Social Graph Ventures: trends and opportunities in stock monetization

Author:Social Graphics

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Over the past 60 days, the structure of United States capital markets has changed more than in the past decade. The SEC outlined a blueprint for tokenized securities. NASDAQ was authorized to conduct a currency settlement transaction. DTC received a no-objection letter. The agency announced the launch of a monetization platform in collaboration with Securitize。

@Fundrise held closed fund VCX under the flag of @AnthropicAI, @OpenAI and @SpaceX, with premiums soaring to more than 190% of net assets (NAV). Bulk investors paid 26 times the real value of the bottom asset in order to gain access。

This is not rational pricing, it is a failure of market structures. The value of the global stock market is approximately $14 trillion. And today's monetized stocks? About $1 billion. The penetration rate is only 0.007 per cent。

How stocks are monetized: four models, participants and users

In its statement of January 2026, the SEC not only reaffirmed that "decorative securities remain securities", but also established a precise classification of how they actually operate. Researcher Borja Neira (@borjaneira ) drew one of the clearest visualizations of the framework, showing the evolution from issuer sponsorship to third-party synthesis。

MODEL A: DENOMINATED SECURITIES SPONSORED BY THE ISSUER (DIRECT REGISTRATION)

Modalities of operation:The company itself consolidates block chains into its register of holders of primary securities. Ownership in official registers is updated simultaneously when tokens are transferred on the chain. You have securities registered in your name, not claims, not certificates of interest, but real shares。

Who's doing this:Galaxy Digital is the first listed company to decorate its shareholding in the SEC. By working with the Oping Bell platform (as a transit agent registered with the SEC), GLXY shareholders can now monetize their shares on Solana and store them in their encrypted wallets, even as collateral in DeFi agreements such as Kamino。

Painful:Mode A requires the issuer to opt in. Galaxy chose to do so for his own stocks, but Apple, Tesla and Inweida did not. This is the fundamental constraint: Mode A is effective only if the company itself decides to participate. You can't monetize people's shares in this pattern。

User use path:You need to be an investor on Superstate to complete the KYC. You check your identity, connect your wallet, and then you can monetize the GLXY stock you already hold. You can transfer white list wallets and use them in licensed DeFi protocols。

Consolidated Account (Omnibus Account)

BEFORE INTERPRETING MODELS B, C AND D, AN INTEGRATED ACCOUNT NEEDS TO BE UNDERSTOOD, AS IT IS THE CORE STRUCTURE AT THE BOTTOM OF MOST TODAY ' S MONETIZED STOCK PLATFORMS。

What's a consolidated accountSimply put, the assets of multiple clients are consolidated in the same account. The joint assets are held by brokers or intermediaries on behalf of all clients and are presented externally (and to trustees) as a large pool in which each client ' s share is recorded internally。

Why is this important for monetizationWhen platforms such as @OndoFinance, @DinariGlobal or @xStocksFi monetize shares, they usually purchase the base stock, which is stored in the consolidated account of the broker or trustee, and then issue block chains, representing the proportional indirect claim of each user to the pool。

You hold tokens, the platform holds shares, you own an indirect claim, not direct ownership。

MODE B: CERTIFICATE OF INTEREST IN TOKENIZED SECURITIES (HOST / THIRD PARTY)

Modalities of operation:CONTROLLED THIRD PARTIES (DTCC, BROKER, TRUSTEE) HOLD ACTUAL SHARES AND ISSUE BLOCK CHAIN TOKENS (I.E., "DIGITAL HOSTING RECEIPTS" REFERRED TO BY SEC) REPRESENTING SECURITIES. THE TOKEN REPRESENTS YOUR INDIRECT INTEREST IN THE BOTTOM SECURITIES THROUGH THE CHAIN OF INTERMEDIARIES。

There are two variants:

variant (i): the block chain itself is a title record and is directly integrated into the books of the equity holder。
variant (ii): records are kept in the traditional database under the chain and tokens are used to update the database。

Who's doing this:This is the direction of institutional infrastructure development. NASDAQ, which was authorized to carry out currency settlement transactions, is expected to be launched in the third quarter of 2026, New York, which is working with Securitize to build the platform, and DTC, which received no objection in December 2025, are building Mode B systems。

Your broker held your shares as usual, but the settlement layer moved to the block chain. The ownership structure remains unchanged and settlement is faster。

User use path:For institutional model B, the experience will eventually be identical to that of buying shares in Schwab or Finderity, and you will not even know that it settles on block chains。

For the family, it is not on line. When NASDAQ introduced a currency settlement transaction in the third quarter of 2026, it would be a seamless experience for existing brokering clients。

MODE C: LINKED SECURITIES (INTEGRATED ACCOUNT MODEL / STRUCTURED INSTRUMENT)

Modalities of operation:Third parties issue a financial instrument, usually structured instruments, debt instruments or contractual claims, the value of which is linked to the reference stock. You don't own shares, you have a third-party promise to pay you based on stock performance. There is no voting right and no direct claim to the lower assets。

Most of the monetized stock platforms operating today fall into this category. They buy shares, deposit them in the pool and issue tokens representing your claims against the pool。

Who's doing this:

Ondo Global Markets (@OndoFinance)The dominant market value (over $650 million in total market value on the ETA, BSC and Solana) United States stocks and ETFs with more than 200 monetized currencies, including Wal-Mart, Tesla, Visa, Union Health, etc。
User use path:KYC is required, open to non-United States users, and the tokens are ERC-20 coins that can be traded on DEX and can be used in certain DeFi agreements. Ondo holds assets at the bottom of the integrated structure through licensed partners。
xStocks (@xStocksFi)The second-ranking platform, with a market value of $205 million, is operated by infrastructure linked to Kraken. More than 100 monetized assets have processed more than $25 billion in cumulative transactions, accounting for 95-99 per cent of all monetized stock transactions in Solana。
User use path:Need KYC, use Solana's wallet, buy and sell on Jupiter DEX。
Dinari (@DinariGlobal)The first was the registration of brokers specifically for tokenized shares. Over 200 dShares assets. Working with Flow Traders to provide mobility to institutions. Based on Avalanche。
User use path:KYC, connection wallet, purchase dShares token, 24/7 transaction。
Backed Finance (@BackedFinance)Focus on the EU, under Swiss supervision. Stock (bTSLA, bNVDA, bGOOGL) and ETF tokens are converted into ERC-20 coins in Taifa. Target groups are institutions/qualified investors。
Robinwood EU (@RobinwoodApp)Some 500 monetized United States shares are available on Arbitrum. For the EU region only. The value of the chain was $11.6 million。Important tip:These are clearly derivative contracts, not equity. No vote。
User use path:In Europe, using the Robinwood application, tokens appear in your encrypted wallet。

THE RISK OF MODE C IS REAL: IF THE PLATFORM COLLAPSES, YOU ARE THE CREDITOR, NOT THE OWNER. YOUR CLAIM IS FOR THE CONSOLIDATED FUND OF THE ISSUER OF CURRENCY。

MOST OF THESE PLATFORMS DO NOT HAVE SIPC INSURANCE. THE SEC ' S STATEMENT IS ALSO CLEAR, AND IT INTRODUCES A HIGH LEVEL OF COUNTERPARTY RISK THAT THE BLOCK CHAIN SHOULD HAVE ELIMINATED。

MODEL D: SECURITIES-TYPE DERIVATIVE CONTRACTS (PURE SYNTHESIS)

Modalities of operation:A swap that provides a pure synthetic exposure to reference securities. (In short, you agreed with your counterparty that you would charge the price of the stock up and down, that the counterparty would charge you a fixed fee, and that the cash flow would be exchanged between the parties, but none of them actually held the stock。I'm not sure

No ownership. There is no right to vote. There is no claim in any form against the lower assets. All you have is a bet on the price。

IF THE TOOL MEETS THE SEC DEFINITION OF SWAP, IT IS AVAILABLE ONLY TO ELIGIBLE CONTRACT PARTICIPANTS AND MUST BE TRADED ON A NATIONAL STOCK EXCHANGE。

Who's doing this:It is mainly offshore platforms and encrypted derivative agreements. Ventuals is in this position and is a permanent contract based on @HyperliquidX, tracking private company valuations。

User path for Ventuals:No KYC, no authentication. Login using mailboxes or social accounts, automatically generating wallets, depositing stabilization coins and trading positions up to 10 times the value of OpenAI, SpaceX and XAI。

The price was found through the "optimistic predictor."An optimistic prophecyIt's a kind of thing."I'm counting first. No one's against itMechanism: It defaults that the data submitted are correct unless a bond is paid during the publicity period。) To be performed, any person may present a valuation through the pledge collateral. The cumulative volume of transactions amounted to $200 million, with 5342 independent traders。

Key warning for Ventuals, fund rate:Like all durability contracts, Ventuals charged a fund rate to anchor the contract price with reference valuation. When demand is overwhelming (as is the case for companies such as OpenAI and SpaceX), there are many costs to be paid for。

Based on a typical rate of 0.05 per cent for every eight hours, the cost of holding a multi-position position of $10,000 per day is approximately $15, or $450 per month, or 4.5 per cent of your position, or approximately 54 per cent per year。

With Ventuals holding a long-term multi-position position for private companies, the financial rate alone will quietly devour all returns. It is a trading tool, not an investment tool。

Users use the path: How does an ordinary person buy tokenized shares

This is the most important question, but the answers vary greatly from platform to platform。

The most objective assessment: Mode C is the point of entry for most today ' s bulk users. You carry out the KYC on platforms like Ondo or Dinari, deposit it in a stable currency and convert it into a token of shares。

It works and it's fast, but what you have is indirect claims to the pool, not actual shares, and DeFi portfolio is still developing. If you are an American citizen, most platforms are closed to you。

A different path: Berry

One platform of interest is Berry (@berryinvesting), a company in our portfolio. Berry operates under Mode C today, but will move to a model with a key difference: Each user has a share in an independent brokering account registered in its name, rather than in a consolidated pool。

Each account is covered by a separate SIPC undertaking and over-insurance. Berry issued a chain-based token (beTokens) as proof that the user actually brokered the hold, rather than a synthetic claim。

It uses a more in-depth issuer priority integration strategy, similar to Galaxy's collaboration with Superstate, which may involve direct equity monetization cooperation with companies at the level of transfer agents, but covering a wider stock pool. Landfall would represent a massive upgrading of Mode C protection to Mode A。

Linked Data List

The Dune Analytics dashboard from Gate Research reveals the real state of affairs through the chain data。

Market value of platforms (April 2026)

Total: About $890 million, a substantial increase from almost zero in January 2025。

Trade volume and trade activity

Market value data tell only half the story. The volume of transactions reveals the true usage:

xStocks (Solana):Cumulative transactions of more than 100 assets exceeded $25 billion. It is estimated that 95-99 per cent of all monetized stock transactions in Solana are accounted for. This is a clear place of bulk trading。
Ondo Global Markets:THE MARKET VALUE OF TVL (TOTAL LOCK HOLD)/MARKET VALUE DOMINATES, BUT TRADES AT A LOWER RATE, MORE LIKE "HOLDING" PRODUCTS THAN ACTIVE TRADING SITES。
Robinhood (Arbitrum):Despite the provision of some 500 monetized shares, the market value of the chain was only $11.6 million. The gap between media coverage and actual usage is clear。
Ventuals:The cumulative volume of transactions over a period of approximately four months amounted to $200 million, with 5342 independent traders. Small but extremely active, the average size of the position indicates that most are mature traders。
PreStocks (Solana):The market value of $13.4 million is increasing. It has been a long time since the end of the year, and it has been a long time since the end of the year。

Assets actually monetized

Dune's data reveal interesting patterns of what assets are monetized:

ETF:SPY, QQQ, ETC
Large Technology Unit:TSLA, NVDA, GOOG, ETC
Encrypted Native Unit:CRCL, COIN
Long-tail assets:Robinhod has longer asset tails

The current pattern of competition has been consolidated into what analysts call the "de facto two-headed monopoly": Ondo Finance (about 58 per cent of the total market value) and xStocks (about 24 per cent), with platforms such as Backed and Robinhod dividing the remaining 18 per cent。

What does that mean: a market penetration rate of 0.7 per 10,000。

Private equity: really exciting places

Public equity monetization has been upgraded by a bottom-up trading infrastructure. On the other hand, the monetization of private equity has opened a whole new market。

Private equity and wind market sizes reached $7 trillion, but the vast majority of the population was excluded by the 10-year lock-in period, the $1 million entry threshold, and cumbersome annual tax declarations. However, the market's desire for these private entry tickets has never been as crazy as it is today。

Fundrise case study: evidence of failed market structures

When Fundrise was listed on VCX at the New York office, the market made a move to alert every finance planner and to excite every tokenist: stocks were open at $42, while their net asset value (NAV) was $19。

It then briefly touched on $540 (1990 per cent premium) and even after the Citron Research study had been empty and the stock price had dropped by 50 per cent, its transaction price remained several times its real asset value。

Why? Because the top three bulk shares of VCX, Anthropic, Databricks and OpenAI, account for 48.3 per cent of its assets. These are the most popular private companies on the planet, and the bulk investors have virtually no access to them。

The equity list of the Fund, as recorded in AccessIPOS, is read as a celebrity for a later AI project: Databricks ($28 million, through DBH1 LP), OpenAI ($25.5 million, through Queet OA Access, LP), Service Titan ($21.3 million), dbt Labs ($15 million), Anthropic ($7 million, through SaxeCap Atlas VIII, LP), Anduril ($6.8 million, through 8VC ANSES PV) and Canva ($6.2 million)。

PLEASE NOTE THAT EACH PRIVATE COMPANY ' S SHAREHOLDING IS WRAPPED IN A SINGLE SPV, AND EVEN PUBLIC FUND-RAISING FUNDS REQUIRE INTERMEDIARIES。

@NoLimitGains and @AccessIPOs have been following VCX's movements closely: This is a very real case study: what happens when massive demand comes under artificially restricted supply。

THE LP MARKET IS BECOMING FRAGMENTED

The dynamics at the fund level have likewise failed. As Chief Executive of Allocate Samir Kaji (@Samirkaji) described, the LP (limited partners) market is rapidly becoming fragmented。

The late AI project has unlimited demand, but it's full of unauthorized SPVs and very high cost enough to destroy returns. – An example observed is the 15 per cent upfront cost plus 20 per cent collateral interest (Carry) plus over 30 per cent of the double return。

At the same time, the top 10-20 multistage branding fund was oversubscribed. This is the most difficult financing environment in a decade for emerging fund managers who do not have a light, single-flying background or strong operator influence。

Molly O'Shea (@MollySOShea), a former venture investor who was transformed into the lead podcaster, also highlighted similar developments throughout the private market environment。

SPV CHALLENGES

SPV (Special Purpose Vehicle) is an independent legal entity created specifically to hold an asset, usually the Delaware limited liability company (LLC)。

YOU CAN UNDERSTAND IT AS A "SHELL COMPANY" FOR THE SOLE PURPOSE OF HOLDING A STOCK OR AN INVESTMENT AND SELLING IT TO MULTIPLE INVESTORS. THE INVESTOR DID NOT BUY THE STOCK ITSELF, BUT THE SHARE OF THE SHELL COMPANY (LP INTEREST)。

SPVs are everywhere in venture capital: Syndicates on AngelList are SPVs; Access Funds are SPVs; each level of private-market stacks is dependent on them。

SPV IS EVERYWHERE: EVEN WITHIN PUBLIC FUNDS

Look at the holdout of Fundrise VCX, you'll see how deep the SPV level is. Of the Fund ' s approximately 25 portfolio positions, at least 7 are held in SPV packaging rather than directly:

THIS MEANS THAT APPROXIMATELY $77.6 MILLION IN ASSETS HELD BY VCX, CLOSE TO HALF OF THE FUND, IS LOCATED INSIDE THE SPV PACKAGING. EACH LAYER OF PACKAGING ADDS A LAYER OF COST, A LAYER OF COUNTERPARTY RISK, AND AN ADDITIONAL LAYER OF OPACITY BETWEEN INVESTORS AND BOTTOM COMPANIES。

THIS IS A PUBLIC FUND WITH SEC REPORTING OBLIGATIONS. IMAGINE HOW DEEP PRIVATE INSTRUMENTS WITHOUT DISCLOSURE OBLIGATIONS ARE EMBEDDED。

THE SPV MARKET IS BOOMING

THE NUMBER OF LEVEL II SPVS HAS INCREASED BY 545 PER CENT OVER THE PAST TWO YEARS AND THE TOTAL CAPITAL RAISED THROUGH THEM HAS GROWN BY 100 PER CENT. THIS IS A MARKET FOR SERVICES OF OVER $14 BILLION AND IS EXPECTED TO REACH $27 BILLION BY 2035。

Thousands of SPVs are established each year, and platforms such as AngelList, Sydecar and Allocations make the creation process almost without friction。

WHO CREATED SPV AND WHY

VC SyndicateMost commonly used examples. The joint investment sponsors looked for a deal, created a SPV on AngelList or Sydecar and invited their networks to invest with them. The licensee usually collects 20 per cent of the incidental interest (Carry)。
EMPLOYEES SELLING IPO STOCKSThis is an example that most people are not aware of. The employees of start-up companies who have been assigned options and wish to be mobile cannot be sold directly on Robinwood。

INSTEAD, A GROUP OF INVESTORS FORMED A SPV TO PURCHASE THESE STOCKS. THE EMPLOYEE CONTRIBUTES THE SHARES TO THE LLC AND MAY RETAIN A PORTION OF THE UPSIDE EARNINGS. THIS PRESERVES THE INTEGRITY OF THE COMPANY ' S CAPITAL STRUCTURE, WITH ONLY ONE ENTITY NOW EMERGING INSTEAD OF 30 NEW INDIVIDUAL SHAREHOLDERS, AND HELPS THE COMPANY TO KEEP BELOW THE 500 SHAREHOLDER THRESHOLD THAT HISTORICALLY TRIGGERS PUBLIC REPORTING REQUIREMENTS。
Access Fund ManagerIntermediaries with amounts in popular wheels (Anthropic, OpenAI, SpaceX) will create SPVs to provide a common investment channel for their LP networks. That's where the cost is most extreme。
Companies that manage their equity schedulesSOME COMPANIES PREFER SPV STRUCTURES IN SECONDARY MARKET TRANSACTIONS, AS IT INTEGRATES SHAREHOLDERS AND GIVES COMPANIES MORE CONTROL OVER WHO CAN ENTER THE SHAREHOLDERS ' ROSTER。

STANDARD SPV COSTS: DIGITAL DISMANTLING

THE COST OF OPERATING SPV IS SIGNIFICANT AND WILL ACCUMULATE OVER THE LIFE CYCLE OF THE CARRIER:

Ongoing annual cost:

Carry structure:

Carry (affiliation) is the share drawn by the fund manager from the investment earnings, which is the core incentive for the VC/PE industry. For example, 20 per cent of Carry means that if you invest a million dollars and eventually earn 2 million, 200,000 of the 1 million dollars goes to the fund manager and 800,000 to you。

Industry standard carry: 20% of net profit
Set-up/management fees transferred to investors: 0-2% of promised capital at delivery
Some platforms will add their own shares on this basis (AngelList charges an extra 5%)
THE MINIMUM FEASIBLE SPV SIZE: $200,000-$500,000 TO KEEP COSTS WITHIN 3 PER CENT. WHEN LESS THAN $200,000, FIXED COSTS (SET-UP PLUS ANNUAL MANAGEMENT COSTS) CONSUME AN EXCESSIVE SHARE OF YOUR RETURN。

TRADITIONAL SPV ISSUES

Cost overlay。When capital enters SPV through parent funds and then enters a common investment vehicle, the cost hierarchy can be devastating. The worst example is the 15 per cent forward cost + 20 per cent collateral interest + more than 30 per cent of double the return, which means that investors in the three-layered SpaceX SPV may need three to four times the return。

The cost of the platform ($8,000 from AngelList + 5 per cent share) is overridden by the 20 per cent collateral interest of the recipient。

Pricing is not transparent。When you buy a SPV that holds SpaceX shares, what is the actual price per share you pay? The SPV manager set the terms, there was no open order book, there was no price discovery mechanism, and you were completely trusting the middleman。

Inadequate mobility。ONCE YOU GET INTO SPV, YOU'RE LOCKED. MOST SPV INTERESTS HAVE NO SECONDARY MARKET. IF YOU NEED MOBILITY IN THE THIRD YEAR OF A 10-YEAR-OLD CARRIER, YOUR CHOICE CAN ONLY WANDER BETWEEN A "SUFFERING DISCOUNT" AND A "NOT SELLING AT ALL."。

Unauthorized carriers。Many of the SPVs that circulate around hot companies have not been approved by the company itself. OpenAI publicly objected to Robinhod's monetized product in June 2025, stating that the coins "does not represent OpenAI's equity". The same dynamic is taking place throughout the SPV area, with the most sophisticated companies often having the most unauthorized tools in circulation。

How the cost really destroyed the return

THE COST STRUCTURE OF THE SPV DEAL CAN QUIETLY DESTROY YOUR RETURN。

Mathematics is very straightforward: under this layered structure, the company's valuation will have to be five times higher in order for your investment to get three times the return. You'll get about 2.17 times less for a three-fold risk exit. – Just a little better than public index funds, but in order to get that return, you take the risk of a single company that lacks liquidity and is highly concentrated。

WORSE STILL, THE MULTILAYERED SPV HAS INCREASED OPACITY AT EVERY LEVEL, MAKING IT MORE DIFFICULT TO VERIFY WHETHER REAL EQUITY EXISTS AT THE BOTTOM OF THE STRUCTURE。

Structure itself is part of the investment, and that is not a rhetoric here. If you are not as rigorous as the assessment company itself in assessing the cost-heavy structure, then you do not really complete due diligence。

How do people actually buy private stock these days

There are different answers to the same question as open equity. Here are some of the real experiences of private stock acquisition:

THE TRADITIONAL PLATFORM GIVES YOU REAL OWNERSHIP, BUT IT TAKES WEEKS TO SETTLE AT A HIGH COST AND REQUIRES CERTIFICATION OF QUALIFICATIONS. SPV ALLOWS YOU TO GET TICKETS, BUT LAYERS OF COLLATERAL ARE ENOUGH TO DESTROY YOUR RETURN。

The monetization platform provides immediate, low-cost access, but the ownership claim is weak and regulatory uncertainty is real. Synthetic assets like Ventuals offer you an open price, but financial rates make long-term holding costs prohibitive。

Traditional secondary markets

Forge Global (@Forge Global) (acquired by C.I.A.)

Forge is the most famous name in the private stock market. • More than 27,000 deals with more than 600 private companies. It is now owned by Schwab, which enables it to reach millions of brokers。

Operational modalities:The process was completed online on the Forge market platform. You create an account to verify the identity of eligible investors (income of more than $200,000 a year or net assets of more than $1 million) and then enter the market。

The platform shows real-time purchase and sale of offers, historical pricing through its proprietary Forge Price index, and context market signals. You can submit bids to a particular company, directly negotiate with your counterpart (anonymous) and track progress within the platform。

Who's the rivalIt is mainly employees who own shares that belong to them, early angel investors and those who seek partial liquidity. The seller lists the shares at the required price. Buyer bid. Forge does match and enable。

The friction is real:THE 30-45 DAYS REQUIRED FOR SETTLEMENT AFTER THE TERMS WERE REACHED INCLUDE THE COMPANY ' S PREFERRED PURCHASE RIGHT (ROFR) PERIOD, DURING WHICH THE COMPANY ITSELF COULD CHOOSE TO BUY THE STOCK BACK INSTEAD OF ALLOWING THE TRANSFER. COSTS VARY BETWEEN 2 AND 4 PER CENT DEPENDING ON THE SIZE AND VOLUME OF THE TRANSACTION. THE MINIMUM THRESHOLD IS USUALLY OVER $100,000, AND ALL PARTIES MUST BE QUALIFIED INVESTORS。

Who's gonna price itThere is no central exchange. Pricing is driven by negotiations between buyers and sellers and is informed by Forge ' s proprietary data (final matching transactions, trade differentials, historical trends). It is closer to real estate than stock trading. Forge provides data and venues, but prices are determined by the market。

EquityZen (@EquityZen)

EquityZen uses a fund structure: investors buy EquityZen funds holding shares in particular companies. The cost is 2 - 2.5 per cent and the threshold is $25,000. Morgan Stanley's acquisition sent a strong institutional signal that private equity access was a large market. It is now located within the institutional framework of Morgan Stanley and has over 1,000 registered institutional clients。

Hiive (@Hiive HQ)

The aim is to provide a private stock experience similar to that of a public stock exchange. Real time offer, anonymous buyer/seller match. Show real-time pricing: SpaceX ($678.65), Anthropic ($525.37), OpenAI ($608.06)。

The minimum threshold is $25,000 and the seller charges 5 per cent. More than 1,000 registered institutional clients. This is the most "exchange-like" experience in traditional private markets, but it is still limited to qualified investors and requires manual settlement。

Bottom line of traditional platforms:They were effective and regulated, and the market was validated by the acquisition of institutions (the acquisition of Forge by Faith-based Technology and the acquisition of Equity Zen by Morgan Stanley)。

However, they are slow (30-45-day settlement), expensive (2-5 per cent), restrictive (only qualified investors, above the $25,000 threshold) and are in essence manual。

Encryption method

Ventuals (@ventuals)Permanent contract based on private company valuation on Hyperliquid. Cumulative volume of $200 million, 5342 traders. No KYC, no certification required, minimum $1 threshold. Up to 10 times leverage。

The value of Ventuals:It provides these functions to assets for which there was no previous price discovery and trading mechanism. This is a tool that did not exist 18 months ago for investors wishing to hedge their portfolio positions or express their views on the Anthropic valuation。

However, the problem of financial rates is real。When multiple demands prevail (as is always the case for OpenAI, SpaceX, Anthropic), multiple demands have to be constantly paid for empty heads。

At typical rates, the monthly cost of holding multiple positions is about 4.5 per cent and annualization is about 54 per cent. A US$ 10,000 multi-position position is about US$ 450 per month at financial rates alone。

This makes Ventuals a short-term trading tool rather than an investment carrier. You're paying a huge premium for a composite open that erodes your return every eight hours。

PreStocks (@PreStocks)

PreStocks is one of the most ambitious players in the field of tokenization of private equity. Its model is the purchase of actual pre-IPO shares, which are kept in the SPV structure, and the issuance on Solana of a token linked to those stocks by 1:1。

Twenty-two former IPO companies are currently supported, including SpaceX, OpenAI, Anthropic, XAI, Anduril, Neuralink, Discord, Kraken and Epic Gomes。

Operational modalities:You connect to Solana's wallet, select a company, and then buy a token on Jupiter or Meteora DEX. There are no minimum investment limits. You don't charge management fees, and you don't take money from your profits. 24/7 transaction, immediate settlement。

These tokens are fully commingled in DeFi, which means that you can borrow them, mortgage them or provide liquidity in the mobility pool。

Specific data:Cumulative transactions exceeded $350 million, annualized transactions amounted to $5 billion, over 1.5 million transactions and over 11,500 token holders. The value of the chain is approximately $13.4 million。

PreStocks benefits from taking root in the Solana ecosystem, where public stocks like xStocks are already traded frequently and trading infrastructure and liquidity pipelines are in place。

What you need to know is:PreStocks tokens only allow you to follow price increases, not any equity. The platform's own disclaimer is very clear: the token "does not confer ownership, voting rights, dividends, access to information or other legal rights" and "may lead to total loss"。

THE IDENTITY OF THE GROUND-LEVEL SPV OPERATOR WAS NOT PUBLICLY DISCLOSED ON THE WEBSITE, AND ALTHOUGH THE TEAM INDICATED THAT IT WOULD ISSUE REGULAR EXTERNAL AUDIT REPORTS AND PROVIDE PERSONAL SPACE VALIDATION (AT A FEE), DETAILED HOSTING DOCUMENTS HAD NOT BEEN MADE PUBLIC. NOT OPEN TO AMERICAN CITIZENS。

The transparency gap is a focus of attention。Its product design is strong, cost-effective and DeFi ' s portfolio has real advantages. However, if this model is to gain real institutional confidence, the bottom SPV operator must have a name, the audit report must be issued and the users need to have a clear understanding of the full chain of custody documents from tokens to actual shares。

Jarsy (@JarsyInc)

Jarsy took a slightly different approach. The core concept is the same, with 1:1 asset-supported monetization but more transparent in the acquisition process。

Operational modalities:Jarsy assesses investor needs by preselling tokens. Once sufficient demand pools have been assembled, they will use funds to purchase actual pre-IPO shares. If the acquisition is successful, the pre-sale token will be converted to the official token. If the acquisition fails, the funds are returned. Each purchase of a stock at the bottom is precisely a token。

Trust and transparency:All assets are stored in the SPV structure and can be verified in real time through the reserve certificate page. Transaction and warehouse records are stored in chains for audit purposes. Jarsy claims that investors have access to all relevant economic rights, including dividends and price increases, although the legal enforcement of such declarations through SPV packaging remains to be carefully examined。

Costs and access:No management or performance fees. The minimum investment was $10. Qualification requirements for non-United States investors。

The challenge lies in scale。The current warehouse is limited in size: approximately $350,000 xAI, approximately $490,000 Circe and approximately $670,000 SpaceX. This leads to thin purchase orders, and even medium-sized transactions drive prices significantly。

Jarsy is at an earlier stage than PreStocks, requiring significant liquidity in order to qualify the product for transactions other than small size positions。

The Tiger Research report outlines the key differences between these and traditional platforms: Forge and EquityZen need to match buyers and sellers, and settlement takes weeks. However, a monetization platform such as PreStocks and Jarsy supports mobility pools and automarketing。

This essentially provides better enforcement through an ongoing counterparty, which is why the settlement time can be reduced from 30 to 45 days to immediate。

An important warning for all encrypted original private stock platforms:PreStocks and Jarsy tokens do not grant legal voting rights and do not receive endorsements from the companies they represent. U.S. users cannot access it. This is an early infrastructure and regulatory risks are real。

THE QUALITY OF THE BOTTOM SPV, WHO OPERATES IT, HOW STOCKS ARE HELD, AND WHETHER THE COST STRUCTURE IS TRANSPARENT DETERMINE WHETHER A PLATFORM IS A LEGITIMATE LEVEL OF ACCESS OR ANOTHER NON-TRANSPARENT INTERMEDIARY。

Our perspective and investment logic

Infrastructure is being rebuilt. The end of the exchange, NASDAQ, NCO, DTC are in operation; the end of the management, Belet, Morgan Chase, Franklin Templeton, is also in the air; C.I.C. acquired Forge and Morgan Stanley acquired EquityZen。

These giants are not experimenting, they're investing in real silver. When the bottom pipe changes, everything that flows through it changes。

Infrastructure layout:Securitize (12.5 billion United States dollars) is the most influential private company in this field. Dinari has the first licence to register a broker. tZero is building its own chain. These are the bets of the "Smugglers" logic。

Ondo Finance (market value over $650 million, over 200 monetized shares) and xStocks (cumulative trade over $25 billion) are chain leaders who have identified product market convergence points (PMFs). The question is whether the integrated account model will be sustainable and whether the regulator will move towards an independent hosting model。

Berry's Logic:Berry ' s independent hosting structure addresses the integrated account risk, which is undermining the trust base of all other monetized stock platforms. If the market moves to require independent account protection (as implied in the SEC framework), Berry's "brokerage certification framework" will become the industry standard。

THEIR FOCUS ON THE LATIN AMERICAN MARKET HAS OPENED UP A HUGE MARKET WITH SEVERE UNDER-SERVICES. THE SHIFT TO PRIORITY INTEGRATION FOR ISSUERS IS THEIR PATH TO SCALE UP THE LEVEL OF PROTECTION FROM MODE C TO MODE A。

Private market access:Needs can never be met. This is evidenced by the 190.0 per cent NAV premium of VCX. This investment logic was validated at the institutional level by the acquisition of Forge by Cassandra and the acquisition of Equity Zen by Morgan Stanley. The private market of $7 trillion, with a currency penetration rate of only 0.007 per cent, represents the largest incremental opportunity in the field of finance and technology。

PreStocks' logic:We think PreStocks is one of the more interesting models of monetized private equity. Participation in the investment concept of the former IPO company in the form of a start-up, zero management fee, fractionalization and immediate settlement of 0.01 is very attractive. But the success of this model depends on the quality of the underlying SPV。

For PreStocks to truly operate on a large scale, the SPV, which supports each currency, needs to be managed by a reputable operator, with a very low and transparent cost structure, clean legal documents and a clear message to users as to what they actually have (LP interests of Delaware Limited, not direct equity)。

IF THEY MANAGE THE QUALITY OF SPV, PROVIDE CLARITY ABOUT OWNERSHIP STRUCTURES AND BUILD TRUST AROUND THE CHAIN OF TRUST, IT WILL BECOME A POWERFUL ACCESS LAYER FOR SCATTERED INVESTORS AROUND THE GLOBE WHO ARE EXCLUDED FROM TRADITIONAL PRIVATE MARKETS. WE WATCH IT. BUT SPV GOVERNANCE IS THE ULTIMATE RECIPE。

The question is not whether stocks will be monetized. The question is which models will prevail, which platforms will capture these values and how fast the migration will take place。