Retail investors in the crypto world can also buy SpaceX equity? An overview of the three major private sale tokenization platforms.

If there are still underopened financial opportunities in this era, the private market is undoubtedly the most representative asset island. Now, in addition to the stablecoin boom, equity tokenization is becoming the new cryptocurrency market narrative. (Synopsis: The Next Stop for Stablecoins: International Payments, U.S. Stock Tokenization, and AI Agents) (Background Supplement: Perspective: Real Estate Tokenization Will Reconstruct Global Wealth Distribution) In addition to the stablecoin boom, equity tokenization is also 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. What really caught the market's attention compared to the amount was the question they were trying to solve: Why did the early growth dividends of the top private companies always belong only to institutions and the super-rich? The answer given by Jarsy is to use blockchain technology to reconstruct participation - "minting" private equity of unlisted companies into asset-backed tokens, so that ordinary people can bet on the growth of star companies such as SpaceX and Stripe with a $10 threshold. After the financing disclosure, the market immediately focused on the topic of "private equity tokenization" - an alternative asset class that originally existed only in VC conference rooms and high-net-worth circles, and is being packaged into blockchain assets to expand its territory on the chain. Private equity tokenization: the next stop on the chain If there are still underopened financial opportunities in this era, the private market is undoubtedly the most representative asset island. Jarsy has built a system of metrics covering the 30 most traded and active unlisted companies in the private markets, known as the Jarsy 30 Index, to measure the overall performance of the top pre-IPO companies. The index focuses on star companies such as SpaceX and Stripe, and represents the most imaginative and capital-focused segment of the private markets. The data shows that these companies have a sufficiently attractive rate of return. From the beginning of 2021 to the first quarter of 2025, the Jarsy 30 index has risen 81%, far exceeding the 51% of the Nasdaq 100 index over the same period. Even against the backdrop of a decline in the overall market in the first quarter of 2025 and a 9% decline in the NASDAQ, these top unlisted companies bucked the trend by 13%. This strong comparison is not only an affirmation of the company's fundamentals, but also a market vote on the growth space before the IPO - these assets are still in the golden stage of the most misplaced value. But the problem is that this "value capture window" belongs to a very small number of people. An asset market with an average trade size of more than $3 million, a complex structure (mostly with the help of SPVs) and a lack of public liquidity is a complete "wait and see zone" for most retail investors. In addition, the exit path of these companies is often not limited to IPOs, and 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, VC-backed mergers and acquisitions reached an all-time high of $54 billion, of which Google's acquisition of cybersecurity unicorn Wiz alone accounted for $32 billion. As a result, we see a classic picture of traditional finance, where the best quality growth assets are locked up within the circle of high-net-worth individuals and institutions, while ordinary investors are excluded. "Private equity tokenization" is precisely to break this structural inequality, dismantling the originally high-threshold, low-liquid, complex and opaque private equity rights into on-chain native assets, lowering the entry threshold, and compressing the $3 million ticket to $10; Turn lengthy and complex SPV protocols into on-chain smart contracts; At the same time, it improves liquidity, allowing assets that have been locked up for a long period of time to obtain the possibility of round-the-clock 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 exclusive to high-net-worth individuals a public investment product accessible to users around the world. Its vision is clear: to free investment from capital thresholds, geographical barriers or regulatory labels, and to redistribute financial opportunities to the masses. Its operating mechanism is also straightforward and powerful enough, Jarsy first completes the real equity acquisition of the target company by the platform, and then lists this part of the equity on the chain in the form of 1:1 through tokens. This is not a simple reflection of securities, but a substantial transfer of economic equity. More importantly, the total amount of issuance, circulation path and position information of all tokens are transparently uploaded to the chain and open to any user for instant verification. The on-chain traceability and off-chain physical objects have realized the technical reconstruction of the traditional SPV and fund system in the structure. At the same time, Jarsy doesn't push retail investors into the "deep waters" of professionally complex processes. The platform takes the initiative to undertake all the "dirty work" such as due diligence, structural design, legal custody, etc., allowing users to build their own pre-IPO portfolio with a low threshold in the form of purchasing from $10 with a credit card or USDC. The complex risk control and compliance processes behind it are "insensitive" to users. In this model, the token price is highly tied to the company's valuation, and the user's return comes from the growth curve of the real company, rather than the idle narrative 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 that has long been controlled by elite capital. Republic On June 25, Republic, an established investment platform, announced the launch of a new product line - Mirror Tokens, the first product rSpaceX uses the Solana blockchain as a carrier, trying to "image" one of the world's most imaginative companies as a publicly available on-chain asset. Each rSpaceX is tied to the expected value trend of SpaceX, a $350 billion aerospace unicorn, with a minimum investment threshold of only $50 and supports Apple Pay and stablecoin payments. It has opened the temple door of the primary market for global retail investors. Unlike traditional private investment, Mirror Token does not give you voting rights, but it has designed a unique "tracker" mechanism: the token issued by Republic is 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 holding, and even include possible dividends. This is a new "no shareholding and no dividends" structure that minimizes legal hurdles while preserving core income positions. Of course, the mechanism is not without thresholds. All Mirror Tokens will be locked up for 12 months after the initial offering before they can be circulated in the secondary market. At the regulatory level, rSpaceX is offered through the US Regulation Crowdfunding rules, regardless of investor status, and retail investors around the world can participate, but the specific eligibility will be dynamically screened according to local laws. What's even more exciting is that this is just the beginning. Republic has announced that anchoring Figma, Anthropic...