BitGo (NYSE: BTGO) and Figure Technology Solutions (Nasdaq: FIGR) have completed the first blockchain-native equity trades executed through Figure’s Alternative Trading System (ATS), marking a notable milestone in the evolution of tokenized public markets.
The trades were conducted within Figure’s Onchain Public Equity Network (OPEN), a regulated electronic trading venue operating on the Provenance Blockchain. The integration combines BitGo Bank & Trust’s qualified custody infrastructure with Figure’s blockchain-native trading environment.
Bringing Public Equities On-Chain
Launched in February 2026, OPEN is designed to allow companies to issue, trade, and settle public equity directly on blockchain rails. By embedding issuance, trading, and settlement into a unified on-chain framework, the platform aims to streamline processes traditionally handled across multiple intermediaries.
BitGo Bank & Trust, N.A. serves as the qualified custodian within the framework, safeguarding assets while maintaining regulated separation between custody and trade execution — a structure consistent with traditional market risk controls.
According to the companies, the completed trades demonstrate that tokenized equities can operate within a continuous, blockchain-based environment while preserving regulatory oversight and institutional-grade risk management.
Reducing Market Friction
The BitGo–Figure model reduces layers of reconciliation typically required in batch-based market infrastructure. Trading and settlement occur within the regulated Figure ATS, with trade records recorded on-chain in real time.
By minimizing intermediary processes, the framework introduces the potential for lower operational costs and improved capital efficiency compared to traditional equity settlement systems.
“At BitGo, our goal is to provide institutions the infrastructure to trade, secure, and build on anything on-chain,” said Mike Belshe, CEO of BitGo. “Operating as an independent trust layer helps reduce risk and increase transparency in continuous markets.”
Mike Cagney, Executive Chairman of Figure, described the milestone as a step toward modernizing public equity markets.
“With instant settlement on Provenance and institutional-grade custody through BitGo, we’re demonstrating how blockchain-native equities can function within a regulated framework,” Cagney said.
Toward Regulated On-Chain Public Markets
The integration establishes what the companies describe as a repeatable model for broker-dealers and asset managers seeking exposure to blockchain-native equity products.
By combining governance standards and counterparty protections from traditional finance with blockchain-based settlement and transparency, BitGo and Figure are positioning tokenized equities as a potential evolution of regulated public markets infrastructure.
