Private company shares could be tokenized in the ‘next 4 years’: Blockworks Research

Tokenized private equity is the next “greatest” opportunity, BWR analyst Carlos Gonzalez Campo writes

article-image

ArtioRaven/Shutterstock modified by Blockworks

share

This is a segment from the Empire newsletter. To read full editions, subscribe.


Today, we covered the new blockchain Converge, intended for products and apps that would give institutional investors ways of engaging with tokenized assets. Speaking of tokenization, Blockworks Research analyst Carlos Gonzalez Campo has penned a new report on the subject. 

“We anticipate the rapid development of purpose-built infrastructure,” Gonzalez Campo wrote

And wouldn’t you know it — we’re already seeing this kind of development in Ondo Chain and Converge. Both are “designed to align with regulatory requirements while leveraging the efficiencies and transparency of open blockchain networks.”

“In the coming months, we see the greatest opportunities in the tokenization of illiquid markets, particularly private equity. However, the successful integration of offchain assets into blockchain ecosystems relies heavily on clear and consistent regulatory frameworks,” he continued.

Gonzalez Campo makes the case that tokenizing private equity makes more sense than public stocks due to the high entry barriers and illiquidity that plagues private markets. 

“Unlike public stocks, which are already easily traded on traditional brokerage platforms and apps like Robinhood, tokenized private equity allows investors to access fractional ownership in high-growth private companies while adding efficiency to valuation dislocations,” he wrote.

Tokenized stocks, however, do have a bit of interest, as seen in the chart below. 

Source: Blockworks Research

Right now, tokenized versions of Coinbase, Nvidia, and the iShares Core S&P 500 UCITS ETF dominate the available tokenized public stocks. 

But, “with the right regulatory guidance in the US, we expect that shares of private companies like SpaceX and Open AI will be tokenized over the course of the next four years,” the note said. 

Throughout my career, the idea of making these highly exclusive private markets more available to the public has been teased but not really truly acted on — not, at least, in a way where folks really can get a piece of whatever private pie they want. 

It’s certainly taken longer than I thought it would after Robinhood changed the game for stock trading years ago. But it’s exciting to see a potential timeline laid out.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

Blockworks and Cracked Labs are teaming up for the third installment of the Permissionless Hackathon, happening June 22–23, 2025 in Brooklyn, NY. This is a 36-hour IRL builder sprint where developers, designers, and creatives ship real projects solving real problems across […]

recent research

Featured.png

Research

Helium stands at a pivotal moment in its evolution as a decentralized wireless network, balancing rapid growth, economic restructuring, and global expansion. With accelerated growth in domestic DAUs and Hotspots supporting its network, Helium is leveraging strategic partnerships and innovative proposals to scale internationally. The recent implementation of HIP 138, “Return to HNT,” has unified its token economy under HNT, simplifying participation and strengthening liquidity, while HIP 139’s phase-out of CBRS refocuses efforts on scalable Wi-Fi offload. Meanwhile, governance shifts under HIP 141 raise questions about centralization as Nova Labs consolidates control over the roadmap.

article-image

In 2011, WikiLeaks faced a financial blockade imposed by the US government. It was Bitcoin’s first major test.

article-image

Kado’s founder Emery Andrew spoke to Blockworks about the acquisition and what’s next for the team

article-image

LayerZero’s Bryan Pellegrino chatted with Blockworks about the firm’s next steps and its 10-year runway

article-image

Colosseum co-founder Matty Taylor is seeing “high-performance [Solana] founders showing a lot of interest in private trading technology”

article-image

Executives weigh the growth potential they see in the public stock and private credit/equities arenas

article-image

Players can stake ME, trade tokens and link wallets to climb the leaderboard