Can retail investors buy SpaceX shares? A look at the three major private equity tokenization platforms

Author: kkk, rhythm

In addition to 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. Compared to the amount, what really attracted market attention was the problem they were trying to solve: Why do the early growth dividends of top private companies always belong only to institutions and super-rich people? Jarsy's answer is to use blockchain technology to reconstruct the way of participation - "casting" private equity of unlisted companies into asset-backed tokens, so that ordinary people can also bet on the growth of star companies such as SpaceX and Stripe with a threshold of $10.

After the financing was disclosed, the market immediately focused on the topic of "private equity tokenization" - this alternative asset class that originally only existed in VC conference rooms and high-net-worth circles is being packaged into blockchain assets and expanding its territory on the chain.

Private Equity Tokenization: The Next Step for Assets on the Blockchain

If there are still financial opportunities that have not been fully opened up in this era, the private equity market is undoubtedly the most representative asset island.

Jarsy has built an index system covering the 30 most active unlisted companies in the private market with the largest transaction volume, namely the "Jarsy 30 Index", which is used to measure the overall performance of top pre-IPO companies. The index focuses on star companies such as SpaceX and Stripe, representing the most imaginative and capital-focused part of the private market. Data shows that these companies have 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% of the Nasdaq 100 Index during the same period. Even in the context of the overall market downturn in the first quarter of 2025 and the 9% drop in the Nasdaq, these unlisted leading companies still rose by 13% against the trend. This strong comparison is not only an affirmation of the company's fundamentals, but also a market vote for the growth space before IPO - these assets are still in the golden stage of the most value dislocation.

But the problem is that this "value capture window" belongs to only a very small number of people. For most retail investors, an asset market with an average transaction size of more than 3 million US dollars, complex structure (mostly requiring the help of SPV) and lack of public liquidity is a complete "wait-and-see zone".

In addition, the exit path for these companies is often not limited to IPOs. Mergers and acquisitions have become one of the more mainstream options, further raising the threshold for retail investors to participate. In the first quarter of 2025 alone, the scale of mergers and acquisitions of venture capital-backed companies hit a record high of US$54 billion, of which Google's acquisition of cybersecurity unicorn Wiz accounted for US$32 billion.

As a result, we see a typical picture of traditional finance, where the best growth assets are locked within the circle of high net worth individuals and institutions, while ordinary investors are excluded.

"Private equity tokenization" is breaking this structural inequality, breaking down the original high-threshold, low-liquidity, complex and opaque private equity into on-chain native assets, lowering the entry threshold, reducing the $3 million entry ticket to $10; turning the lengthy and complex SPV protocol into an on-chain smart contract; at the same time, it improves liquidity, allowing assets that were originally locked for a long period of time to obtain all-weather pricing.

Put the "capital feast" of the primary market into everyone's digital wallet

Jarsy

As a blockchain-based asset tokenization platform, Jarsy hopes to break the walls of the traditional financial world and make Pre-IPO assets that are exclusive to high-net-worth individuals into public investment products accessible to users around the world. Its vision is clear: to make investment no longer restricted by capital thresholds, geographical barriers or regulatory labels, and to redistribute financial opportunities to the general public.

Its operating mechanism is also straightforward and powerful enough. Jarsy first completes the real equity acquisition of the target company through the platform, and then puts this part of the equity on the chain in the form of 1:1 through tokens. This is not a simple securities mapping, but a substantial transfer of economic rights. More importantly, the total issuance, circulation path and holding information of all tokens are all transparently on the chain and open to any user for real-time verification. The traceability on the chain and the physical objects off the chain have realized the technical reconstruction of the traditional SPV and fund system in structure.

At the same time, Jarsy does not push retail investors into the "deep waters" of professional and complex processes. The platform takes the initiative to undertake all the "dirty work" such as due diligence, structural design, and legal custody, allowing users to build their own Pre-IPO investment portfolio with a low threshold by simply using a credit card or USDC to purchase from $10. The complex risk control and compliance processes behind it are "unnoticeable" to users.

In this model, token prices are highly tied to company valuations, and user returns come from the growth curve of real companies rather than the idle narratives of the platform. This structure not only enhances the authenticity of investment, but also opens up the income channel between retail investors and the primary market, which has long been controlled by elite capital, at the mechanism level.

Republic

On June 25, Republic, a long-established investment platform, announced the launch of a new product line - Mirror Tokens. The first product rSpaceX uses the Solana blockchain as a carrier, attempting to "mirror" one of the world's most imaginative companies into an on-chain asset that can be publicly subscribed. Each rSpaceX is tied to the expected value trend of SpaceX, a space unicorn valued at $350 billion. The minimum investment threshold is only $50, and it supports Apple Pay and stablecoin payments. It has opened the door to the temple of the primary market for retail investors around the world.

Unlike traditional private equity investments, Mirror Token does not give you voting rights, but it has designed a unique "tracker" mechanism: the tokens issued by Republic are essentially a debt instrument dynamically linked to the valuation of the target company. When SpaceX achieves an IPO, is acquired, or other "liquidity events" occur, Republic will return the corresponding stablecoin income to the investor's wallet according to the proportion of token holdings, and even include possible dividends. This is a new structure of "dividends without holding shares", which minimizes legal barriers while retaining core income exposure.

Of course, the mechanism is not without barriers. All Mirror Tokens will be locked for 12 months after the initial issuance before they can be circulated in the secondary market. At the regulatory level, rSpaceX is sold through the US Regulation Crowdfunding rules. There is no limit on the identity of investors. Retail investors around the world can participate, but the specific qualifications will be dynamically screened according to local laws.

What’s even more exciting is that this is just the beginning. Republic has announced that it will launch 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” you want to bet on. From structural design to distribution mechanism, Republic is creating an on-chain private equity parallel market that does not need to wait for IPO.

Tokeny

Tokeny, a Luxembourg-based RWA asset tokenization solution provider, has also begun to enter the private market securitization track. In June 2025, Tokeny reached a cooperation with local digital securities platform Kerdo, with the goal of using blockchain infrastructure to reshape the way European professional investors participate in private markets (such as real estate, private equity, hedge funds and private debt).

Its core advantages are: standardized product structure, embedded issuance compliance logic, and can be quickly replicated and expanded in different jurisdictions through Tokeny's white label technology. Tokeny focuses on giving "institutional legitimacy" to the assets themselves - the ERC-3643 standard it uses allows tokens to be embedded with KYC, transfer restrictions and other control logic from generation to transfer. This not only ensures that the product is legal and transparent, but also allows investors to prove their security on the chain without relying on platform endorsement.

Under the background of increasingly strict regulatory frameworks such as 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 way. Behind the cooperation, it also reflects a trend: the competition in the RWA track is no longer just the technical implementation on the chain, but who can deepen the combination of regulations + standardized product structure + multi-regional issuance channels. The combination of Tokeny and Kerdo is a typical example of this trend.

Summarize

The rise of private equity tokenization is heralding a new stage of structural change in the primary market driven by blockchain technology. However, this path is still full of practical obstacles. It may have reshaped the entry rules, but it is difficult to break the deep structural barriers between retail investors and institutions in one fell swoop. RWA is not a "magic key", but more like a long-term game about trust, transparency and institutional reconstruction, and the real test has just begun.