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