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

Author: kkk

Reprint: White55, Mars Finance

Beyond the hype of stablecoins, 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 grabbed 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 only existed in VC conference rooms and high-net-worth circles, is being packaged as blockchain assets, expanding its territory on-chain.

Private Equity Tokenization: The Next Stop for Asset Tokenization

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

Jarsy has built a set of indicator systems covering the 30 largest and most active private market companies, known as the "Jarsy 30 Index", which is 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 parts of the private market. Data shows that these companies have sufficiently attractive return rates.

From the beginning of 2021 to the first quarter of 2025, the Jarsy 30 Index has cumulatively increased by 81%, far surpassing the Nasdaq 100 Index's 51% during the same period. Even in the context of an overall market downturn in the first quarter of 2025, with the Nasdaq dropping by 9%, these leading unlisted companies still rose by 13% against the trend. This strong comparison not only affirms the fundamentals 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 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 structure (mostly requiring SPV assistance), and lack of public liquidity is a complete "waiting area" 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 the first quarter of 2025 alone, the merger and acquisition volume of venture capital-backed companies reached a historic high of $54 billion, with Google's acquisition of the 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 kept out.

"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 and compressing the $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, allowing Pre-IPO assets, which are exclusively enjoyed by high-net-worth individuals, to become publicly accessible investment products for users worldwide. Its vision is clear: to eliminate restrictions in investment imposed by capital thresholds, geographical barriers, or regulatory labels, and to redistribute financial opportunities to the public.

Its operational mechanism is straightforward yet powerful. Jarsy first completes the real equity acquisition of the target company through the platform, and then links this portion of equity on-chain in a 1:1 format via tokens. 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, open for real-time verification by any user. On-chain traceability and off-chain physical assets achieve a technical reconstruction of the traditional SPV and fund system structurally.

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 heavy work" such as due diligence, structural design, and legal custody, allowing users to build their own Pre-IPO investment portfolios with a low barrier to entry, starting from as little as $10, using just a credit card or USDC. The complex risk control and compliance processes behind the scenes are "invisible" to the users.

In this model, the token price is closely tied to the company valuation, and users' returns come from the growth trajectory of real businesses rather than the empty narratives of the platform. This structure not only enhances the authenticity of investments but also at a mechanical level opens up the long-controlled revenue 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, with the first product rSpaceX leveraging the Solana blockchain, aiming 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 trend of SpaceX, a space unicorn valued at $350 billion, with a minimum investment threshold of just $50, and supports payments via Apple Pay and stablecoins. It opens the doors of the primary market's sanctuary 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 debt instrument dynamically linked to the valuation of the target company. When SpaceX achieves an IPO, is acquired, or undergoes other "liquidity events," Republic will return the corresponding stablecoin earnings to investors' wallets based on their token holdings, potentially including any dividends that may be generated. 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, there are also certain thresholds for the mechanism. 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 offering through the U.S. Regulation Crowdfunding rules, which do not limit investor identities, allowing retail investors globally to participate, but specific qualifications will be dynamically filtered 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, xAI, and even allow users to nominate the next "unlisted unicorn" they want to bet on. From structural design to distribution mechanisms, Republic is creating an on-chain private equity parallel market that does not require waiting for an IPO.

Tokeny

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

Its core advantages are: standardized product structure, compliance logic embedded in issuance, and the ability to quickly replicate and expand in different jurisdictions through 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 the embedding of KYC, transfer restrictions, and other control logic throughout the entire process from token generation to transfer, which not only ensures product legality and transparency but also allows investors to self-verify security 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 growing rapidly. 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 track is no longer just about on-chain technical implementation, but about who can effectively combine regulations, standardized product structures, and multi-regional issuance channels. The collaboration between Tokeny and Kerdo is a typical example of this trend.

Summary

The rise of private equity tokenization heralds a new phase of structural transformation in the primary market driven by blockchain technology. However, this path is still fraught with real-world resistance. It may reshape the rules of access, but it is difficult to break the deep structural barriers between retail and institutional investors in one fell swoop. RWA is not a "magic key"; it resembles a long-term game focused on trust, transparency, and institutional reconstruction, and the true test has only just begun.