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Can retail investors in the crypto world buy SpaceX equity now? An overview of the three major private sale tokenization platforms.
Written by: kkk, Rhythm
Beyond the surge of stablecoins, equity tokenization is also emerging as a new market narrative.
On June 27, the Web3 startup Jarsy announced the completion of a $5 million Pre-seed financing led by Breyer Capital. Beyond the amount, what truly captured market attention was the problem they are trying to solve: why the early growth dividends of top private companies always belong only 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 threshold of just $10.
After the financing disclosure, the market immediately focused on the topic of "private equity tokenization"—this alternative asset class, which originally existed only in VC meeting rooms and among high-net-worth circles, is being packaged as blockchain assets and expanding its territory on the chain.
Tokenization of Private Equity: The Next Stop for Asset Tokenization
If there are still financial opportunities in this era that have not been fully opened, the private equity market is undoubtedly the most representative asset island.
Jarsy has built an index system called "Jarsy 30 Index" that covers the 30 largest and most active private market companies, used 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 in the private market. Data shows that these companies offer sufficiently attractive returns.
From the beginning of 2021 to the first quarter of 2025, the Jarsy 30 Index has risen by 81%, far exceeding the 51% increase of the Nasdaq 100 Index during the same period. Even against the backdrop of an overall market downturn in the first quarter of 2025, with the Nasdaq dropping by 9%, these top unlisted companies still rose by 13% against the trend. This strong comparison is not only an affirmation of the companies' fundamentals but also a market vote on the growth potential before the IPO—these assets are still in the golden phase of the most valuable misalignment.
But the problem is that this "value capture window" only belongs to a very small number of people. An asset market with an average transaction size exceeding 3 million dollars, complex structures (mostly requiring the use of SPV), and a lack of public liquidity is completely a "watching zone" for most retail investors.
In addition, the exit paths for these companies are often not limited to IPOs, and 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 by venture capital-backed companies reached a historic high of $54 billion, with Google's acquisition of cybersecurity unicorn Wiz accounting for $32 billion.
Thus, we see a typical picture of traditional finance, 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, and complex opaque private equity into on-chain native assets, lowering the entry barrier from a 3 million dollar ticket to just 10 dollars; transforming lengthy and complex SPV agreements into on-chain smart contracts; while also enhancing liquidity, allowing assets that were originally locked for long periods to have the possibility of real-time pricing.
Put 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, allowing Pre-IPO assets, which were previously exclusive to high-net-worth individuals, to become publicly accessible investment products for users around the globe. Its vision is clear: to ensure that investment is no longer limited by capital thresholds, geographical barriers, or regulatory labels, and to redistribute financial opportunities to the masses.
Its operational mechanism is straightforward yet powerful. Jarsy first completes the acquisition of the real equity of the target company through the platform, and then links this part of the rights to the blockchain in a 1:1 form using tokens. This is not merely a mapping of securities, but a substantial transfer of economic rights. More importantly, the total supply, circulation paths, and holding information of all tokens are transparently recorded on the blockchain, open for real-time verification by any user. The on-chain traceability and off-chain physical assets achieve a technological reconstruction of the traditional SPV and fund system.
At the same time, Jarsy does not push retail investors into the "deep waters" of professional and complex processes. The platform actively takes on all the "dirty and tiring work" such as due diligence, structural design, and legal custody, allowing users to build their own Pre-IPO investment portfolios with a low threshold, starting from just $10 using a credit card or USDC. The complex risk control and compliance processes behind it are "invisible" to the users.
In this model, the token price is highly tied to the company's valuation, and users' returns come from the growth curve of real businesses rather than the platform's empty narratives. This architecture not only enhances the authenticity of investments but also bridges the long-controlled profit channel between retail investors and the primary market at a mechanistic level.
Republic
On June 25, Republic, a well-established investment platform, announced the launch of its new product line—Mirror Tokens. The first product, rSpaceX, is based on the Solana blockchain and aims to "mirror" one of the most imaginative companies in the world as a publicly tradable on-chain asset. Each rSpaceX is tied to the expected value trajectory of SpaceX, which is valued at $350 billion, with a minimum investment threshold of only $50, and supports payments through Apple Pay and stablecoins. This opens the doors of the primary market temple for global retail investors.
Unlike traditional private equity investments, Mirror Token does not grant you voting rights, but it has designed a unique "tracker" mechanism: the tokens issued by Republic are essentially a type of debt instrument that is 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 the proportion of tokens held, even including potential dividends. This is a new structure that allows for "dividends without holding shares," maximizing the reduction of legal barriers while retaining core earnings exposure.
Of course, the mechanism is not without its thresholds. All Mirror Tokens will be locked for 12 months after their initial issuance before they can circulate in the secondary market. On the regulatory front, rSpaceX is issued under the U.S. Regulation Crowdfunding rules, with no restrictions on investor identity, allowing global retail investors to participate, but specific qualifications will be dynamically filtered according to local laws.
What's even more exciting is that this is just the beginning. Republic has announced that it will be launching Mirror Tokens anchored to star private companies such as Figma, Anthropic, Epic Games, and xAI, and even allow users to nominate 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 RWA asset tokenization solution provider based in Luxembourg, has also begun to venture into the private market securitization track. In June 2025, Tokeny entered into a partnership with the local digital securities platform Kerdo, aiming to reshape the way European professional investors participate in the private market (such as real estate, private equity, hedge funds, and private debt) by leveraging blockchain infrastructure.
Its core advantage lies in: standardized product structure, embedded compliance logic for 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-level legitimacy"—the ERC-3643 standard it uses allows tokens to embed KYC, transfer restrictions, and other control logic throughout the entire process from generation to transfer, which not only ensures the product is legal and transparent but also allows investors to self-certify safety on-chain without relying on platform endorsement.
Against the backdrop of increasingly stringent regulatory frameworks such as MiFID II, the demand for "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: the competition in the RWA space is no longer just about on-chain technical implementations, but about who can deeply cultivate the combination of regulations + standardized product structures + multi-jurisdictional issuance channels. The partnership between Tokeny and Kerdo is a typical example of this trend.
Summary
The rise of private equity tokenization indicates that the primary market is entering a new stage of structural transformation driven by blockchain technology. However, this path is still fraught with real-world obstacles. While it may reshape the rules of access, it is difficult to break the deep structural barriers between retail and institutional investors in one fell swoop. RWA is not a "magic key"; rather, it resembles a long-term game about trust, transparency, and institutional reconstruction, and the real test is just beginning.