Citi Just Made It Easier to Invest in Private Companies Before They Go Public

TLDR

• Citi has launched a blockchain-based marketplace offering tokenized depositary receipts of private company shares
• The platform runs on blockchain infrastructure operated by SIX Digital Exchange, a regulated Swiss exchange subsidiary
• Citi acts as both issuer and custodian — the first global financial firm to do so for tokenized depositary receipts
• The product launched with an inaugural transaction involving Kaleido, a digital asset platform and Citi portfolio company
• The move comes as retail investor demand for pre-IPO access grows, with SpaceX’s IPO drawing over $70 billion in retail orders

Citigroup has launched a blockchain marketplace that lets wealthy and institutional investors buy tokenized shares of private companies. The platform uses what Citi calls Digital Depositary Receipts — a new digital product built on regulated blockchain infrastructure.

The offering went live on June 11, 2026, with an inaugural transaction between Kaleido, an institutional tokenization platform, and investors in Citi’s Wealth business.

Citi says it is the first global financial services firm to both issue and act as custodian for tokenized depositary receipts representing private company shares.

How the Platform Works

The receipts are issued by Citi and represent ownership interests in private companies. The underlying blockchain infrastructure is operated by SIX Digital Exchange, a subsidiary of Switzerland’s SIX Group and one of the world’s first fully regulated digital central securities depositories.

Citi handles settlement and safekeeping of the tokens on the platform.

The product is initially available to foreign investors. US access is planned for a later date.

The company says this model is more transparent than special-purpose vehicles, which are commonly used to give investors access to private companies but can involve multiple intermediaries and less visible fees.

Why Private Market Access Is Growing

Companies are staying private longer, and more of their growth is happening before they reach public markets.

A December 2025 report by the American Investment Council, citing PitchBook data, found that private equity outperformed the S&P 500 across five-, 10-, 15-, and 20-year investment horizons.

That track record, combined with fewer IPOs, has pushed more investors toward pre-IPO opportunities.

The SpaceX IPO illustrates the demand. Bloomberg reported that retail investors alone placed more than $70 billion in orders for the offering as of Thursday, June 12. SpaceX is targeting a valuation of $1.8 trillion.

Several fintech platforms, including Robinhood, have already explored tokenized exposure to private companies like OpenAI. However, those products generally offer indirect economic exposure rather than legal ownership. OpenAI previously warned investors that such tokenized products do not represent equity in the company.

Citi says its model avoids that ambiguity. Companies using the platform maintain control over voting rights and cap table management while gaining a new path to raise capital without a public listing.

Citi says it is in discussions with several large private companies about making their shares available on the platform and is exploring extending the product to multiple blockchain networks.

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