Bitfinex Securities has listed five tokenised investment products linked to four publicly traded Bitcoin treasury companies and Strategy’s STRC preferred stock.
The company said on 1 September that the products were the first tokenised Bitcoin treasury securities admitted for secondary trading on a regulated tokenised securities exchange.
The notes provide exposure to the common stock of Strategy, Metaplanet, H100 Group and Capital B. The fifth product follows the economic rights attached to Strategy’s Variable Rate Series A Perpetual Preferred Stock, known as STRC.
Each product was issued through a separate compartment of ORO (II), a Luxembourg umbrella securitisation fund managed by SICOS Securities. The notes are backed by shares held with regulated financial institutions, but investors do not own the underlying company shares directly. Instead, their returns depend on the financial performance and economic rights of the relevant stock.
All five products were approved by El Salvador’s Comision Nacional de Activos Digitales (CNAD), according to Bitfinex Securities. They were issued on Liquid Network, a Bitcoin sidechain designed to support asset issuance, settlement and compliance controls.
Eligible investors can trade the notes against US dollars, Tether’s USDT stablecoin and Bitcoin. Eligibility conditions and minimum investment requirements vary between the products.
The Strategy-linked common equity note trades under the ticker CMSTR. Each note is backed by 100 shares of Strategy’s Nasdaq-listed Class A common stock and is designed to reflect the economic performance of that underlying holding.
A separate token, STRCst, tracks Strategy’s STRC preferred stock on a one-for-one basis. Its holders receive the economic rights passed through from each STRC share, including the variable cash dividend determined by Strategy.
Strategy has financed its Bitcoin treasury operations through sales of common stock, preferred securities and debt. Recent coverage of the company’s filings with the US Securities and Exchange Commission said it raised $333.7m from MSTR sales between 10 and 16 August, while making no Bitcoin purchases during that period.
Strategy paid $52.4m in STRC dividends during the same week and spent a further $132.2m buying back about 1.39 million STRC shares. Its dollar reserve stood at $4.80bn, while its Bitcoin holdings remained at 840,447 BTC as of 16 August.
The CMPTL note linked to Metaplanet is backed by 100 common shares in the Tokyo-listed company. Metaplanet operates in hotel management, investment and Bitcoin-related consultancy, with its treasury strategy offering investors another public-market route to corporate Bitcoin exposure.
Strategy and Metaplanet are also facing uncertainty over their potential status in global equity benchmarks. An MSCI proposal could remove both companies from its Global Investable Market Indexes if they fail a proposed non-operating-company test.
An MSCI simulation in May identified Strategy, Metaplanet and UK uranium investor Yellow Cake as possible deletions. The consultation remains open until 30 September, with the results expected by 16 October and any changes potentially taking effect during the November 2026 index review.
The other two common-equity products follow H100 Group and Capital B, European companies that hold Bitcoin as part of their corporate strategies.
CH100 is backed by 100 common shares in Sweden-based H100 Group. The company operates in investment and health technology, including infrastructure focused on preventive health, privacy and control over personal data.
CALCPB provides exposure to Capital B, which is listed in France under the ALCPB ticker. Each token represents 100 Capital B common shares. The company’s activities include data intelligence, artificial intelligence and decentralised technology consultancy, alongside its Bitcoin treasury operations.
Bitfinex Securities said tokenisation gives eligible investors access to fractional units to four decimal places. Purchases and trades can be settled in dollars, USDT or Bitcoin, subject to the conditions attached to each security.
That fractional access does not alter the legal structure of the products. ORO (II) remains the issuer of the notes, while the common and preferred shares supporting them are held by regulated custodians. The product descriptions state that returns are tied to the performance and rights of those underlying securities.
The announcement did not disclose trading volumes, initial token prices or the minimum investment required for each product. Investors were directed to the individual product pages for information about eligibility and investment conditions.
Bitfinex Securities operates regulated securities platforms in El Salvador and at the Astana International Financial Centre in Kazakhstan. In El Salvador, CNAD regulates the five new products under the country’s digital asset framework.
A July report on Bitfinex’s Salvadoran licences said the group had secured local approvals for spot trading, derivatives and tokenised securities through separate entities. CNAD’s registry lists Bitfinex Securities as PSAD-0001, with its registration dating from October 2023.
Access remains dependent on an investor’s location, onboarding status and eligibility. Bitfinex’s main trading platform says US persons cannot open or operate accounts, while the 1 September announcement did not specify the jurisdictions in which the five notes would be offered.
Two of the products derive their economic value from securities issued by Nasdaq-listed Strategy, which may be relevant to US investors. MSTR and STRC remain US-issued securities subject to Strategy’s SEC filings, although the ORO notes are separate Luxembourg-issued instruments regulated for listing in El Salvador.
Bitfinex Securities said equity products could bring more secondary-market activity to a tokenisation sector in which fixed-income instruments have accounted for much of the available inventory. The platform based that assessment on its experience listing debt, Treasury-linked products and other buy-and-hold securities.
With the addition of the five Bitcoin treasury notes, Bitfinex Securities said it would offer 12 tokenised investment products through 27 trading pairs denominated in dollars, USDT and Bitcoin. It valued all assets listed on its market at more than $500m.
On 27 August, crypto.news reported that Alkemya had raised $50m through ALKN, a tokenised security linked to a Luxembourg partnership holding high-purity nickel wire. Bitfinex Securities described the deal as its largest completed raise, ahead of its previous $30m record involving USTBL.
USTBL gives investors tokenised exposure to short-term US Treasury bills. Other products on the platform include Titan 1, subordinated debt issued by a UK credit union; Titan 2, representing litigation-financing claims; and BMN2 Bitcoin mining hashrate contracts.
Another listed product comprises microfinance bonds intended to finance small businesses and women-led companies in emerging markets. Earlier offerings also included debt linked to a planned hotel near El Salvador International Airport and a Luxembourg-issued bond denominated in USDT.
Bitfinex Securities said its pipeline for future secondary-market listings includes a tokenised gold fund designed to generate yield through a carry-trade strategy, private-credit notes financing Bitcoin mining operations and a tokenised US money market fund.
