Bitfinex Securities Lists 5 Tokenized Bitcoin Treasury Products

Bitfinex Securities has listed five tokenized products tied to four publicly traded Bitcoin treasury companies and Strategy’s STRC preferred stock, marking the first time such tokenized securities have been admitted to secondary trading on a regulated digital asset exchange. The notes, approved by El Salvador’s Comisión Nacional de Activos Digitales (CNAD), are issued through separate compartments of ORO (II), a Luxembourg umbrella securitization fund managed by SICOS Securities, and backed by shares held with regulated financial institutions. Investors receive exposure to the financial performance of the underlying stocks rather than direct ownership of shares. The Five Tokenized Products and Their Underlying Assets Bitfinex Securities, in a Sept. 1 announcement shared with crypto.news, detailed the five products that cover common stock of Strategy, Metaplanet, H100, and Capital B, plus a fifth product tracking the economic rights attached to Strategy’s Variable Rate Series A Perpetual Preferred Stock, known as STRC. Each note is issued on Liquid Network, a Bitcoin sidechain designed for asset issuance, settlement, and compliance controls. The following table summarizes the key characteristics of each product: Product Ticker / Name Underlying Asset / Stock Key Features CMSTR Strategy Nasdaq-listed Class A common stock (100 shares per note) Tracks economic performance of the underlying position; each note backed by 100 shares STRCst Strategy’s Variable Rate Series A Perpetual Preferred Stock (STRC) (1:1) Passes through variable cash dividends and all economic rights from each STRC share Metaplanet common stock note Metaplanet Inc. common stock Exposure to the financial performance of the Japanese Bitcoin treasury company H100 common stock note H100 Group common stock Exposure to the financial performance of the Canadian Bitcoin miner and treasury firm Capital B common stock note Capital B common stock Exposure to the financial performance of the U.S.-based Bitcoin treasury company All five products carry separate eligibility rules and minimum investment requirements, according to Bitfinex Securities. The common stock notes are backed by shares held with regulated financial institutions, while the STRCst note passes through the variable cash dividend set by Strategy. Regulatory Approval and Technical Infrastructure El Salvador’s CNAD approved all five products, as per the announcement. The securities were issued on Liquid Network, a Bitcoin sidechain that supports asset issuance, settlement, and compliance controls. Bitfinex Securities said this is the first time tokenized Bitcoin treasury securities have been admitted to secondary trading on a regulated tokenized securities exchange. The ORO (II) Luxembourg umbrella securitization fund, managed by SICOS Securities, issues each note through separate compartments. Investors do not hold direct ownership of the underlying shares; instead, they receive a tokenized note representing the economic rights of the stock. Trading Details and Eligible Investor Criteria Eligible investors can trade the notes against U.S. dollars, Tether’s USDT stablecoin, and Bitcoin. Bitfinex Securities emphasized that each product has separate eligibility rules and minimum investment thresholds. The exchange did not disclose specific minimum amounts in the announcement but noted that the structure is designed for institutional and accredited investors. The CMSTR note, for example, is backed by 100 shares of Strategy’s Nasdaq-listed Class A common stock and follows the economic performance of that position. The STRCst note, meanwhile, is structured on a one-for-one basis, meaning each token corresponds to one share of STRC preferred stock, with the variable cash dividend passed through to holders. Strategy’s Recent Treasury Operations and Financial Context The listing comes amid ongoing activity by Strategy (formerly MicroStrategy), which has used common stock sales, preferred securities, and debt to finance its Bitcoin treasury operations. According to recent SEC filing coverage cited in the announcement, the company raised $333.7 million from MSTR sales between Aug. 10 and Aug. 16 but made no Bitcoin purchases during that period. During the same week, Strategy allocated $52.4 million to STRC dividends and spent $132.2 million buying back approximately 1.39 million STRC shares. Its dollar reserve reached $4.80 billion, while its Bitcoin holdings remained at 840,447 BTC as of Aug. 16. The company’s use of preferred stock (STRC) as a financing vehicle directly ties into the STRCst tokenized product now available on Bitfinex Securities. Market Implications and Broader Trend The introduction of tokenized Bitcoin treasury securities on a regulated exchange represents a significant step in bridging traditional equity markets with blockchain-based finance. By allowing investors to gain exposure to the performance of companies that hold Bitcoin on their balance sheets - without the friction of direct stock ownership - these products could attract a new class of institutional participants seeking regulated, compliant digital asset exposure. Bitfinex Securities’ move also underscores the growing role of El Salvador as a jurisdiction for digital asset regulation, following the country’s adoption of Bitcoin as legal tender and the subsequent establishment of CNAD as the national digital assets regulator. The Liquid Network’s use for asset issuance further highlights the Bitcoin ecosystem’s expansion into financial instruments beyond simple payments. What Are the Five Tokenized Bitcoin Treasury Products Listed by Bitfinex Securities? The five products are tokenized notes tied to common stock of Strategy, Metaplanet, H100, and Capital B, plus a fifth product tracking Strategy’s STRC preferred stock. They trade under tickers CMSTR (common equity) and STRCst (preferred stock), among others. Which Regulator Approved These Tokenized Securities? El Salvador’s Comisión Nacional de Activos Digitales (CNAD) approved all five products. The securities are issued on Liquid Network, a Bitcoin sidechain, and are offered through a Luxembourg umbrella securitization fund. What Is the Underlying Asset for the Cmstr Token? Each CMSTR token is backed by 100 shares of Strategy’s Nasdaq-listed Class A common stock. The token follows the economic performance of the underlying position without granting direct ownership of the shares. How Does the Strcst Token Differ from Cmstr? STRCst tracks Strategy’s Variable Rate Series A Perpetual Preferred Stock (STRC) on a one-for-one basis, passing through variable cash dividends. CMSTR, by contrast, tracks common equity and is backed by 100 shares per note, with no dividend pass-through. What Were Strategy’s Recent Financial Moves Related to Its Bitcoin Treasury? Between Aug. 10 and Aug. 16, Strategy raised $333.7 million from MSTR sales but made no Bitcoin purchases. It allocated $52.4 million to STRC dividends and spent $132.2 million buying back 1.39 million STRC shares, while holding 840,447 BTC as of Aug. 16.