Alpha Bulgaria Warrants (ALFW) is a tokenized representation of warrants issued by Alpha Bulgaria AD, a publicly traded investment holding company listed on the Bulgarian Stock Exchange. The token provides on-chain exposure to regulated European warrant securities, with the underlying instruments held through traditional custody and securities infrastructure while blockchain technology is used for tokenization and settlement.  ^[1]

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Overview

Alpha Bulgaria Warrants (ALFW) is a tokenized representation of warrants issued by Alpha Bulgaria AD, a publicly traded investment holding company listed on the Bulgarian Stock Exchange. Each warrant provides the right to subscribe for newly issued Alpha Bulgaria shares under the terms of the company's warrant program, with the underlying securities remaining registered and held through conventional European securities infrastructure. The tokenization was carried out through a partnership between REAL Finance and Factori AD, an EU-licensed investment intermediary that manages regulated functions including client onboarding, KYC/AML compliance, trade execution, and custody, while REAL provides the blockchain-based tokenization and settlement infrastructure.

The project represents a pilot for tokenizing regulated European securities rather than creating synthetic blockchain-based assets. The underlying warrants remain held in regulated custody through the Bulgarian Central Depository and international custodians, with the blockchain token serving as an on-chain representation of those existing securities. The initiative operates within the European regulatory framework, including MiCA and the EU DLT Pilot Regime, and is intended to demonstrate how exchange-listed financial instruments can be linked to blockchain settlement while maintaining traditional custody, ownership registration, and regulatory oversight. At launch, the project remained in a controlled pilot phase, with secondary trading and other lifecycle operations to be validated before broader deployment. ^{[2] [3]}