Figure files second IPO to issue native equity on Solana
Figure Technology has filed with the U.S. Securities and Exchange Commission for a second IPO to issue blockchain-native equity directly on Solana. Announced at Solana Breakpoint by executive chairman Mike Cagney, the proposed security would be issued and traded natively onchain via Figure’s alternative trading system rather than on traditional exchanges (Nasdaq/NYSE) or through brokers. The tokenized equity could be used in DeFi—borrowed, lent, or integrated into protocols—expanding use cases beyond conventional markets. Figure also intends to enable native equity issuance for other companies within the Solana ecosystem. The move follows Figure’s recent Nasdaq listing and aligns with growing momentum for tokenization on Solana, which analysts and research firms cite as a high-performance challenger for real-world asset (RWA) tokenization due to high throughput and fast finality. Primary keywords: Figure, Solana, tokenized equity, IPO, DeFi. Secondary/semantic keywords: onchain trading, RWA tokenization, alternative trading system, Nasdaq listing.
Bullish
Issuing native equity on Solana signals growing institutional and market interest in onchain tokenization and DeFi integrations. For traders, this can increase demand for Solana ecosystem assets (SOL) and associated DeFi tokens, as tokenized equity opens new onchain liquidity, collateral, and yield opportunities. Historically, major tokenization or institutional onchain adoption announcements (e.g., major stablecoin issuances, tokenized treasury products) have been bullish for the native chain’s token due to increased activity, fees, and ecosystem attention. Short-term effects: SOL and related DeFi tokens may see price appreciation and increased volatility around filing details, regulatory commentary, and technical rollout updates. Traders should watch onchain volume, exchange flows, and any regulatory signals from the SEC that might affect tradability. Long-term effects: If Figure’s model gains traction, it could broaden real-world asset flows into Solana, supporting sustained network demand, higher TVL in DeFi, and more liquid markets for tokenized securities. Risks include regulatory pushback, execution delays, or weak adoption, which could mute upside. Overall, the announcement increases constructive onchain use cases and is likely net-positive for Solana-linked markets.