Bitfinex Securities tokenized notes giving non-US investors secondary-market exposure to Strategy, Metaplanet and three other publicly traded Bitcoin treasury companies are now live, with fractional positions available from roughly $1 and trading pairs in USD, USDT and BTC.
The five notes were issued through ORO (II), a Luxembourg umbrella securitisation fund managed by SICOS Securities. They track the economic performance of shares in Strategy, Japan’s Metaplanet, Sweden’s H100 Group and France’s Capital B, alongside Strategy’s Variable Rate Series A Perpetual Preferred Stock (STRC). The underlying securities are held with regulated financial institutions; holders get economic exposure but not direct share ownership.
Liquid Network Rails and Compliance Architecture
The notes settle on the Liquid Network, a Bitcoin sidechain developed by Blockstream. Every transfer requires issuer authorisation, and a whitelist system enforces compliance standards and jurisdictional requirements, meaning this is permissioned DLT infrastructure, not open-chain settlement.
Bitfinex Securities holds a licence from the Astana Financial Services Authority (AFSA) in Kazakhstan, per CryptoRank. The platform is claiming a first for the product category: the initial admission of tokenized Bitcoin treasury securities to secondary trading on a regulated tokenized securities exchange.
Inside the Bitfinex Securities Tokenized Notes Structure: the STRC Yield Play
The equity-linked notes are straightforward synthetic exposure plays, but the STRC listing adds a yield component worth examining. According to Yahoo Finance, STRC launched in July 2025, currently trades near $98 against its $100 target price, and pays an annualised dividend of approximately 10.75%, producing an effective yield close to 11%.
The dividend adjusts monthly to keep the instrument near par, and Strategy routes proceeds from STRC and its other preferred programmes into Bitcoin purchases. Since launch, STRC has returned just over 10%. For investors who want Bitcoin treasury exposure with a fixed-income-style coupon rather than pure equity beta, the mechanics are worth modelling before sizing a position.
The Luxembourg angle also matters for regulatory framing. The Luxembourg Stock Exchange (LuxSE) became the first EU exchange to admit a distributed ledger technology (DLT) instrument to its regulated market in October 2023, making the jurisdiction an established venue for tokenized security issuance. ORO (II) sitting under Luxembourg’s umbrella securitisation framework is a deliberate choice for passporting purposes across eligible European jurisdictions.
These listings follow Bitfinex Securities’ $50 million tokenized capital raise for metals company Alkemya in August, which the platform described as a record. Total listed assets on the platform now exceed $500 million.
The product set is clearly aimed at crypto-native investors who want correlated exposure to Bitcoin treasury equities without navigating traditional brokerage rails, and who can absorb the liquidity and counterparty profile of a regulated but niche tokenized venue. US persons remain excluded, which limits the addressable market but keeps the platform clear of SEC jurisdiction for now.
The next catalyst to watch is whether trading volumes on these notes attract institutional allocators or remain retail-sized. STRC’s yield spread relative to Strategy’s senior obligations will shift as Bitcoin price moves alter the treasury’s net asset value, making the effective yield a moving target even as the coupon mechanism targets par.
