WisdomTree, BitGo, and Kraken Advance Tokenized Trading Infrastructure
In a concentrated burst of infrastructure milestones during the final week of February 2026, three firms independently advanced the operational reality of tokenized securities trading. WisdomTree, Inc. (NYSE: WT) launched round the clock trading and instant settlement for its tokenized Treasury money market fund, BitGo Holdings, Inc. (NYSE: BTGO) and Figure Technology Solutions, Inc. (NASDAQ: FIGR) completed the first blockchain native equity trades on a regulated alternative trading system, and Kraken listed the world's first tokenized equity perpetual futures contracts with regulated benchmarks [1][2][3]. Taken together, the three developments span the full lifecycle of tokenized financial products: primary market fund shares settling against stablecoins, spot equity trading and custody on chain, and derivatives layered on top of tokenized reference assets. Each operates within established regulatory frameworks, marking a departure from earlier tokenization experiments that skirted compliance boundaries. WisdomTree: 24/7 Fund Settlement via SEC Exemptive Relief On February 24, WisdomTree announced that its WisdomTree Treasury Money Market Digital Fund (WTGXX) received SEC exemptive relief and FINRA approval enabling 24/7 secondary market trading with instant on chain settlement. The structural innovation required coordinated regulatory approvals across multiple WisdomTree entities, a process the firm described as comparable in regulatory novelty to the introduction of exchange traded funds [1][4]. WisdomTree Securities, Inc. , the firm's broker dealer subsidiary, will act as principal in bilateral transactions, providing liquidity from dealer inventory rather than directly from the fund. Trades settle against USDC at a fixed price of $1.00 per share , preserving WTGXX's existing primary market structure, NAV process, and portfolio management while enabling continuous execution [1][4]. "This marks the first time registered tokenized mutual fund shares have been permitted to trade and instantly settle 24/7 within the U.S. regulatory perimeter via a dealer principal liquidity model," WisdomTree stated in its announcement [1]. The fund also introduced continuous dividend accrual, allocating each day's income based on blockchain timestamped ownership duration. Token holders who transfer shares intraday via peer to peer transactions receive a pro rata share of daily interest, a precision that traditional mutual fund structures cannot replicate [4]. | Feature | WTGXX Detail | | | | | Fund Type | Registered 1940 Act money market fund | | Trading Hours | 24/7 (including weekends and holidays) | | Settlement Asset | USDC | | Share Price | Fixed $1.00 (secondary market) | | Liquidity Model | Dealer principal (WisdomTree Securities as initial dealer) | | Dividend Accrual | Continuous, based on blockchain timestamps | | Regulatory Basis | SEC exemptive relief, FINRA approval | | Initial Access | Institutional clients via WisdomTree Connect | BitGo and Figure: First Blockchain Native Equity Trades On February 20, BitGo and Figure announced the completion of the first blockchain native equity trades executed through integrated infrastructure on Figure's alternative trading system. The trades occurred within Figure's Onchain Public Equity Network (OPEN) , a regulated electronic trading venue operating on the Provenance Blockchain that launched in February 2026 [2][5]. BitGo Bank & Trust, N.A. serves as the qualified custodian for OPEN, maintaining separation between custody and execution, a structural safeguard that mirrors traditional market design. Trading and settlement occur within the Figure ATS, operated by FINRA/SIPC member Figure Securities, Inc. , with trade records published on chain in real time [2][5]. "At BitGo, our goal is to provide institutions the infrastructure and ability to trade, secure and build on anything on chain," said Mike Belshe , CEO of BitGo. "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" [2]. The infrastructure eliminates layers of intermediated reconciliation found in traditional batch based market systems. By combining Figure's blockchain native trading venue with BitGo's regulated custody services, the model offers a repeatable integration framework for broker dealers and asset managers seeking exposure to on chain equity products [2]. "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," said Mike Cagney , Figure's Executive Chairman [2]. Kraken: Tokenized Equity Perpetual Futures On February 24, Kraken launched the world's first tokenized equity perpetual futures contracts with regulated benchmarks on its derivatives venue. Built on the xStocks framework, the products are available to eligible non U.S. clients in more than 110 countries and support leverage of up to 20x [3][6]. | Asset | Ticker | Type | | | | | | S&P 500 | SPYx | Equity Index | | Nasdaq 100 | QQQx | Equity Index | | Gold (ETF backed) | GLDx | Commodity | | Nvidia | NVDAx | Individual Stock | | Apple | AAPLx | Individual Stock | | Alphabet | GOOGLx | Individual Stock | | Tesla | TSLAx | Individual Stock | | Robinhood | HOODx | Individual Stock | | Strategy (MicroStrategy) | MSTRx | Individual Stock | | Circle | CRCLx | Individual Stock | xStocks are fully collateralized and 1:1 backed by underlying assets, trading on chain 24/7 including weekends and public holidays. Unlike traditional equity or futures markets where price discovery halts when exchanges close, xStocks provide a continuous real time reference price, giving perpetual futures an uninterrupted underlying benchmark [3][6]. "This is what it looks like when traditional markets are rebuilt for a crypto native, always on world, not a moment too soo…