Can retail investors in the crypto world buy SpaceX equity now? A look at three major private sale tokenization platforms.

Private equity tokenization is reshaping the way retail investors participate in the Primary Market.

Written by: kkk, Rhythm

Beyond the stablecoin frenzy, 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. More than the amount, what truly caught the market's attention was the problem they are attempting 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 its attention on the topic of "private sale tokenization"—this alternative asset class, which originally existed only in VC meeting rooms and high-net-worth circles, is being packaged as blockchain assets, expanding its territory on-chain.

Private Sale Tokenization: The Next Stop for Asset On-Chain

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

Jarsy has built a benchmark system covering the largest and most active 30 unlisted companies in the private sale market, known as the "Jarsy 30 Index", to measure the overall performance of top Pre-IPO companies. This index focuses on star companies such as SpaceX and Stripe, representing the most imaginative and capital-focused segment of the private sale 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 increased by 81%, far exceeding the 51% increase of the Nasdaq 100 Index during the same period. Even in the context of an overall market downturn in the first quarter of 2025, where the Nasdaq fell by 9%, these leading unlisted companies still rose by 13% against the trend. This strong comparison not only affirms the fundamental aspects of the companies but also serves as a market vote on the growth potential before the IPO—these assets are still in the golden phase of significant value 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 lacking public liquidity is completely a "wait-and-see zone" for most retail investors.

In addition, the exit paths for these companies are often not limited to IPOs, as 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 for venture-backed companies reached a historic high of $54 billion, with Google's acquisition of cybersecurity unicorn Wiz alone accounting for $32 billion.

Thus, we see a typical picture of traditional finance, where the most premium 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, dismantling the originally high threshold, low liquidity, and complex and opaque private equity into on-chain native assets, lowering the entry threshold from a $3 million ticket to $10; transforming the lengthy and complex SPV agreements into on-chain smart contracts; while 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 barriers of the traditional financial world, making Pre-IPO assets, which are typically exclusive to high-net-worth individuals, accessible to global users as public investment products. Its vision is clear: to remove the constraints of financial thresholds, geographical barriers, or regulatory labels, and redistribute financial opportunities to the masses.

Its operational mechanism is straightforward yet powerful. Jarsy first completes the acquisition of the actual equity of the target company through the platform, and then tokenizes this portion of rights on-chain in a 1:1 format. This is not merely a mapping of securities, but a substantial transfer of economic rights. More importantly, the total issuance of all Tokens, circulation paths, and holding information are all transparently recorded on-chain, accessible for real-time verification by any user. On-chain traceability and physical assets off-chain structurally achieve a technological reconstruction of the traditional SPV and fund systems.

At the same time, Jarsy does not push retail investors into the "deep waters" of professional and complex processes. The platform takes on all the "dirty and tedious 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 the scenes are "imperceptible" to the users.

In this model, the price of the Token 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 structure not only enhances the authenticity of investments but also, at the mechanism level, opens up the long-controlled profit channel between retail investors and the Primary Market that has been dominated by elite capital.

Republic

On June 25, Republic, a well-established investment platform, announced the launch of a new product line—Mirror Tokens. The first product, rSpaceX, is based on the Solana blockchain and attempts to "mirror" 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 space unicorn valued at $350 billion, with a minimum investment threshold of only $50, and supports Apple Pay and stablecoin payments. It has opened the doors to the Primary Market for global retail investors.

Unlike traditional private sales, Mirror Token does not grant 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 goes public, is acquired, or experiences other "liquidity events", Republic will return the corresponding stablecoin earnings to investors' wallets based on the proportion of tokens held, potentially including dividends. This is a new structure of "earning dividends without holding shares", maximizing the reduction of legal barriers while retaining core earnings exposure.

Of course, the mechanism is not without thresholds. All Mirror Tokens will be locked for 12 months after initial issuance before they can circulate in the Secondary Market. In terms of regulation, 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 screened based on 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 like Figma, Anthropic, Epic Games, and xAI, and even open up user nominations for the next "unlisted unicorn" you want to bet on. From structural design to distribution mechanisms, Republic is building an on-chain private equity parallel market that doesn’t require waiting for an IPO.

Tokeny

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

Its core advantage lies in: standardized product structure, embedded compliance logic, and the ability to rapidly replicate and expand across different jurisdictions using Tokeny's white-label technology. Tokeny focuses on granting "institutional-level legitimacy" to the assets themselves — its use of the ERC-3643 standard allows for KYC, transfer restrictions, and other control logic to be embedded throughout the entire process from token generation to transfer, ensuring that the product is legally transparent and allowing investors to self-verify safety on-chain without relying on platform endorsements.

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 gap between institutional investors and on-chain assets in a highly technical manner, reflecting a trend: the competition in the RWA sector is no longer just about technical implementation on-chain, but about who can deeply cultivate a combination of regulations + standardized product structures + multi-region issuance channels. The collaboration 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 resistance. It may reshape 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"; it resembles a long-term game about trust, transparency, and institutional reconstruction, and the real test has only just begun.