🏦 Figure applies for the issuance of blockchain-native stocks, building an independent financial closed loop

The well-known fintech company Figure Technology Solutions (NASDAQ: FIGR) has officially submitted an application to the U.S. Securities and Exchange Commission (SEC) to issue a brand new "blockchain-native stock" that does not rely on traditional financial infrastructure. The company's Executive Chairman Mike Cagney announced this news at the Solana Breakpoint conference on December 12, 2025, and stated that the application was submitted "about a week and a half ago."

The core of this issuance is to build an independent system parallel to the traditional one. The stock will be natively issued on a public chain (such as Solana), completely bypassing the DTCC system, and will not be traded on NASDAQ or the NYSE. It will only be traded on Figure's own Alternative Trading System (ATS)—described as a decentralized trading platform. Investors will hold this stock through a dedicated ATS wallet and can directly use it as collateral for lending in DeFi protocols, thereby releasing the liquidity of traditional equity assets.

Figure is a mature company already listed on NASDAQ, with its core business being the processing of loans through its own Provenance blockchain, with a scale exceeding $19 billion. This move is a key step in its strategy of "first traditional listing, then on-chain innovation," aiming to systematically build a complete parallel financial infrastructure leveraging existing credibility. Notably, this is the second time Figure has submitted a similar application to the SEC in a short period, having previously submitted a draft S-1 filing regarding "blockchain common stock" in secret on November 13, 2025.