Figure Technology has filed its second IPO application with the U.S. Securities and Exchange Commission (SEC), aiming to directly issue shares on the Solana blockchain. The filing, submitted on December 12, 2025, seeks approval for a groundbreaking move that could redefine how companies raise capital and manage equity.
This isn't Figure's first attempt to go public; they previously filed for an IPO in 2021 but later withdrew the application. This renewed effort, however, carries a revolutionary twist: the company intends to leverage Solana's high-speed, low-cost network to issue and manage its public shares.
Mike Cagney, Figure's founder, announced the filing at Solana's Breakingpoint 2025 conference in Abu Dhabi. The move signifies a strategic shift towards decentralized financial infrastructure and underscores the increasing interest in on-chain execution for financial operations.
Figure's decision to embrace Solana is driven by the blockchain's technical capabilities, which are critical for a seamless public offering. Solana boasts the capacity to process thousands of transactions per second, essential for handling the potential volume of a publicly traded stock. Its low transaction costs make micro-transactions and fractional ownership economically viable, while its proven infrastructure supports a growing ecosystem of decentralized finance (DeFi) applications, providing the necessary tools for secondary market trading.
Issuing shares natively on Solana means that the digital representation of Figure's stock would be created and exist directly on the Solana blockchain as tokens, rather than being recorded in a traditional database. This could enable faster trading and settlement, addressing long-standing issues in traditional IPOs, such as settlement delays and opaque ownership records.
The success of this IPO application could pave the way for other companies to follow, creating a more efficient and transparent public market. It represents a live test case for tokenizing real-world equity on a public blockchain.
Figure has been actively expanding its presence in the Solana ecosystem. Recently, Figure announced that its subsidiary, Figure Certificate Company, intends to mint $YLDS, a registered public debt security and yielding stablecoin, natively on Solana. $YLDS is backed by U.S. Treasuries and Treasury repo, and Exponent Finance intends to be the first Solana user. Furthermore, Figure has begun accepting SOL as collateral for crypto-backed loans.
Figure has originated over $19 billion in loans on public blockchain with a compliance-first approach. This track record, combined with the regulatory scheme that applies to $YLDS, provides institutional credibility and regulatory clarity.
The company also launched a real-world asset (RWA) consortium to expand access to over $1 billion in monthly on-chain loan originations, starting on Solana. The consortium represents a coordinated effort by leading crypto platforms to support and drive adoption of PRIME, a liquid staking token built on the Hastra liquidity protocol. Partners include Kamino Finance, Chainlink, CASH, Raydium, Privy, and Gauntlet.
Figure's innovative approach to capital markets has garnered attention from both traditional finance and the crypto community. The company's stock (NASDAQ: FIGR) jumped 5.1% after announcing the launch of the RWA consortium on Solana.
