Private Sale Tokenization: Opening a New Door to the Primary Market

While stablecoins are gaining popularity, equity tokenization is becoming the new focus in the market. Recently, the Web3 startup Jarsy completed a $5 million pre-seed funding round, drawing attention to private equity tokenization. This technology aims to convert the private equity of unlisted companies into asset-backed tokens on the blockchain, allowing ordinary investors to participate in investments in star companies like SpaceX and Stripe with a lower threshold.

The private sale market has long been a "forbidden zone" in the financial world, accessible only to institutional investors and ultra-high-net-worth individuals. Jarsy has created an index system comprising 30 top unlisted companies to measure the overall performance of these Pre-IPO enterprises. Data shows that the returns of these companies are quite considerable. From the beginning of 2021 to the first quarter of 2025, the index has cumulatively increased by 81%, far exceeding the 51% increase of the Nasdaq 100 index during the same period. Even in the overall market downturn of the first quarter of 2025, these leading unlisted companies still rose against the trend by 13%.

However, these high-return investment opportunities often require an entry fee of at least 3 million dollars, which is almost impossible for ordinary investors. Private equity tokenization is precisely aimed at breaking this inequality by transforming high-threshold, low-liquidity private equity into assets on the blockchain, significantly lowering the entry barrier, increasing liquidity, and simplifying complex investment processes through smart contracts.

Currently, multiple platforms are exploring the path of private sale tokenization:

1. Jarsy: The platform acquires the real equity of target companies and then converts these rights into tokens on the blockchain at a 1:1 ratio. The total issuance of all tokens, their circulation paths, and holding information are all open and transparent, allowing users to verify in real time. Jarsy also undertakes complex tasks such as due diligence, structural design, and legal custody, enabling users to start investing with just $10.

2. Republic: The platform has launched the Mirror Tokens product line, with its first product rSpaceX based on the Solana blockchain, linking the expected value trend of SpaceX to the Token. The minimum investment threshold is only $50, supporting Apple Pay and stablecoin payments. Republic plans to launch more Mirror Tokens for star private companies in the future, such as Figma, Anthropic, Epic Games, etc.

3. Tokeny: This Luxembourg company focuses on providing institutional legitimacy to assets. The ERC-3643 standard it uses allows for the embedding of control logic such as KYC and transfer restrictions throughout the entire lifecycle of the token, ensuring product legitimacy and transparency. Tokeny is collaborating with the local digital securities platform Kerdo to reshape the way European professional investors participate in the private sale market.

The rise of private equity tokenization marks a new transformative stage for the Primary Market driven by blockchain technology. However, this path still faces many challenges. Although it redefines the rules of access, it will take time to completely break down the deep structural barriers between retail and institutional investors. This is not just a technological innovation, but a long-term game about trust, transparency, and institutional reconstruction. The real test has only just begun.