Author: kkk, BlockBeats
Beyond the stablecoin craze, equity tokenization is 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 funding amount, what truly caught market attention was the problem they aim to solve: Why do early growth dividends of top private companies always belong only to institutions and ultra-wealthy individuals? Jarsy's answer is to reconstruct participation methods using blockchain technology - "minting" private equity of unlisted companies into asset-backed tokens, allowing ordinary people to bet on the growth of star enterprises like SpaceX and Stripe with a $10 threshold.
After the funding disclosure, the market immediately focused on the topic of "private equity tokenization" - this alternative asset class, originally existing only in VC meeting rooms and high-net-worth circles, is being packaged as a blockchain asset and expanding its territory on-chain.
Private Equity Tokenization: The Next Stop for Asset Chaining
If there is still an underexplored financial opportunity in this era, the private market is undoubtedly the most representative asset island.
Jarsy has built an indicator system covering the 30 most traded and active unlisted companies, called the "Jarsy 30 Index", used to measure the overall performance of top Pre-IPO enterprises. The index focuses on star companies like SpaceX and Stripe, representing the most imaginative and capital-focused part of the private market. Data shows these companies have sufficiently attractive returns.
From early 2021 to the first quarter of 2025, the Jarsy 30 Index has cumulatively risen 81%, far exceeding the Nasdaq 100 Index's 51% in the same period. Even in the first quarter of 2025, when the overall market was declining and the Nasdaq fell by 9%, these unlisted top companies still rose by 13% against the trend. This strong comparison is not just an affirmation of the companies' fundamentals, but also a market vote on the growth space before IPO - these assets are still in the most valuable misalignment stage.
The problem is that this "value capture window" belongs only to a few. An asset market with an average transaction size of over $3 million, complex structure (mostly requiring SPV), and lack of public liquidity is completely a "wait-and-see zone" for most retail investors.
Moreover, these companies' exit paths are not limited to IPOs, with acquisitions becoming a more mainstream option, further raising retail investors' participation threshold. In the first quarter of 2025 alone, the acquisition scale of venture capital-backed enterprises hit a historical high of $54 billion, with Google's acquisition of cybersecurity unicorn Wiz accounting for $32 billion.
Thus, we see a typical traditional financial landscape where the most high-quality growth assets are locked within high-net-worth individuals and institutional circles, with ordinary investors excluded.
"Private equity tokenization" is precisely breaking this structural inequality, decomposing originally high-threshold, low-liquidity, and opaque private equity into native on-chain assets, lowering entry barriers, compressing the $3 million entry ticket to $10; transforming lengthy and complex SPV agreements into on-chain smart contracts; while simultaneously enhancing liquidity, allowing assets originally locked in long cycles to potentially achieve all-weather pricing.
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 exclusively enjoyed by high-net-worth groups accessible to global users. Its vision is clear: let investment no longer be restricted by capital thresholds, geographical barriers, or regulatory labels, and reallocate financial opportunities to the masses.
Its operating mechanism is straightforward and powerful. Jarsy first completes the actual equity acquisition of target companies through the platform, then chains these equity interests through tokens in a 1:1 form. This is not a simple securities mapping, but a substantial transfer of economic rights. More importantly, the total issuance, circulation paths, and holding information of all tokens are transparently chained and open for real-time verification by any user. On-chain traceability and off-chain physical assets structurally achieve a technological reconstruction of traditional SPV and fund systems.
At the same time, Jarsy does not push retail investors into professional and complex processes. The platform actively undertakes due diligence, structural design, legal custody, and all "dirty and tiring work", allowing users to build their Pre-IPO investment portfolios with as little as $10 using credit cards or USDC. The complex risk control and compliance processes are "imperceptible" to users.
In this model, token prices are highly bound to company valuations, and user returns come from the actual growth curve of enterprises, not the platform's hollow narrative. This architecture not only enhances investment authenticity but also opens up the long-controlled revenue channel between retail investors and the primary market at the mechanism level.
Republic
On June 25, Republic, an established investment platform, announced the launch of a new product line - Mirror Tokens, with the debut product rSpaceX using the Solana blockchain, attempting to "mirror" one of the world's most imaginative companies as a publicly purchasable on-chain asset. Each rSpaceX is bound to the expected value trend of SpaceX, a space unicorn valued at $350 billion, with a minimum investment threshold of just $50, supporting Apple Pay and stablecoin payments. This opens the temple doors of the primary market to global retail investors.
Unlike traditional private investment, Mirror Tokens do not grant voting rights, but they design a unique "tracker" mechanism: Tokens issued by Republic are essentially debt instruments dynamically linked to the target company's valuation. When SpaceX goes public, is acquired, or experiences other "liquidity events", Republic will return corresponding stablecoin returns to investors' wallets proportional to token holdings, potentially including dividends. This is a new structure of "earning dividends without holding shares", maximizing legal barriers reduction while retaining core return exposure.
Of course, the mechanism is not without thresholds. All Mirror Tokens will be locked for 12 months after initial issuance before secondary market circulation. In terms of regulation, rSpaceX is issued under US Regulation Crowdfunding rules, not limited by investor identity, allowing global retail investors to participate, with specific qualifications dynamically filtered according to local laws.
More excitingly, this is just the beginning. Republic has previewed subsequent launches of Mirror Tokens anchored to star private enterprises like Figma, Anthropic, Epic Games, and xAI, and even plans to open user nominations for the next "unlisted unicorn". From structural design to distribution mechanisms, Republic is building an on-chain private equity parallel market that doesn't require waiting for IPO.
Tokeny
Tokeny, a Luxembourg-based RWA asset tokenization solution provider, is also entering the private market securitization track. In June 2025, Tokeny partnered with local digital securities platform Kerdo, aiming to reshape European professional investors' participation in private markets (such as real estate, private equity, hedge funds, and private debt) using blockchain infrastructure.
Its core advantages lie in: standardized product structure, embedded compliance issuance logic, and the ability to quickly replicate and expand across different jurisdictions through Tokeny's white-label technology. Tokeny focuses on endowing assets with "institutional-level legitimacy" - the ERC-3643 standard it uses allows tokens to embed KYC and transfer control logic throughout the entire generation and transfer process, which not only ensures product legality and transparency but also enables investors to self-verify security on-chain without relying on platform endorsement.
Against the backdrop of increasingly stringent regulatory frameworks like MiFID II, European markets' demand for such "compliant on-chain assets" is accelerating. Tokeny is filling the trust vacuum between institutional investors and on-chain assets in a highly technical manner. Behind this collaboration also reflects a trend: competition in the RWA track is no longer just about on-chain technical implementation, but about who can master the combination of regulations + standardized product structure + multi-jurisdiction issuance channels. The combination of Tokeny and Kerdo is a typical example of this trend.
Summary
The rise of private equity tokenization signals a new stage of structural transformation in the primary market driven by blockchain technology. However, this path is still filled with realistic resistance. It may have reshaped access rules but struggles to break down the deep-seated structural barriers between retail and institutional investors. RWA is not a "magic key," but more like a long-term game about trust, transparency, and institutional reconstruction, and the real test has only just begun.
