Citigroup is moving ahead with a new platform for tokenized shares in private companies, bringing pre-IPO investment exposure onto blockchain infrastructure for wealthy and institutional clients. The platform will initially target foreign investors and give them access to tokenized equity in private firms. The Wall Street Journal reported that Citi is already in talks with several large private companies about joining the platform, though no names have been disclosed.
Delayed IPOs are opening space for new access models
The timing reflects a clear market shift. Many private companies are staying out of public markets for longer, leaving investors with fewer ways to gain exposure before a listing. That has pushed institutions to look for alternative channels into closely watched private businesses. Citi’s answer is to package that access through blockchain-based market infrastructure, with settlement at the center of the pitch.
The bank has spent years arguing that tokenization is one of the clearest practical uses of distributed ledger technology in traditional finance. In 2023, Citi estimated that tokenized securities could become a market worth as much as $4 trillion by 2030. In the same year, it introduced a pilot version of Token Services, a system that turned client deposits into digital tokens on a private blockchain to support faster cross-border transfers and more efficient settlement.
Latest platform extends Citi’s broader blockchain buildout
Citi has also joined a JPMorgan-backed consortium working on a tokenized deposit network. Reports say that project could begin operating in the first half of 2027 and is intended to support continuous settlement for large institutional clients active across multiple markets. The private-share platform fits into that same direction: moving from blockchain pilots toward investment products tied to existing capital market demand.
Competition is building across Wall Street and fintech. Last year, Republic said it planned to offer blockchain-based tokens linked to shares of companies including SpaceX, OpenAI, and Anthropic, with minimum investment amounts starting at $50. Robinhood also introduced tokenized exposure to OpenAI and SpaceX for European users through the Arbitrum network. OpenAI later said it had not approved or endorsed those tokens.
Private market tokenization is turning into a contested sector
The growing number of launches shows that tokenized private-market access is no longer confined to small-scale experimentation. In July 2025, Bernstein analysts described the trend as an “equity tokenization wave,” arguing that moves by firms such as Robinhood pointed to rising institutional backing for blockchain-based equity products. Citi’s latest push places the bank directly into that contest as financial firms race to connect investors with private assets through digital rails.