◼️ According to @BlackRock, over 80% of companies that generate $100m+ in annual revenue are private.

⛓️ A subset of these companies will likely seek liquidity through tokenization vs. IPO -- especially if tokenization becomes labeled as an 'easy IPO'.

🔎 Without proper reporting to investors, the 1st wave of private equity tokenization is likely to resemble the 1st wave of SPACs.