You Want Pre-IPO Exposure To Firms Like SpaceX? Citi Now Offers Tokenized Shares To Rich Clients

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Citi to offer tokenized private shares to wealthy clients: WSJ

As a researcher following financial technology, I’m seeing some interesting developments at Citigroup. They’re launching a new platform built on blockchain technology, and it’s designed to allow their high-net-worth and institutional clients to trade digital tokens representing ownership in private companies. Essentially, it’s making it easier to buy and sell shares in companies that aren’t yet publicly listed.

Summary

  • Citi will offer tokenized private-company shares to wealthy and institutional clients, starting with foreign investors.
  • The platform uses tokenized depositary receipts, with Citi serving as issuer and custodian for clients.
  • Demand is rising as firms like SpaceX and Anthropic delay public listings while investor interest grows.

The venture will start with foreign investors, according to a Wall Street Journal report.

The platform comes as demand grows for access to large private companies that have stayed away from public markets. Investors have closely watched firms such as SpaceX and Anthropic, which remain private despite strong market interest.

Citi targets private-market access

Citi is launching a new product that uses digital tokens representing ownership in shares of private companies. These tokens, called depositary receipts, will be created and managed directly by Citi.

Citi will also safeguard the assets. Instead of directly purchasing shares like with traditional stocks, clients will access private market investments through a secure and regulated system.

As an analyst, I’m watching Citigroup’s move to open up private company investments to a wider range of investors. They’re launching a new platform that will allow their clients to trade tokenized shares of these firms, essentially making it easier to buy and sell ownership in private companies.

— WSJ Markets (@WSJmarkets) June 11, 2026

This platform is launching first for investors outside of the U.S. Citi intends to broaden access later on, and may include U.S. clients if regulations permit.

The bank is currently discussing potential partnerships with several major companies, but hasn’t revealed their identities. This offering is intended for investors who already qualify as high-net-worth individuals or meet the requirements for institutional investment.

Tokenized shares meet delayed IPO demand

The timing reflects a major change in capital markets. Many high-value private companies are taking longer to go public, leaving some investors locked out of late-stage growth opportunities.

Companies like SpaceX and Anthropic are seeing high demand from investors. Because they’ve waited to become publicly traded, banks and other financial platforms are developing new ways for people to invest in them.

Tokenization lets companies represent ownership in financial assets – like shares of private companies – as digital units on a blockchain. These units are backed by traditional depositary receipts.

That structure may give clients faster settlement and easier portfolio tracking. It may also let banks handle private-market access through more controlled systems than informal secondary transactions.

Wall Street pushes deeper into tokenization

Citi has been preparing to enter this market for several years. They’ve already tested digital deposit tokens and explored how blockchain technology could improve areas like securities, investment funds, and the process of completing transactions.

I was reading a recent report from a major bank, and they’re predicting some huge growth in tokenized securities – potentially hitting $5.5 trillion by 2030! Basically, they think things like government bonds, stocks, and other investments will increasingly move onto blockchain technology, and that’s what will drive this growth. It’s exciting to think about the possibilities for crypto if this happens.

According to a recent report from crypto.news, Citi estimates the current market for tokenized assets at around $17 billion, and projects it could reach $5.5 trillion by 2030.

Other big financial companies are following suit. Reports indicate that JPMorgan, Citi, and other major banks are developing a new network using digital tokens, potentially launching around 2027.

Risks remain around private share tokens

Tokenized private shares remain a developing market. Investors still face questions around liquidity, pricing, issuer approval and regulatory treatment.

The risks became clear when other platforms tried to offer tokenized exposure to private firms. OpenAI previously said it had not approved or backed some tokenized share products tied to its name.

In my research, Citi’s platform seems built to tackle key worries around security and control. It does this through careful management of how assets are held (custody), how they’re created (issuance controls), and strong bank supervision. Importantly, the system operates through established, regulated channels for clients, rather than being open to the general public.

Citi’s recent launch demonstrates that tokenization is transitioning from experimental stages to real-world applications in the financial world. The bank anticipates that shares of privately held companies will be a key area for the growth of blockchain-based financial services.

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2026-06-11 16:10