BitGo and Figure Complete First Tokenized Equity Trades on Figure's ATS

Key Takeaways

• First onchain public equity trades completed using regulated infrastructure, marking a major milestone for blockchain-native markets

• BitGo serves as the qualified custodian, bringing institutional-grade security and trust to tokenized equities

• Real-time, onchain settlement is here, unlocking greater efficiency, transparency, and capital optimization for market participants

BitGo and Figure have completed the first blockchain-native equity trades on Figure's Alternative Trading System (ATS), a major step toward bringing public equities onchain.

This milestone demonstrates what modern market infrastructure can look like: regulated, efficient, and built natively on blockchain rails.

Why This Matters Now

Traditional equity markets still rely on fragmented systems, delayed settlement cycles, and layers of intermediaries. As institutions increasingly demand faster settlement, greater transparency, and improved capital efficiency, the need for blockchain-native infrastructure has become urgent.

Through this integration, BitGo and Figure are showing that regulated, onchain equity markets are no longer theoretical.

BitGo's Role: The Trust Layer for Onchain Markets

BitGo Bank & Trust, National Assocation serves as the qualified custodian for Figure's Onchain Public Equity Network (OPEN), safeguarding assets within a fully regulated framework.

This ensures:

• Separation of custody and execution, preserving critical market structure protections

• Institutional-grade security and compliance, meeting the expectations of regulated participants

• Reduced counterparty risk, while enabling continuous, real-time markets

BitGo acts as the independent trust layer, bringing confidence, transparency, and risk management to blockchain-native equities.

A New Model for Equity Markets

The first trades were executed on Figure's ATS, part of the OPEN network built on the Provenance Blockchain. In this environment, issuance, trading, and settlement are unified on-chain.

This unlocks:

• Real-time settlement, eliminating delays and reconciliation friction

• Lower operational overhead, by reducing intermediaries

• Improved capital efficiency, with assets and transactions updating instantly

Importantly, this model maintains the regulatory and risk controls that institutions require, without sacrificing the benefits of blockchain technology.

"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."

What Comes Next

This integration establishes a repeatable framework for broker-dealers and asset managers to access blockchain-native equities.

Together, BitGo and Figure are advancing a new standard for public markets, one that combines the safeguards of traditional finance with the speed, transparency, and programmability of blockchain.

BitGo is building the infrastructure for institutions to securely operate in onchain financial markets.