In just a few weeks, tenfold returns!

Earlier in 2025, the @JarsyInc platform launched the Pre-IPO share token subscription for Circle, priced at $25 per share. Three weeks after the IPO, $CRCL surged to a new high of $298.

This made me realize that the current phase of "stock on-chain" is more about conceptual hype, while what may truly hold significance is the tokenization of private equity.

A few reasons:

First, when a company goes public, it has usually undergone multiple rounds of price validation by institutional investors, leaving limited room for retail investors. Since the vast majority of stock tokens currently only track prices and users cannot directly hold the underlying shares, why not pursue a sector with greater price appreciation potential?

Second, a fundamental change in market structure. According to data from Apollo Global Management, among companies in the U.S. with annual revenues exceeding $100 million, 87% are private enterprises. This percentage has been steadily increasing over the past two decades.

Historical comparison data:

Amazon: Founded in 1994, IPO in 1997 (3 years)

Airbnb: Founded in 2008, IPO in 2020 (12 years)

SpaceX: Founded in 2002, still not public (23+ years)

Contemporary unicorn companies generally choose to extend their private funding phase to accumulate value, creating a larger value creation window for private equity investments.

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