Executive Summary

Bitfinex Securities is approaching a significant milestone with nearly $250 million in tokenized assets issued across its platform. This growth is accompanied by the company's application to upgrade its operational license within the Astana International Financial Centre (AIFC) from a FintechLab participant to a fully 'Authorised Investment Exchange.' These developments underscore the increasing institutional engagement and the evolving regulatory landscape for tokenized securities, positioning Bitfinex Securities as a prominent entity in this sector.

The Event in Detail

Bitfinex Securities, a regulated platform for tokenized securities, initiated its operations within the AIFC's FintechLab in September 2021. Since then, it has facilitated the issuance of $206 million worth of tokenized securities. This figure includes various financial instruments such as Mikro Kapital's tokenized bond program and the initial Blockstream Mining Note. The platform has confirmed its trajectory to reach $250 million in total tokenized assets. Concurrent with this growth, Bitfinex Securities is pursuing a full 'Authorised Investment Exchange' license from the AIFC, signifying a transition from a regulatory sandbox environment to a mature compliance framework. The platform has also been licensed by the National Digital Asset Commission of El Salvador since April 2023.

Key issuances in 2025 include the direct listings of TITAN1 and TITAN2, representing tokenized equity issuances with a combined value of GBP 143 million. The platform also successfully managed the full redemption of Mikro Kapital's first tokenized bond, which disbursed USDt 630,000 to investors. Additionally, the Blockstream Mining Note 2 (BMN2) was listed, enabling secondary market trading. All listings on Bitfinex Securities are underpinned by the Liquid Network, a Bitcoin-based sidechain that supports digital asset issuance and settlement, with a total value locked exceeding $3.27 billion.

Market Implications

Bitfinex Securities' advancement towards a full AIFC license and its nearing $250 million tokenized asset milestone signify a broader trend of regulatory maturation and institutional adoption in the digital asset space. This strategic move aims to provide a more robust and clear regulatory environment for tokenized securities, potentially attracting further institutional capital. The platform's operational model, offering 24/7/365 trading capabilities, access to global liquidity, and support for self-custody, is designed to enhance efficiency and reduce costs in capital markets.

Paolo Ardoino, CTO of Bitfinex Securities, stated, "We continue to be grateful for the support that we receive from AIFC, who are a proven innovator in regulation of digital assets." Jesse Knutson, Head of Operations at Bitfinex Securities, commented, "Approaching $250 million in tokenised assets on our platform is an important milestone, and is a marker of the trust we have built with issuers."

Expert Commentary

Industry observers note that the expansion of regulated platforms like Bitfinex Securities contributes to the institutionalization of the tokenized securities market. The successful redemption of Mikro Kapital's tokenized bond demonstrates the viability of the full lifecycle of tokenized debt instruments, while the listing of tokenized equities such as TITAN1 and TITAN2 indicates a diversification of tokenized asset classes. The involvement of the Liquid Network further highlights the role of the Bitcoin ecosystem in developing tokenized financial markets.

Broader Context

The global tokenized securities market is experiencing significant growth, with projections indicating an expansion from $6.66 billion in 2025 to $37.93 billion by 2035, at a Compound Annual Growth Rate (CAGR) of 19%. The broader global tokenization market is anticipated to surge from $1,244.18 billion in 2025 to $5,254.63 billion by 2029, with a CAGR of 43.36%. Real-World Asset (RWA) tokenization, excluding stablecoins, reached $24 billion in 2025, marking a 308% growth over three years. Tokenized private credit stands at $14.2 billion, while tokenized U.S. Treasuries account for $7.4 billion. The tokenized stock market, though currently smaller at $340 million, has shown a 750x year-over-year growth. These figures indicate a growing appetite for tokenized financial products across various asset classes, driven by the perceived benefits of blockchain technology in enhancing transparency, efficiency, and accessibility in capital markets. The regulatory clarity pursued by entities like Bitfinex Securities is seen as crucial for sustaining this growth and fostering broader corporate and institutional adoption.