BitGo and Figure Execute First Blockchain-Native Equity Trades on Figure’s Alternative Trading System

TLDR:

• BitGo Bank & Trust, N.A. serves as qualified custodian within Figure’s OPEN on-chain public equity network.
• Figure’s OPEN network launched in February 2026, enabling equity issuance and trading on Provenance Blockchain. 
• The BitGo–Figure integration separates custody from execution, preserving counterparty risk protections for institutions. 
• Real-time on-chain settlement reduces reconciliation layers, lowering operational costs for broker-dealers and asset managers. 

Blockchain-native equity trading reached a new milestone as BitGo and Figure completed their first tokenized equity trades.

The trades were executed through Figure’s Alternative Trading System, operating on the Provenance Blockchain. BitGo Bank & Trust, N.A. served as the qualified custodian within Figure’s Onchain Public Equity Network.

The integration brings regulated custody and near real-time settlement to on-chain public equities, offering institutions a more efficient trading framework.

OPEN Network Brings Regulated On-Chain Equity Infrastructure to Market

Figure’s OPEN network launched in February 2026 as a regulated electronic trading venue. It enables companies to issue and trade equity directly on blockchain infrastructure.

Issuance, trading, and settlement are embedded into a single on-chain environment. This removes multiple intermediary layers that traditionally slow down public equity markets.

BitGo Bank & Trust, N.A. operates as a qualified custodian within the OPEN framework. The bank safeguards assets and provides regulated infrastructure for all participants.

Its custodian role ensures compliance with existing financial regulations for institutions. Consequently, regulated participants can access blockchain-native equity within a familiar oversight structure.

The completed trades demonstrate how tokenized equities can function in a continuous on-chain environment. Settlement activity occurs in real time within a regulated framework on Figure’s ATS.

Trade records are also published directly on-chain, adding a layer of market transparency. This approach removes several reconciliation steps found in traditional market infrastructure.

Mike Belshe, CEO of BitGo, spoke directly to the partnership’s broader purpose for market participants.

“At BitGo, our goal is to provide institutions the infrastructure and ability to trade, secure and build on anything on-chain. 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.”

Custody Separation and Cost Efficiency Support Institutional Participation

BitGo and Figure maintain a clear separation between custody and trade execution throughout their integration. This preserves the counterparty risk protections that traditional market structure depends on.

Institutions can therefore engage with blockchain-native equity without compromising governance standards. The model mirrors core principles from conventional finance while running on blockchain rails.

By cutting reconciliation layers, the integration reduces operational overhead for market participants. Capital efficiency also improves compared to traditional batch-based settlement systems.

Broker-dealers and asset managers can use this as a repeatable integration model. As a result, on-chain equity products become more accessible to a broader range of regulated institutions.

Mike Cagney, Figure’s Executive Chairman, addressed how qualified custody makes institutional engagement more practical.

“Partnering with BitGo brings qualified custody and institutional-grade controls to the OPEN on-chain public equity network. 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 scalable framework for blockchain-native equity markets. The model combines blockchain efficiency with governance standards that institutions already recognize and trust.

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