Tokenization is only meaningful when the instrument behind the token is real. The Alpha Bulgaria AD warrants covered by Real’s agreement with Factori AD have been tokenized. These are existing, listed securities. They were registered through conventional securities infrastructure before tokenization, with Bulgarian securities held at the Central Depository AD and international custody through Bank of New York. Factori AD, an EU-licensed investment broker, retains client onboarding, KYC/AML, execution and segregated custody. REAL provides the tokenization and settlement layer. The distinction matters. A blockchain can demonstrate that a token moved. Institutional infrastructure must also demonstrate that the underlying instrument exists, who holds title, how it was registered, and that the on-chain representation remains legally connected to the security it references. What this milestone establishes: 🟢Existing listed securities, held in regulated custody 🟢Ownership recorded through conventional depository infrastructure 🟢A licensed broker retaining the regulated functions 🟢On-chain representation of those holdings Secondary trading has not commenced. This is a controlled pilot, and lifecycle operations will be validated before the committed pipeline of over $100 million is drawn down. We will report each stage as it is completed.