Putting a company that hasn’t gone public on-chain sounds like giving ordinary people a ticket to get in early.. But what’s actually being issued this time isn’t shares in the company—it’s a note that only pays out at a specific moment..
📢 进群蹲一手消息
Asset tokenization platform Ondo Finance has launched Ondo Private Markets. The first offering is tied to an unnamed pre-IPO AI company.. The note’s returns don’t come from real-time fluctuations in the share price. Instead, they’re linked to the value ultimately realized per common share in a qualifying liquidity event for the company—that is, an IPO or an acquisition..
In other words, buyers get economic exposure, not shareholder status.. They have no voting rights and aren’t entered in the shareholder register.. Qualified investors can hold the notes in self-custody wallets or trade them on a 24/7 secondary market.. Ondo says the first notes will begin trading this week, with robotics, cybersecurity, and biotech companies to follow..
Most people see this as just another new tokenized product.. What’s really worth watching is the shift in what’s on the shelf.. Over the past two years, on-chain markets have mostly held public-market assets: U.S. Treasuries, money market funds, stocks, and ETFs. Ondo’s own tokenized U.S. stocks and ETFs already cover more than 450 assets, with over $1 billion in total value locked. At least these assets have public prices available every day..
Now the market is moving into private equity, putting its most opaque and least liquid segment on a shelf that trades 24/7.. At the same time, Robinhood invested $75 million this April to buy common shares in OpenAI and give retail investors exposure, while Citi is also building a blockchain market for shares in private companies. They’re all heading in the same direction..
The nature of the risks changes too.. When you buy a spot token, you worry about the price.. With this note, you have two things to worry about: first, who sets its value and by what rules; second, when you’ll actually be able to exit.. Returns only materialize after a qualifying liquidity event, which could happen next year—or three or four years from now. Yet in your wallet, the note looks like something you can sell at any time..
From the perspective of capital rotation, this is essentially slicing the high valuations of the primary market into small, transferable portions.. Ordinary people couldn’t get access to the AI primary market before. Now they have a way to get in early, so it’s natural for marginal capital to flow in..
So what may really be worth watching isn’t who the first AI company is.. It’s whether the prices of these notes on the secondary market will signal sooner and more directly than the primary market that AI valuations are starting to soften.. Once people realize that being able to sell and actually being able to find a buyer are two different things, the premium in this segment is often the first to come and go..
📢 进群蹲一手消息
Asset tokenization platform Ondo Finance has launched Ondo Private Markets. The first offering is tied to an unnamed pre-IPO AI company.. The note’s returns don’t come from real-time fluctuations in the share price. Instead, they’re linked to the value ultimately realized per common share in a qualifying liquidity event for the company—that is, an IPO or an acquisition..
In other words, buyers get economic exposure, not shareholder status.. They have no voting rights and aren’t entered in the shareholder register.. Qualified investors can hold the notes in self-custody wallets or trade them on a 24/7 secondary market.. Ondo says the first notes will begin trading this week, with robotics, cybersecurity, and biotech companies to follow..
Most people see this as just another new tokenized product.. What’s really worth watching is the shift in what’s on the shelf.. Over the past two years, on-chain markets have mostly held public-market assets: U.S. Treasuries, money market funds, stocks, and ETFs. Ondo’s own tokenized U.S. stocks and ETFs already cover more than 450 assets, with over $1 billion in total value locked. At least these assets have public prices available every day..
Now the market is moving into private equity, putting its most opaque and least liquid segment on a shelf that trades 24/7.. At the same time, Robinhood invested $75 million this April to buy common shares in OpenAI and give retail investors exposure, while Citi is also building a blockchain market for shares in private companies. They’re all heading in the same direction..
The nature of the risks changes too.. When you buy a spot token, you worry about the price.. With this note, you have two things to worry about: first, who sets its value and by what rules; second, when you’ll actually be able to exit.. Returns only materialize after a qualifying liquidity event, which could happen next year—or three or four years from now. Yet in your wallet, the note looks like something you can sell at any time..
From the perspective of capital rotation, this is essentially slicing the high valuations of the primary market into small, transferable portions.. Ordinary people couldn’t get access to the AI primary market before. Now they have a way to get in early, so it’s natural for marginal capital to flow in..
So what may really be worth watching isn’t who the first AI company is.. It’s whether the prices of these notes on the secondary market will signal sooner and more directly than the primary market that AI valuations are starting to soften.. Once people realize that being able to sell and actually being able to find a buyer are two different things, the premium in this segment is often the first to come and go..
