BitGo and Figure Complete First Tokenized Equity Trades on Figure’s Alternative Trading System

Key Terms

alternative trading system regulatory

An alternative trading system is a regulated non-exchange venue that matches buyers and sellers of stocks and other securities outside of traditional public exchanges. Think of it as a different kind of marketplace — like a specialized farmers’ market next to a supermarket — that can offer different pricing, speed, or anonymity; investors care because these venues can affect how easily trades get done, the prices received, and how visible trading activity is.

qualified custodian regulatory

A qualified custodian is a regulated financial institution that holds and safeguards investors' cash and securities on behalf of another party, acting like a secure vault and official record-keeper. It matters to investors because using a qualified custodian reduces the risk that assets will be lost, stolen, or misused, and provides independent verification and legal protection that many regulators and contracts require.

tokenized equities financial

Tokenized equities are regular company shares represented as digital tokens on a secure electronic record (blockchain), allowing ownership to be tracked and transferred in tiny pieces. For investors this matters because it can make buying, selling and dividing ownership faster, cheaper and possible in smaller amounts—like turning a house into many tradable slices—potentially increasing access and liquidity while still carrying the same market and regulatory risks as ordinary shares.

on-chain technical

On-chain describes actions or data that are recorded directly on a blockchain, a public digital ledger that creates a permanent, time-stamped record of transactions. For investors, on-chain activity provides verifiable evidence of transfers, ownership changes or automated program actions (like contract-driven payments); seeing these entries is like checking a bank statement and helps assess liquidity, settlement finality, fees, and transparency when judging risk and market behavior.

counterparty risk financial

The chance that the other side in a financial deal — such as a buyer, seller, lender, or derivative counterparty — fails to meet their obligations, for example by not paying, delivering assets, or going bankrupt. Investors care because that failure can cause direct losses, reduce the value or liquidity of holdings, and force extra costs like collateral or hedging; think of it like relying on a contractor who might not finish the job and leaves you stuck paying for replacements.

Milestone advances regulated, blockchain-native market infrastructure for public equities

NEW YORK--(BUSINESS WIRE)-- BitGo Holdings, Inc., the digital asset infrastructure company (NYSE: BTGO) (“BitGo”), and Figure Technology Solutions, Inc. (“Figure”), a blockchain-native capital marketplace, today announced the completion of the first blockchain-native equity trades executed through their integrated infrastructure for blockchain-native equities on Figure’s Alternative Trading System (ATS).

The milestone brings together BitGo Bank & Trust, N. A.’s regulated infrastructure with Figure’s blockchain-native trading venue, establishing a scalable framework for issuing, trading, and settling public equities on-chain.

The trades occurred within Figure’s Onchain Public Equity Network (OPEN), which includes a regulated electronic trading venue operating on the Provenance Blockchain, the Figure ATS. Launched in February 2026, OPEN enables companies to issue and trade equity directly on blockchain rails, embedding issuance, trading, and settlement into a unified on-chain environment.

BitGo Bank & Trust, N. A. serves as a qualified custodian for OPEN, providing regulated custody to safeguard assets within the broader trading framework.

The completed trades demonstrate how tokenized equities can operate in a continuous, on-chain environment without compromising on risk management or regulatory standards. Trading and settlement occur efficiently within the Figure ATS, with real-time settlement activity occurring within a regulated framework and trade records published on-chain.

By reducing layers of intermediated reconciliation, the BitGo–Figure model introduces the potential for lower operational overhead and improved capital efficiency compared to traditional batch-based market infrastructure. Custody also remains distinct from execution, preserving the separation of duties and counterparty risk protections that underpin traditional market structure and protect participants.

“At BitGo, our goal is to provide institutions the infrastructure and ability to trade, secure and build on anything on-chain,” said Mike Belshe, CEO of BitGo. “Our partnership with Figure moves the industry in that direction with BitGo operating as the independent trust layer to reduce risk, increase transparency and instill confidence in continuous markets.”

“Partnering with BitGo brings qualified custody and institutional-grade controls to the OPEN on-chain public equity network, making it easier for regulated participants to engage with blockchain-native equities,” said Mike Cagney, Figure’s Executive Chairman. “With instant settlement on Provenance and the potential to meaningfully reduce market-structure friction and costs, this is a concrete step toward modernizing how public equities trade and settle.”

Together, BitGo and Figure have established a repeatable integration model for broker-dealers and asset managers seeking exposure to blockchain-native equity products. The framework blends the governance and counterparty protections of traditional finance with the efficiency, transparency, and programmability of blockchain-based settlement, advancing the evolution of regulated, on-chain public markets.

About BitGo

BitGo (NYSE: BTGO) is the digital asset infrastructure company delivering custody, wallets, staking, trading, financing, stablecoins, and settlement services from regulated cold storage. Since 2013, BitGo has focused on accelerating the transition of the financial system to a digital asset economy. BitGo maintains a global presence and multiple regulated entities, including BitGo Bank & Trust, National Association, a federally chartered trust bank. Today, BitGo serves thousands of institutions, including many of the industry's top brands, financial institutions, exchanges, and platforms, and millions of investors worldwide. For more information, visit www.bitgo.com.

About Figure Technology Solutions, Inc.

Figure Technology Solutions, Inc. (Nasdaq: FIGR) is a blockchain-native capital marketplace that seamlessly connects origination, funding, and secondary market activity. More than 250 partners use its loan origination system and capital marketplace. Collectively, Figure and its partners have originated over $22 billion of home equity to date, among other products, making Figure’s ecosystem the largest non-bank provider of home equity financing. The fastest growing components are Figure Connect, its consumer credit marketplace, and Democratized Prime, Figure’s on-chain lend-borrow marketplace. Figure's ecosystem also includes DART (Digital Asset Registry Technology) for asset custody and lien perfection, and $YLDS, an SEC-registered yield-bearing stablecoin that is issued by a tokenized face-amount certificate company, which is a type of registered investment company.

Figure is the market leader in real world asset (RWA) tokenization and its most recent securitization received a AAA rating from S&P and Moody’s, the first of its kind for blockchain finance. For more information, visit https://figure.com or follow Figure on LinkedIn.

Nothing in this release should be construed as Figure offering or soliciting the purchase or sale of any digital asset or providing investment, legal, or tax advice.

The On-Chain Public Equity Network (OPEN) includes a variety of services offered by the Figure Group of companies, which include its Alternative Trading System (“Figure ATS”) operated by FINRA/SIPC member Figure Securities, Inc.

Figure Securities, Inc. is a wholly owned subsidiary of Figure Technology Solutions, Inc.

Check the background of this firm on FINRA's BrokerCheck here: https://brokercheck.finra.org/firm/summary/307093

View source version on businesswire.com: https://www.businesswire.com/news/home/20260220153451/en/

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Source: BitGo Holdings, Inc.