Bitfinex Securities launches 5 tokenized bitcoin treasury bonds products

Bitfinex Securities launches five tokenized products related to Bitcoin Reserve Company and Strategy Preferred Stock

Bitfinex Securities has listed five tokenized products, respectively associated with four publicly traded Bitcoin Reserve Companies and Strategy's STRC Preferred Stock.

Summary

These five notes provide investors with economic exposure to Strategy, Metaplan, H100, Capital B and STRC. ORO (II) issued these products, with the corresponding underlying shares held by regulated custodians. Trading pairs include U.S. dollars, USDT, and Bitcoin on the Liquid Network. Bitfinex Securities said the total value of its listed tokenized assets now exceeds $500 million.

Bitfinex Securities stated in an announcement issued on September 1 that these five products are the first batch of corporate bitcoin reserve tokenized securities to be traded secondary on a regulated tokenized stock exchange. These notes correspond to common shares of Strategy, Metaplane, H100 and Capital B, respectively, while the fifth product tracks the economic interests of variable-rate Series A perpetual preferred shares (or STRC) issued by Strategy.

These notes are issued through an independent sub-asset pool of ORO (II). ORO (II) is a Luxembourg umbrella securitization fund managed by SICOS Securities. Each note is backed by shares held by a regulated financial institution, and investors receive exposure to the financial performance of the relevant stock rather than directly holding shares in the underlying company.

According to the announcement, all five products have been approved by El Salvador's National Digital Assets Commission (CNAD). The securities are issued on the Liquid Network, a side chain for Bitcoin that is designed to support asset issuance, settlement and compliance control. Eligible investors can trade in U.S. dollars, Tether's USDT stablecoins, and Bitcoin. Bitfinex Securities said that each product has independent qualification rules and minimum investment requirements.

Bitfinex tokenizes Strategy and Metaplane shares

The note trading symbol linked to Strategy common shares is CMSTR. Bitfinex Securities said each note corresponds to 100 shares of Nasdaq-listed Strategy Class A common stock and tracks the economic performance of the underlying position. Another independent token, STRCst, tracks Strategy's STRC preferred shares on a one-to-one basis, with holders receiving the economic benefits passed on by each underlying STRC share, including variable cash dividends set by Strategy.

Strategy finances its Bitcoin reserve business through common stock sales, preferred securities and debt. According to recent SEC filings, the company raised $333.7 million through MSTR sales between August 10 and August 16, but did not purchase any bitcoins during that period. That same week, Strategy distributed $52.4 million to STRC dividends and spent $132.2 million to repurchase approximately 1.39 million STRC shares. As of August 16, its U.S. dollar reserves reached US$4.8 billion, and its Bitcoin holdings remained at 840,447 BTC.

For Metaplane, the CMPTL notes correspond to 100 shares of common stock in the Tokyo-listed company. Metaplanet, which operates hotel management, investment and bitcoin-related consulting businesses, has made its stock another way to gain corporate Bitcoin exposure through the open market.

Both companies face a question about their position in global equity benchmarks. An August index methodology report mentioned a MSCI proposal that Strategy and Metaplane could be removed from the MSCI Global Investable Markets Index if they fail the proposed non-operating company test. MSCI's May simulations showed Strategy, Metaplanet and British uranium investment company Yellow Cake could be eliminated. The consultation will last until September 30, and the results are expected to be announced on October 16 and may be implemented during the index review period in November 2026.

Five notes provide fractional equity exposure

Other common stock products track H100 Group and Capital B, two European companies that have incorporated Bitcoin into their corporate strategies. CH100 corresponds to 100 common shares of Sweden-based H100 Group. The company's business spans investment and health technology, including infrastructure focused on preventive health, privacy and personal data control. CALCPB provides exposure to Capital B, which is listed in France under the trading symbol ALCPB. Each token corresponds to 100 shares of Capital B common shares. While engaging in data intelligence, artificial intelligence and decentralized technology consulting, the company also conducts bitcoin reserve activities.

Bitfinex Securities said tokenization allows eligible investors to purchase decimal units (accurate to four decimal places). Purchases and transactions can be settled in U.S. dollars, USDT, or Bitcoin, depending on the rules of each security. Fraction access does not change the legal structure of the product. ORO (II) issues notes, while the common or preferred shares backing the notes remain held by regulated custodians. Therefore, based on the product description, returns depend on the economic performance and equity of the underlying securities.

Bitfinex Securities did not disclose the trading volume, initial token price or minimum investment amount for each product in its announcement. The platform guides investors to check each product page to understand qualifications and investment requirements.

Salvadoran license covers tokenized listings

Bitfinex Securities operates a regulated securities platform at the Astana International Financial Center in El Salvador and Kazakhstan. In El Salvador, CNAD regulates five new products under the country's digital assets framework. A July report on Bitfinex's El Salvador licenses showed that the group had obtained local approvals through different entities, covering spot trading, derivatives and tokenized securities. CNAD's registration list lists Bitfinex Securities as PSAD-0001, with a registration date of October 2023.

Product access still depends on the customer's location, account opening status and qualifications. Bitfinex's main trading platform said U.S. people cannot open or operate accounts, and the September 1 announcement did not specify in which jurisdictions the five notes would be sold. For U.S. investors, the economic value of two products stems from securities issued by Strategy, a Nasdaq-listed company. MSTR and STRC remain U.S. issued securities and are subject to Strategy filings with the U.S. Securities and Exchange Commission, but the ORO notes are independent instruments issued in Luxembourg and subject to listing regulation in El Salvador.

Bitfinex Securities said equity products could bring more secondary market activity to the tokenization space, where most of the inventory previously consisted of fixed income instruments. The platform attributes this view to its experience in listed debt, Treasury-related products and other buy-and-hold securities.

Bitfinex Securities expands beyond fixed income tokens

After adding five new reserve notes, Bitfinex Securities said it will offer 12 tokenized investment products through 27 trading pairs denominated in US dollars, USDT and Bitcoin. The platform estimates all listed assets on its market, with a total value of more than US$500 million.

On August 27, it was reported that Alkemya had completed US$50 million in financing through ALKN. ALKN is a tokenized security associated with Luxembourg partnerships that hold high-purity nickel wire. The platform said this was the largest financing it had completed, exceeding the previous record of US$30 million involving USTBL. USTBL provides tokenized exposure to short-term U.S. Treasury bonds. Other products available on the platform include: Titan 1 (subordinated debt issued by a British credit union), Titan 2 (representing litigation financing claims), and BMN2 Bitcoin mining power contracts. In addition, another listed product is microfinance bonds that provide financing for small businesses and women-led businesses in emerging markets. Early products also include debt related to a planned hotel near El Salvador International Airport and a Luxembourg bond denominated in USDT.

Bitfinex Securities said its upcoming secondary market product line includes: a tokenized gold fund designed to generate income through carry trading strategies, a series of private credit notes to finance Bitcoin mining, and a tokenized U.S. money market fund.