Ondo Finance Brings BitGo IPO On-Chain With Tokenized Equity Launch
Ondo Finance has expanded its tokenized equities platform by launching on-chain exposure to BitGo stock on the same day the crypto custodian debuted on public markets.
The launch was announced on Jan. 22, coinciding with BitGo’s initial public offering on the New York Stock Exchange, marking another step toward bridging traditional equities with blockchain-based access.
BitGo IPO meets on-chain distribution
The tokenized asset, called BTGOon, provides economic exposure to BitGo’s publicly traded shares through Ondo Global Markets. The product is available across Ethereum, Solana, and BNB Chain, enabling eligible non-U.S. users to trade BitGo stock exposure five days a week using on-chain infrastructure.
BitGo priced its IPO at $18 per share, debuting at a fully diluted valuation of more than $2.08 billion. The stock surged as much as 35% during its first trading session, reflecting strong investor demand for crypto infrastructure companies focused on custody and security services.
By tokenizing the stock on its first day of trading, Ondo effectively compressed the gap between traditional equity markets and blockchain-based access. Rather than distributing dividends directly, BTGOon reinvests dividends into the token, while closely tracking the performance of the underlying shares.
Expanding Ondo’s tokenized equities platform
The BitGo listing adds to Ondo Global Markets’ growing lineup of tokenized U.S. equities and exchange-traded funds. Since launching in 2025, the platform has processed more than $6.4 billion in cumulative trading volume and surpassed $500 million in total value locked.
Ondo’s broader ecosystem has expanded rapidly, with total value locked exceeding $2 billion in less than a year, according to rwa.xyz data. Growth has been driven largely by tokenized U.S. Treasuries and yield-focused products such as OUSG, alongside expanding multi-chain support and ecosystem partnerships.
With BitGo now trading both on Wall Street and on-chain, Ondo continues to position itself at the center of the real-world asset tokenization movement, pushing newly listed equities closer to blockchain-native markets from day one.
