Bitfinex Securities has expanded its tokenized securities market with five new notes linked to companies that have become closely associated with Bitcoin treasury strategies.
The newly listed products track the economic performance of Strategy, Strategy's STRC preferred stock, Metaplanet, Sweden's H100 Group and France's Capital B. Eligible investors can trade the notes against U.S. dollars, USDT and Bitcoin, with fractional exposure starting at approximately $1.
The move gives eligible non-U.S. investors another way to gain exposure to Bitcoin-focused public companies through blockchain-based securities infrastructure.
However, there is an important distinction: these products are tokenized notes, not direct tokenized shares. Investors do not receive direct ownership of the underlying company shares simply by holding the notes.
Five Bitcoin-Linked Public-Market Exposures
The five products cover a mixture of common-equity and preferred-security exposure. Their structures are designed to provide economic exposure to the referenced securities through tokenized notes.
| Tokenized Note | Underlying Exposure | Structure |
|---|---|---|
| Strategy Note | Strategy |
Tracks the economic performance of Strategy shares |
| STRC Note | Strategy STRC |
Tracks Strategy's variable-rate perpetual preferred stock |
| Metaplanet Note | Metaplanet |
Securities-backed exposure to Metaplanet |
| H100 Group Note | H100 Group |
Tracks the economic performance of H100 Group shares |
| Capital B Note | Capital B |
Tracks the economic performance of Capital B shares |
These Are Tokenized Notes, Not Direct Shares
This is arguably the most important detail of the announcement.
The products should not be described as blockchain versions of the actual company shares. Instead, they are structured as tokenized, securities-backed notes whose value is linked to the underlying securities.
The notes were issued through ORO (II), a Luxembourg umbrella securitization fund managed by SICOS Securities. The underlying securities are held with regulated financial institutions supporting the securitization structure.
This means investors receive exposure through the note rather than becoming direct shareholders of Strategy, Metaplanet, H100 Group or Capital B.
As a result, holding one of these notes should not automatically be treated as equivalent to holding the company's stock directly. Shareholder rights such as voting rights may not apply in the same way because the investor holds the note rather than the underlying equity security itself.
Fractional Exposure Starts at About $1
One of the more notable features is the ability to obtain fractional exposure.
Bitfinex Securities says the products can be accessed from approximately $1, depending on the relevant instrument and applicable trading conditions.
The notes can be traded against three major currencies or digital assets:
- USD
- USDT
- Bitcoin (BTC)
That combination is significant because it places traditional equity-linked exposure alongside crypto-native trading assets.
An eligible investor holding Bitcoin, for example, can potentially use BTC as the trading pair for a securities-backed instrument whose economic performance is connected to a Bitcoin treasury company.
U.S. Investors Are Excluded
The products are not available to U.S. persons.
Bitfinex Securities states that its securities trading services are not offered to prohibited persons, including U.S. persons and people present in the United States, subject to applicable terms and jurisdictional restrictions.
Therefore, this announcement should not be interpreted as a new route for U.S. retail investors to directly access Strategy or Metaplanet through Bitfinex Securities.
The products are intended for eligible investors in permitted jurisdictions.
Why Bitcoin Treasury Companies Are a Natural Fit for Tokenization
The timing of the launch is notable.
Bitcoin treasury companies sit at the intersection of traditional capital markets and the digital-asset economy. Their shares trade through conventional financial markets, while their corporate strategies can be strongly influenced by Bitcoin prices, financing conditions and crypto-market sentiment.
Tokenization adds another layer to that relationship.
Instead of requiring an investor to use a traditional stock brokerage to obtain exposure to these companies, a securities-backed tokenized note can bring that exposure into blockchain-based market infrastructure.
This could make the products particularly interesting to investors who already operate within digital-asset markets.
Volatility Remains a Major Risk
Tokenization does not make the underlying investment less volatile.
Because the notes are linked to publicly traded securities, investors remain exposed to the price movements of those underlying assets. Strategy, Metaplanet and other Bitcoin-focused companies can experience substantial price swings when Bitcoin moves sharply or when investor sentiment toward their treasury strategies changes.
The note structure may also introduce differences between the market price of the tokenized instrument and the price of the referenced security. Therefore, investors should not assume that blockchain-based trading eliminates equity-market volatility or guarantees a perfect one-to-one price relationship at every moment.
Liquidity Is Another Factor to Watch
Liquidity is another important consideration.
Major public equities can benefit from deep liquidity across established stock exchanges. A tokenized note trading on a specialized securities platform may have a smaller pool of buyers and sellers.
That means investors could potentially face wider spreads, fewer counterparties or greater difficulty executing larger trades, particularly during periods of market stress.
In simple terms, tokenization can improve accessibility without automatically creating the same level of liquidity as a major traditional stock exchange.
Custody and Securitization Structure Matter
Another important part of the structure is custody.
The underlying securities supporting the notes are held with regulated financial institutions involved in the securitization arrangement. This is different from simply holding the actual shares directly in an investor's conventional brokerage account.
Investors therefore need to understand not only the underlying company's financial and market risks, but also the legal and structural characteristics of the note, its issuer and the institutions involved in holding the underlying securities.
Bitfinex Securities Is Expanding Its Tokenized Securities Business
The five listings also show how Bitfinex Securities is expanding beyond conventional cryptocurrency trading.
The platform has previously supported different types of tokenized financial products, including debt and other investment structures. Its broader objective is to provide blockchain-based infrastructure for issuing and trading securities.
The latest listings extend that model into public companies with significant exposure to the Bitcoin ecosystem.
The $50 Million Alkemya Raise
The timing of the announcement also follows another major development for Bitfinex Securities.
In August 2026, the platform completed a $50 million tokenized capital raise for Alkemya, a metals company. The transaction demonstrated that tokenization on the platform is being used not only for investment exposure but also as a mechanism for companies to access capital through blockchain-based securities infrastructure.
Against that backdrop, the latest five listings represent another expansion of the platform's tokenized securities offering—this time focusing on companies whose equity stories are closely connected with Bitcoin.
What the Launch Could Mean for Investors
For investors who already understand Bitcoin treasury companies, the new products provide another potential route to market exposure.
But the structure also introduces risks that are different from simply buying a company's common stock.
- Underlying asset risk: The value of the note can be affected by the referenced security.
- Volatility risk: Bitcoin treasury stocks can experience significant price movements.
- Liquidity risk: Tokenized markets may have fewer buyers and sellers than established stock exchanges.
- Issuer and structural risk: The investor holds a note rather than the underlying share itself.
- Custody risk: The structure depends on institutions responsible for holding and supporting the underlying securities.
- Regulatory risk: Availability depends on jurisdiction and investor eligibility.
- Crypto-market risk: Trading against BTC or USDT adds a digital-asset dimension to the investment.
- Price-tracking risk: The note's market price may not perfectly match the underlying security at every point in time.
A Bridge Between Stocks and Crypto Markets
The bigger story behind Bitfinex Securities' latest listings may therefore be less about the five individual products and more about the convergence of traditional securities and digital-asset infrastructure.
Strategy and Metaplanet are already examples of companies whose market narratives are closely connected to Bitcoin. By putting securities-backed notes linked to these companies alongside Bitcoin and USDT trading pairs, Bitfinex Securities is bringing traditional equity exposure closer to the crypto trading environment.
For eligible non-U.S. investors, that creates another potential route between fiat currencies, stablecoins, Bitcoin and tokenized securities within a regulated-market framework.
Whether this model becomes a major part of global capital markets will depend on liquidity, regulatory adoption, market infrastructure and investor demand.
For now, the five new listings represent another step in the development of tokenized securities as a bridge between traditional financial assets and blockchain-based markets.
Key Takeaways
- Bitfinex Securities has listed five tokenized notes.
- The products track Strategy, STRC, Metaplanet, H100 Group and Capital B.
- Trading is available against USD, USDT and Bitcoin.
- Fractional exposure starts at approximately $1.
- The products are intended for eligible non-U.S. investors.
- U.S. persons are excluded.
- The products are tokenized notes, not direct ownership of the underlying company shares.
- Underlying securities are held with regulated financial institutions supporting the securitization structure.
- Investors remain exposed to equity volatility and liquidity risk.
- The launch follows Bitfinex Securities' $50 million Alkemya tokenized capital raise completed in August 2026.
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