Beyond the stablecoin craze, equity tokenization is also becoming a new market narrative.

On June 27, Web3 startup Jarsy announced the completion of a $5 million Pre-seed funding round led by Breyer Capital. More than the amount, what truly captured market attention was the problem they are trying to solve: why do the early growth dividends of top private companies always belong only to institutions and super-rich individuals? Jarsy provides the answer by reconstructing the participation method using blockchain technology—“minting” the private equity of unlisted companies into asset-backed Tokens, allowing ordinary people to bet on the growth of star companies like SpaceX and Stripe with a threshold of just $10.

After the financing disclosure, the market immediately focused on the topic of “private sale tokenization”—this alternative asset class, which originally only existed in VC meeting rooms and among high-net-worth circles, is being packaged as blockchain assets, expanding its territory on the chain.

Private Sale Tokenization: The Next Stop for Asset On-Chain

If there are still financial opportunities in this era that have not been fully opened, the private sale market is undoubtedly the most representative asset island.

Jarsy has built a set of indicator systems covering the largest and most active 30 unlisted companies in the private sale market, known as the “Jarsy 30 Index,” which is used to measure the overall performance of top Pre-IPO enterprises. This index focuses on star companies like SpaceX and Stripe, representing the most imaginative and capital-attentive segments of the private sale market. Data shows that these companies have sufficiently attractive return rates.

From the beginning of 2021 to the first quarter of 2025, the Jarsy 30 Index has accumulated a rise of 81%, far exceeding the 51% increase of the Nasdaq 100 Index during the same period. Even in the context of an overall market downturn in the first quarter of 2025, with the Nasdaq falling by 9%, these unlisted leading companies still managed to rise by 13% against the trend. This strong contrast not only affirms the fundamentals of the companies but also represents a market vote on the growth potential before the IPO—these assets are still in the golden phase of the most valuable mispricing.

But the problem is that this “value capture window” only belongs to a very few people. An average transaction size of over 3 million dollars, with a complex structure (most of which require the use of SPV) and a lack of public liquidity in the asset market is completely a “watching zone” for most retail investors.

In addition, the exit paths for these companies are often not limited to IPOs, and mergers and acquisitions have become one of the more mainstream options, further raising the participation threshold for retail investors. In just the first quarter of 2025, the scale of mergers and acquisitions by venture capital-supported companies reached a historic high of $54 billion, with Google’s acquisition of the cybersecurity unicorn Wiz accounting for $32 billion.

Thus, we see a typical picture of traditional finance, where the best growth assets are locked within the circles of high-net-worth individuals and institutions, while ordinary investors are excluded.

“Private equity tokenization” is breaking down this structural inequality by dismantling the originally high-threshold, low-liquidity, and complex opaque private equity rights into on-chain native assets, lowering the entry threshold from a $3 million ticket to $10; transforming the lengthy and complicated SPV agreements into on-chain smart contracts; while also enhancing liquidity, allowing assets that were previously locked for long periods to be priced around the clock.

Put the “capital feast” of the primary market into everyone’s digital wallet.

Jarsy

As a blockchain-based asset tokenization platform, Jarsy aims to break down the walls of the traditional financial world, allowing Pre-IPO assets, which are typically reserved for high-net-worth individuals, to become publicly accessible investment products for users worldwide. Its vision is clear: to eliminate barriers to investment created by financial thresholds, geographical limits, or regulatory labels, and to redistribute financial opportunities to the masses.

Its operating mechanism is straightforward yet powerful. Jarsy first completes the real equity acquisition of the target company through the platform, and then tokenizes this portion of rights on-chain in a 1:1 format. This is not merely a mapping of securities, but a substantial transfer of economic rights. More importantly, the total issuance of all Tokens, circulation paths, and holding information are all transparently on-chain, open for any user to verify in real-time. On-chain traceability and off-chain physical assets achieve a technical reconstruction of the traditional SPV and fund systems.

At the same time, Jarsy does not push retail investors into the “deep water zone” of professional and complex processes. The platform actively takes on all the “dirty work” such as due diligence, structural design, and legal custody, allowing users to build their own Pre-IPO investment portfolio with a low entry threshold, starting from just $10 using a credit card or USDC. The complex risk control and compliance processes behind the scenes are “unfelt” by the users.

In this model, the token price is highly tied to the company’s valuation, and users’ returns come from the growth curve of real enterprises, rather than the platform’s empty narratives. This structure not only enhances the authenticity of the investment but also, at the mechanism level, opens up the long-controlled profit channel between retail investors and the primary market by elite capital.

Republic

On June 25, Republic, a well-established investment platform, announced the launch of a new product line—Mirror Tokens. The first product, rSpaceX, is based on the Solana blockchain and aims to “mirror” one of the most imaginative companies in the world as a publicly purchasable on-chain asset. Each rSpaceX is tied to the expected value trend of SpaceX, a space unicorn valued at $350 billion, with a minimum investment threshold of only $50, and supports payments via Apple Pay and stablecoins. It has opened the gates of the primary market for retail investors worldwide.

Unlike traditional private sale investments, Mirror Token does not grant you voting rights, but it has designed a unique “tracker” mechanism: the Tokens issued by Republic are essentially a type of debt instrument dynamically linked to the valuation of the target company. When SpaceX achieves an IPO, is acquired, or experiences other “liquidity events,” Republic will return corresponding stablecoin earnings to investors’ wallets based on their token holding ratios, including potential dividends. This is a new structure of “earning dividends without holding shares,” maximizing the reduction of legal barriers while retaining core revenue exposure.

Of course, the mechanism is not without thresholds. All Mirror Tokens will be locked for 12 months after their initial issuance before they can circulate in the secondary market. On the regulatory side, rSpaceX issues them under the U.S. Regulation Crowdfunding rules, with no restrictions on investor identity, allowing retail investors worldwide to participate, but specific qualifications will be dynamically filtered based on local laws.

What’s even more exciting is that this is just the beginning. Republic has announced that it will launch Mirror Tokens anchored to star private companies like Figma, Anthropic, Epic Games, and xAI, and even open up user nominations for the next “unlisted unicorn” you want to bet on. From structural design to distribution mechanisms, Republic is creating an on-chain private sale parallel market that doesn’t require waiting for an IPO.

Tokeny

Tokeny, a provider of RWA asset tokenization solutions based in Luxembourg, has also begun entering the private sale market for securitization. In June 2025, Tokeny partnered with the local digital securities platform Kerdo, aiming to reshape the way European professional investors participate in the private sale market (such as real estate, private equity, hedge funds, and private debt) through blockchain infrastructure.

Its core advantage lies in: standardized product structure, compliance logic embedded in the issuance, and the ability to quickly replicate and expand across different jurisdictions through Tokeny’s white-label technology. Tokeny focuses on endowing the assets themselves with “institutional-level legitimacy” — the ERC-3643 standard it uses allows tokens to embed KYC, transfer restrictions, and other control logic throughout the entire process from generation to transfer, which not only ensures product legality and transparency but also allows investors to self-certify their safety on-chain without relying on platform endorsement.

Against the backdrop of increasingly stringent regulatory frameworks such as MiFID II, the demand for such “compliant on-chain assets” in the European market is accelerating. Tokeny is filling the trust vacuum between institutional investors and on-chain assets in a highly technical manner, reflecting a trend: the competition in the RWA track is no longer just about on-chain technical implementation, but about who can deeply cultivate a combination of regulations + standardized product structures + multi-location issuance channels. The collaboration between Tokeny and Kerdo is a typical example of this trend.

Summary

The rise of private equity tokenization signifies a new stage of structural transformation in the primary market driven by blockchain technology. However, this path is still fraught with real-world resistance. It may reshape the access rules, but it is difficult to completely break the deep-seated structural barriers between retail investors and institutions. RWA is not a “magic key”; it resembles a long-term game about trust, transparency, and institutional reconstruction, and the real test has only just begun.

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