look for networks with high throughput and short settlement times.
While ETH remains the dominant chain for tokenized assets today, several market participants argue that performance characteristics will shape long-term adoption. has said Solana is positioned to become the industry’s preferred network for stablecoins and tokenized instruments due to its speed and transaction finality.
Research firm RedStone recently referred to Solana as a “high-performance challenger” in the RWA segment, with particular traction in tokenized . That assessment reflects a broader industry view that tokenized assets will migrate to chains optimized for volume rather than those designed primarily for general-purpose applications.
Investor Takeaway
What Comes Next for Figure’s Onchain Equity Plan?
The company now awaits SEC review of the offering. If approved, Figure would have two publicly issued equity forms: traditional shares listed on Nasdaq and blockchain-native shares issued and traded directly on Solana. The structure could give investors a choice between conventional custody systems and tokenized securities that interact with DeFi.
The filing also places Figure in a small group of financial firms trying to build regulated pathways for tokenized stocks without relying on synthetic or derivative structures. For Solana, the move adds another high-profile experiment in bringing real assets to the network later than a year of rapid growth in RWAs.
While regulatory timelines remain uncertain, the plan signals where parts of the market are headed: regulated securities issued directly onchain, trading through compliant venues, and accessible to collateral markets that operate around the clock. If the model extends to other issuers, Solana could view a wave of native corporate equity offerings created without traditional listing infrastructure.
