Ondo Finance tokenizes BitGo stock on day one of its NYSE debut
Ondo Finance moved quickly to bridge Wall Street and crypto rails, launching an on-chain token that mirrors newly public BitGo shares on the same day the custodian made its NYSE debut.
Announced by Ondo (ONDO) on Jan. 22, the tokenized asset—called BTGOon—gives eligible non-U.S. users economic exposure to BitGo’s publicly traded stock via Ondo Global Markets. The product is live across Ethereum, Solana and BNB Chain, and can be traded on-chain five days a week using blockchain infrastructure.
BitGo priced its IPO at $18 per share, which put the firm’s fully diluted valuation north of $2.08 billion. Strong investor appetite for custody and security infrastructure pushed the stock as much as 35% higher during its first trading session. Ondo celebrated the rapid move from IPO to tokenization, touting that tokenized BitGo would be available “on day one” alongside its growing roster of tokenized stocks and ETFs.
BTGOon is structured to closely track the performance of the underlying shares. Instead of distributing cash dividends directly to token holders, dividends are reinvested into the token, preserving economic exposure while maintaining an on-chain wrapper.
The addition of BitGo expands Ondo Global Markets’ lineup of tokenized U.S. equities and ETFs. Since launching in 2025, the platform has recorded more than $6.4 billion in cumulative trading volume and amassed over $500 million in total value locked (TVL). More broadly, Ondo’s ecosystem has grown rapidly: rwa.xyz data shows the company’s overall TVL has topped $2 billion in under a year, fueled largely by tokenized U.S. Treasuries and yield products like OUSG, along with expanded multi-chain support and ecosystem partnerships.
Why it matters: Tokenizing a stock on its first day of trading shortens the lag between traditional equity markets and on-chain access, giving crypto-native investors a faster path to exposure to mainstream securities—subject, for now, to jurisdictional eligibility and regulatory constraints.
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