The race to tokenize pre-IPO stocks is heating up with platforms taking radically different approaches. Ventuals bypasses traditional ownership entirely through perpetual contracts tied to company valuations if OpenAI is worth $35 billion, each vOAI token equals $350.

While this model dodges regulatory hurdles and enables rapid listings, it creates dangerous information gaps since private company valuations are often outdated estimates. Meanwhile, Jarsy and PreStocks take the opposite route by physically acquiring shares and minting corresponding tokens.

This 1:1 backing gives real economic rights but introduces severe liquidity constraints with some positions under $1 million, a single large trade could swing prices violently. Both models face existential challenges beyond just technical execution. Regulatory uncertainty looms large, with no major jurisdiction yet establishing clear rules for tokenized securities. Perhaps more critically, private companies themselves are pushing back

OpenAI publicly denounced Robinhood's similar tokenized products, making clear these instruments carry no actual equity rights. The operational complexities multiply when considering cross-border compliance, tax treatment, and shareholder voting mechanisms. While the promise of democratizing private markets remains compelling, current solutions feel like temporary hacks rather than sustainable systems.

The path forward likely requires either regulatory evolution that legitimizes these instruments or technological breakthroughs that solve the liquidity-transparency paradox. For now, tokenized pre-IPO markets remain a high-risk experimental space where early adopters must weigh the thrill of access against the very real possibility of vaporized investments. The coming year will prove decisive as platforms either overcome these structural barriers or become cautionary tales in crypto's collision with traditional finance.