Ondo Private Markets, a unit of Ondo, said its OpenAI Private Markets Note is now available for trading on the Ondo Perps spot order book. The product is built to give eligible investors tokenized exposure tied to the performance of a leading private company, rather than direct ownership of its equity. According to the announcement, the note’s value is based on the realized per-share value of the reference company’s common stock, subject to the terms set out in the note’s issuance documents.
Ondo said the listing brings three main features. First, the instrument can be traded on a 24/7 basis from the first day of listing, without waiting for an IPO. Second, holders can keep the tokens in self-custody wallets and transfer them freely among eligible holders. Third, the product runs on the same platform behind Ondo’s tokenized equities and tokenized U.S. Treasuries offerings, which the company said has $3.9 billion in total value locked and more than 1 million holders.
Ondo also stated that the note does not represent OpenAI shares or equity and does not grant any shareholder rights. It added that Ondo has no affiliation, partnership, or endorsement relationship with OpenAI.
According to ChainCatcher, Ondo Private Markets has launched the OpenAI Private Markets Note for trading on the Ondo Perps spot order book.
Ondo Private Markets said it is focused on bringing economic exposure to private companies on-chain through tokenized notes for eligible investors. The structure is designed to track economic exposure linked to the performance of leading private companies.
How the note is valued and traded
The company said the OpenAI Private Markets Note is valued based on the realized per-share value of the reference company’s common stock, as specified in the note’s issuance documents. Trading is available on a 24/7 basis on the Ondo Perps spot order book from the first day of listing, without the need to wait for the company to go public.
Three features highlighted by Ondo
Ondo outlined three core points tied to the listing:
- Continuous trading from day one on the spot order book.
- Self-custody and transferability, allowing users to hold the tokens in their own wallets and transfer them among eligible holders.
- Support from existing infrastructure built on the same platform used for Ondo’s tokenized stock and tokenized U.S. Treasury products. Ondo said that platform has $3.9 billion in total value locked and more than 1 million holders.
No equity ownership in OpenAI
Ondo said the note does not represent shares or equity in OpenAI, and holders do not receive any shareholder rights in the company. It also said there is no affiliation, partnership, or endorsement relationship between Ondo and OpenAI.
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