Key Highlights
- Citigroup debuts blockchain marketplace featuring tokenized depositary receipts for private company equity
- Infrastructure powered by SIX Digital Exchange, a fully regulated Swiss digital securities depository
- Citi serves dual role as issuer and custodian for tokenized receipts — a first among major global banks
- Initial transaction completed with Kaleido, a digital asset infrastructure provider in Citi’s investment portfolio
- Launch coincides with surging retail appetite for pre-IPO opportunities, evidenced by SpaceX’s IPO attracting $70+ billion in retail demand
Citigroup has introduced a blockchain-powered marketplace enabling high-net-worth and institutional clients to acquire tokenized equity in private companies. The platform leverages Digital Depositary Receipts — a novel digital instrument constructed on regulated blockchain technology.
The service became operational on June 11, 2026, featuring a debut transaction with Kaleido, an enterprise tokenization infrastructure provider, and clients within Citi’s Wealth division.
According to Citigroup, it represents the first major global financial institution to simultaneously issue and provide custodial services for tokenized depositary receipts linked to private enterprise shares.
Platform Mechanics and Infrastructure
The depositary receipts originate from Citi and signify ownership stakes in privately held enterprises. The supporting blockchain framework operates through SIX Digital Exchange, an arm of Switzerland’s SIX Group recognized as among the world’s earliest comprehensively regulated digital central securities depositories.
Citigroup manages both settlement processes and secure storage of tokens within the ecosystem.
Currently, the product caters to international investors, with American market access scheduled for future rollout.
According to Artem Korenyuk, a digital asset executive at Citi, the platform enables investors to maintain private company holdings “right next to their Apple stock.”
Citigroup emphasizes this approach delivers superior transparency compared to special-purpose vehicles, which typically facilitate private company investment but often incorporate numerous intermediaries and less visible cost structures.
The Expanding Private Markets Opportunity
Corporations increasingly delay public listings, capturing substantial growth phases while remaining private.
According to a December 2025 American Investment Council analysis utilizing PitchBook metrics, private equity delivered superior returns versus the S&P 500 throughout five-, 10-, 15-, and 20-year measurement periods.
This performance history, coupled with declining IPO activity, has driven growing investor interest toward pre-listing investment opportunities.
The SpaceX public offering demonstrates this appetite. Bloomberg’s reporting indicated retail investors submitted over $70 billion in purchase orders by Thursday, June 12. The aerospace manufacturer seeks an $1.8 trillion valuation.
Multiple fintech companies, including Robinhood, have previously investigated tokenized access to private entities like OpenAI. Those offerings typically deliver indirect economic participation rather than authentic ownership rights. OpenAI has cautioned investors that such tokenized instruments don’t constitute actual company equity.
Citigroup contends its framework eliminates this uncertainty. Organizations utilizing the platform retain governance authority and shareholder registry oversight while accessing alternative capital formation channels without pursuing public markets.
The financial institution reports ongoing conversations with numerous prominent private enterprises regarding share availability on the platform and evaluates expanding the service across additional blockchain networks.
