We’ve talked about Pre-IPO security issues before and shared with everyone the relationship between SPV and SPV mirroring. Especially with this kind of tokenized Pre-IPO, it’s essentially just a price-tracking tool—it can’t be settled, doesn’t offer any rights, and liquidity is all over the place. That said, I personally think the so-called 'universally invalid' doesn’t really mean much in the crypto space, because tokenization itself is inherently 'invalid.'