Written by: kkk, Rhythm
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 financing led by Breyer Capital. More than the amount, what truly attracted market attention was the problem they aimed to solve: why do the early growth dividends of top private companies always belong to institutions and super-rich individuals? Jarsy's answer is to reconstruct 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 $10 threshold.
After the financing disclosure, the market immediately focused on the topic of 'private equity tokenization' — this alternative asset class, which originally only existed in VC boardrooms and high-net-worth circles, is being packaged into blockchain assets, expanding its territory on-chain.
Private equity tokenization: The next stop for asset onboarding
If there are still financial opportunities that have not been fully opened in this era, the private market is undoubtedly the most representative asset island.
Jarsy has built a set of index systems covering the largest and most active 30 unlisted companies in the private market, known as the 'Jarsy 30 Index', to measure the overall performance of top Pre-IPO companies. This index focuses on star companies like SpaceX and Stripe, representing the most imaginative and capital-focused segments of the private market. Data shows that these companies have attractively high return rates.
From early 2021 to the first quarter of 2025, the Jarsy 30 index has accumulated an increase of 81%, far exceeding the 51% increase in 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 9%, these top unlisted companies still rose by 13%. This strong comparison 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 significant value misalignment.
But the problem is that this 'value capture window' only belongs to a very few. An asset market with an average transaction size of over $3 million, complex structures (most requiring SPVs), and a lack of public liquidity is completely a 'wait-and-see zone' for most retail investors.
Furthermore, the exit paths for these companies are often not limited to IPOs, as 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 supported by venture capital reached a historical high of $54 billion, with Google's acquisition of cybersecurity unicorn Wiz alone accounting for $32 billion.
Thus, we see a typical traditional financial landscape, 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 this structural inequality by dismantling the originally high-threshold, low-liquidity, complex and opaque private equity rights into on-chain native assets, lowering the entry threshold from $3 million to $10; transforming lengthy and complex SPV agreements into on-chain smart contracts; while enhancing liquidity, allowing assets that were originally locked for long periods to be priced around the clock.
Bringing 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, making Pre-IPO assets, which are traditionally enjoyed only by high-net-worth individuals, accessible to global users as public investment products. Its vision is clear: to ensure that investment is no longer restricted by capital thresholds, geographical barriers, or regulatory labels, and to redistribute financial opportunities to the public.
Its operating mechanism is straightforward yet powerful. Jarsy first completes the actual equity acquisition of target companies through the platform, and then transfers this portion of equity to the blockchain in a 1:1 form via tokens. 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 recorded on-chain, open for real-time verification by any user. The 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 waters' of professional complex processes. The platform actively takes on all 'dirty work' such as due diligence, structural design, and legal custody, allowing users to build their own Pre-IPO investment portfolios starting from just $10 using a credit card or USDC. The complex risk control and compliance processes behind the scenes are 'invisible' to users.
In this model, the token price is highly tied to the company valuation, and users' returns come from the real growth curve of the enterprise, rather than from the platform's empty narratives. This structure not only enhances the authenticity of investments but also, at the mechanism level, opens up the long-controlled revenue channel between retail investors and the primary market that has been dominated by elite capital.
Republic
On June 25, Republic, an established investment platform, announced the launch of a new product line — Mirror Tokens. The inaugural product, rSpaceX, utilizes the Solana blockchain, attempting to 'mirror' one of the world's most imaginative companies as a publicly subscribed on-chain asset. Each rSpaceX is tied to the expected value trends of SpaceX, a space unicorn valued at $350 billion, with a minimum investment threshold of just $50, and supports payments via Apple Pay and stablecoins. It opens the doors to the primary market for retail investors worldwide.
Unlike traditional private equity investments, Mirror Tokens do not grant you voting rights, but they have 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 goes public, is acquired, or experiences other 'liquidity events', Republic will return corresponding stablecoin earnings to investors' wallets based on token holding ratios, potentially including 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 also not without thresholds. All Mirror Tokens will be locked for 12 months after initial issuance before they can circulate in the secondary market. In terms of regulation, rSpaceX is sold under the US Regulation Crowdfunding rules, with no restrictions on investor identity, allowing global retail investors to participate, although specific qualifications will be dynamically screened according to local laws.
What is even more exciting is that this is just the beginning. Republic has previewed 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' they want to bet on. From structural design to distribution mechanisms, Republic is building an on-chain private equity parallel market that does not require waiting for an IPO.
Tokeny
Tokeny, a Luxembourg-based RWA asset tokenization solution provider, has also started to enter the private market securitization track. In June 2025, Tokeny partnered with the local digital securities platform Kerdo, with the goal of leveraging blockchain infrastructure to reshape European professional investors' participation in the private market (such as real estate, private equity, hedge funds, and private debt).
Its core advantage lies in: standardized product structure, embedded compliance logic in issuance, and the ability to quickly replicate and expand across different jurisdictions using Tokeny's white-label technology. Tokeny focuses on endowing the assets themselves with 'institutional legitimacy' — the ERC-3643 standard it uses allows tokens to embed KYC, transfer limits, and other control logic throughout the entire process from generation to transfer, ensuring not only product legality and transparency, but also allowing investors to self-verify safety on-chain without relying on platform endorsements.
Against the backdrop of increasingly stringent regulatory frameworks like 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: competition in the RWA track is no longer just about on-chain technical implementation but about who can deeply cultivate regulations + standardized product structures + multi-location issuance channels. Tokeny's collaboration with Kerdo is a typical example of this trend.
Summary
The rise of private equity tokenization suggests that the primary market is entering a new phase of structural transformation driven by blockchain technology. However, this path is still filled with practical resistance. While it may reshape access rules, it is difficult to break the deep structural barriers between retail investors and institutions in one go. RWA is not a 'magic key'; it is more like a long-term game about trust, transparency, and institutional reconstruction, and the real test has just begun.
