Bit2Me Security Tokens Exchange, A.V., S.A. (Bit2Me STX or simply “STX”), a subsidiary of the Bit2Me group, has obtained authorization from the Spanish National Securities Market Commission (CNMV) to operate a Trading and Settlement System (TSS) under the EU DLT Pilot Regime. With this license, STX officially launches its blockchain-native Stock Exchange: a regulated market infrastructure for the issuance, trading, custody and settlement of Security Tokens, that is, traditional financial instruments —such as shares, corporate bonds or funds— issued, traded and settled natively using Distributed Ledger Technology (DLT).
This milestone makes Bit2Me STX a pioneer in Europe and consolidates Spain as a benchmark in the digital transformation of capital markets, especially for mid-cap companies in the technology, growth, pharma and renewable energy sectors: the Private Markets Stock Exchange.
A Stock Exchange 3.0: efficient, liquid and free of intermediaries
Traditional capital markets suffer from slow processes (T+2 settlement), high costs and heavy fragmentation caused by the multiplicity of intermediaries, such as clearing houses and central securities depositories, which severely limits access to stock market financing for SMEs, scaleups and investment funds.
STX’s Stock Exchange resolves these limitations by operating around the clock (24/7), with smart contracts that replace traditional clearing houses and enable instant atomic settlement (T+0) through the delivery-versus-payment (DvP) mechanism. A banking custodian guarantees the connection with the financial system through the tokenization of euro deposits.
The TSS license, together with the Securities Agency license, enables STX to manage the market’s financial instruments, act as the Entity Responsible for Registration and Recording (ERIR) and hold in custody and market the tokenized securities on behalf of third parties. The result: a primary and secondary market that completely eliminates post-trade intermediaries, under the authorization and supervision of the CNMV and aligned with European regulatory standards.
A regulatory path walked together with the CNMV
The TSS license is the latest milestone on a regulatory path followed step by step together with the CNMV since STX was established in 2023:
- CNMV regulatory Sandbox (November 2024 – February 2025): STX successfully issued, traded and settled Spain’s first tokenized corporate bond, the Valorix Token 4T24 (ISIN ES0305845002), for 145,000 euros, with a three-month maturity and a coupon set for that test at 3.25% (past returns do not guarantee future returns). The tests covered the bond’s entire life cycle —primary issuance, secondary trading and maturity with payment of principal and coupon through instant transfers—, as well as the tokenization of bank deposits and the infrastructure’s resilience to node failures.
- Authorization as a Securities Agency (November 2025): the CNMV authorized the transformation of STX into an investment services firm, the first legal requirement needed to operate the infrastructure.
- TSS license under the DLT Pilot Regime (October 2026): the final authorization that allows the launch of the blockchain Stock Exchange.
These authorizations add to those obtained by the Bit2Me group: the MiCA license (July 2025), the first granted to a non-bank company in Spain, and the PSD2 license (June 2026), with which the Bank of Spain authorizes Bit2Me to provide payment services based on e-money tokens (EMTs), making it the first crypto-asset platform in Europe to combine both regulations. The group is thus positioned at the forefront of authorized operators able to offer complete, regulated solutions for the whole spectrum of digital assets: from crypto-assets (under MiCA) to tokenized transferable securities (under the DLT Pilot Regime and the Securities Market Act).
Statements
For Javier Tordable, CEO and co-founder of Bit2Me STX: “Today the Private Markets Stock Exchange is born: a regulated Stock Exchange 3.0 specialized in tech, growth, pharma and renewables companies that want to go public in an efficient, innovative, affordable and liquid way. Any company that is financed today through venture capital, private equity, private debt or direct lending should consider, as a complement, listing on STX. We offer an innovative, efficient and secure alternative equity financing solution that will complement banks and private equity funds.”
For his part, Leif Ferreira, CEO and co-founder of Bit2Me, highlights: “The TSS license of our subsidiary STX completes the positioning of our group as the only player capable of managing the entire digital asset ecosystem under regulatory supervision and scrutiny. We facilitate the transition from traditional finance to a tokenized, regulated and secure model, bringing trust to both issuers and investors.”
Next steps: first issuances before the end of the year
With the license granted, STX expects to start operating in the coming weeks and to complete its first issuance with Valorix, the same issuer with which it validated its infrastructure in the Sandbox: a tokenized corporate bond of 1 million euros, aimed at eligible investors under the applicable issuance regulations, scheduled for December 2026, which will subsequently be traded on the secondary market. This first operation will be followed in 2027 by a portfolio of new issuances of shares, bonds and funds from companies in the technology, growth, pharma and renewables sectors, subject to the approval of the admissions committee.
STX will also take an active part in the new European capital markets network and in wholesale settlement with tokenized money, where DLT technology will play a fundamental role. Its goal is to scale the adoption of tokenized finance in Spain and Europe, acting as the core market infrastructure that connects issuers of tokenized financial products with institutional and retail investors in a transparent, supervised and regulated way.
About Bit2Me STX
Bit2Me Security Tokens Exchange, A.V., S.A. (Bit2Me STX) is the Bit2Me group subsidiary established in 2023 to build one of Europe’s first blockchain-native financial market infrastructures. Authorized by the CNMV as a Securities Agency and as a Trading and Settlement System under the EU DLT Pilot Regime, STX enables the issuance, custody, trading and settlement of Security Tokens —tokenized shares, bonds and funds—, specializing in European Tech, Growth, Pharma and Renewables companies: the Private Markets Stock Exchange.
About Bit2Me
Bit2Me, founded in 2015 by Leif Ferreira and Andrei Manuel, is the leading company in the cryptocurrency sector in Spain and the first non-bank company to obtain the MiCA (July 2025) and PSD2 (June 2026) licenses. It is backed by top-tier institutional partners and investors such as Telefónica, Unicaja, Investcorp, BBVA, Cecabank, Bankinter, Inveready and Tether, the world’s leading issuer in the stablecoin sector. Bit2Me holds cybersecurity and compliance certifications such as ISO 27001, ISO 22301, ISO 37001, ISO 37301 and UNE 19601, and is committed to education with Bit2Me Academy, the largest cryptocurrency training portal in Spanish.
Disclaimer
Bit2Me Security Tokens Exchange, A.V., S.A. (STX) is a Securities Agency authorized and supervised by the CNMV, empowered to operate a Trading and Settlement System under Regulation (EU) 2022/858 (DLT Pilot Regime). Investment in tokenized financial instruments (shares, bonds and funds) entails significant risks, including the total or partial loss of the invested capital, illiquidity risk in the secondary market and operational risks arising from the use of distributed ledger technologies (DLT). These products are not covered by deposit guarantee schemes nor necessarily by investment guarantee schemes, depending on the type of transaction. Please review the operating conditions, fees and risk factors before making any investment decision.
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