REAL Finance has tokenized Alpha Bulgaria AD’s listed warrants — the first transaction under its securities-tokenization agreement with licensed EU broker Factori AD.

The pilot brings 5 million warrants (ALFW, ~€2.75 each) of Bulgarian Stock Exchange-listed Alpha Bulgaria onchain through REAL’s infrastructure, while Factori handles the licensed custody, KYC/AML and transfer-agent side of the deal. It is the first slice of a $100M+ institutional pipeline Factori has committed to tokenize via REAL. REAL’s model targets only real securities — listed equities, derivatives and bonds — not synthetic exposure.