Figure Technology Solutions (NASDAQ: FIGR), a blockchain fintech company founded by SoFi co-founder Mike Cagney (@mcagney), has filed a new IPO application with the U.S. Securities and Exchange Commission (SEC), which executives are calling a “second IPO.” The goal of this IPO is to issue a new type of blockchain-native equity directly on the @solana network. Key details: - Previously, Figure completed a traditional IPO on Nasdaq in September 2025 (priced at $25 per share, raising approximately $787 million, with a strong first-day performance). - The new equity will be issued and traded natively on-chain through Figure’s registered Alternative Trading System (ATS), which Cagney describes as “effectively a decentralized exchange.” - The new equity will not be traded on traditional exchanges like Nasdaq or brokerages like Robinhood/Goldman Sachs. - Investors can use the tokenized shares as collateral for the Solana DeFi protocol (lending, etc.), unlocking new liquidity options not available through traditional stocks. - If approved, Figure is poised to become the first publicly traded company with parallel equity classes: traditional stock listed on Nasdaq + blockchain-native stock issued on Solana. - Long-term vision: To enable other companies to issue native equity on Solana.