Ondo to put BitGo stock onchain following New York Stock Exchange debut

Ondo Finance is planning to make BitGo’s (BTGO) stock available on blockchain rails Thursday, the same day of its public listing on the New York Stock Exchange, giving global investors faster access to the newly public crypto custodian.

The tokenized shares will be tradable on Ethereum, Solana and BNB Chain through Ondo Global Markets, the company’s platform for trading traditional financial assets onchain, shortly after it starts trading on NYSE.

Ondo claimed the bragging rights of being one of the first instances of tokenizing a U.S. company’s stock so quickly after its IPO. BitGo has not yet begun trading but is expected to later in the day.

This way, investors outside the U.S. can gain exposure to BitGo without waiting for brokerage access or leaving blockchain rails, using their stablecoins to buy the firm's stock.

BitGo provides crypto custody and settlement infrastructure for institutions and is a core player in the digital asset space. Its IPO, priced at $18 per shares, comes at a time when the broader crypto market is under pressure with many recent digital asset-related public debuts underperforming. Bitcoin, the largest cryptocurrency, is nearly 30% lower than its October record high.

Ondo Global Markets started to offer token versions of major U.S. stocks and ETFs in September and has since grown to over $466 million in total value locked and $6.4 billion in cumulative trading activity, the firm said.