On-chain trading of US stocks has rapidly developed, but aside from stocks that are already listed and can be traded directly on the secondary market, there are still many high-quality companies today that can obtain huge amounts of funding through private placements without going public, such as OpenAI and SpaceX.

For these private equities, retail investors often find it difficult to enter, and investment opportunities usually only arise after an IPO, with a few institutional investors monopolizing the investment opportunities before the IPO. Although there are platforms in the traditional financial sector, such as Ustockplus under Dunamu in South Korea, and Forge or EquityZen in the United States, that allow retail investors to purchase private equities within the existing regulatory framework, these traditional financial platforms use a P2P matching model, meaning that if no one is selling, you still cannot buy. The unpredictability of transactions naturally leads to poor liquidity.

So, would the situation improve if it were pre-IPO private equity + on-chain? Currently, there are three platforms on-chain that provide pre-IPO private equity trading: Ventuals, PreStocks, and Jarsy. Let's take a look at their respective features.

Ventuals

Ventuals is a pre-IPO equity perpetual contract platform built on HIP-3. On Ventuals, traders do not trade based on stock prices but rather based on their expectations of the company's total valuation fluctuations. Holding a position in a pre-IPO company on the Ventuals platform does not mean owning any actual economic rights to the company—it is merely speculating on changes in its valuation.

Since it is not tied to actual equity, Ventuals is essentially a platform for betting on company valuations. The advantage of this model is that Ventuals can quickly launch a large number of pre-IPO company targets and respond to market trends, while also avoiding traditional regulations to some extent due to the lack of actual underlying assets.

However, the downside of Ventuals is that its price dependence on oracles can easily lead to market manipulation. The valuation data of private companies is inherently opaque and updated infrequently. Additionally, Ventuals recently reduced the weight of external oracle price feeds to 0.25 and increased the weight of marked prices to 0.75, raising concerns among some players about potential market manipulation.

PreStocks

PreStocks is built on the Solana network. Unlike Ventuals, PreStocks truly tokenizes pre-IPO equity held by entities that directly or indirectly invest in the target company. The team mentions on their official website that they will regularly release third-party certification reports to ensure that the token supply corresponds to the actual equity held, and they will also release reports when there are requests that can cover audit costs.

Because it involves actual equity, users from countries like China, the United States, and Canada cannot actually use the minting and redemption services of the platform. Although it is still possible to buy and sell these equity tokens on-chain without KYC, if one wants to buy and then redeem these tokens for USDC after the IPO, KYC will be required. Additionally, while there is actual equity backing, holding equity tokens does not mean owning rights such as ownership, voting rights, or dividend rights.

The main advantage of PreStocks is its good integration with the DeFi ecosystem, allowing direct trading on platforms like Jupiter and OKX Wallet, and enabling low-cost lending or leveraged trading within some dApps in the Solana ecosystem.

Jarsy

Like PreStocks, Jarsy also has actual equity backing. However, compared to PreStocks, Jarsy is more like a pure pre-IPO equity investment platform that combines blockchain technology rather than a trading platform, as the equity tokens on Jarsy are non-transferable and cannot be used in DeFi. They have created an internal trading system that only allows trading on the platform.

However, Jarsy currently has better transparency disclosures than PreStocks.

The advantages and disadvantages of Jarsy and PreStocks share some commonalities. First, both have very low minimum investment amounts, with Jarsy set at $10, while PreStocks has none, which is beneficial for users worldwide who can access their services, lowering the investment threshold for pre-IPO equity. The downside is that the amount of equity they can hold is indeed quite limited; for example, the TVL of the equity token for xAI on Jarsy is only about $1.1 million, and the total for SpaceX across two rounds is about $1.7 million. The limited scale of actual pre-IPO equity held directly leads to liquidity issues, and even seemingly small orders can trigger significant price fluctuations.

Conclusion

In summary, liquidity remains a challenging issue faced by the tokenization of pre-IPO equity, making it difficult for large funds to flood into this sector on-chain.

However, the benefits are also evident; retail investors previously had almost no access to invest in companies like SpaceX and OpenAI before their IPOs, but now, through blockchain, a door that was always closed has been opened.

In fact, the on-chain financing platform Echo, created by Cobie and acquired by Coinbase for $375 million, is doing something similar, except they do not tokenize equity. They previously had a $10 million financing quota for 1X Technologies' Series C being sold in a private group.

Everything is still in its early stages.

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