Citigroup moves private-company shares onto blockchain

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Citigroup plans tokenized shares

Highlights

Citigroup is preparing tokenized private-share trading for wealthy and institutional clients.
The product could offer exposure to companies such as Anthropic, OpenAI, and Ripple.
The structure would use tokenized depositary receipts issued and custodied by Citi.

The bank is creating a structure that would let clients trade private-company exposure on a blockchain, according to CoinGape. Citi is already in talks with some large private companies and hopes other Wall Street banks will eventually use the model.

A new route into private markets

The venture is aimed first at foreign investors, with plans to extend access to U.S. investors later. Artem Korenyuk, Citi’s global lead for digital assets enterprise alignment and services enablement, said the product would allow clients to hold private-company exposure alongside traditional public stocks, such as Apple.

Investor demand for late-stage private companies has surged as more technology groups delay public listings while raising money at very high valuations. OpenAI, Anthropic, and SpaceX have become central names in that demand, while Ripple remains one of the best-known private crypto companies.

Citi’s structure would work through tokenized depositary receipts, which are securities issued by banks to represent underlying shares. Citi would issue the receipts and act as custodian, while the blockchain infrastructure is operated by Switzerland-based SIX. The bank may later explore links to other blockchain networks.

Banks push deeper into tokenization

The move fits a broader shift across traditional finance. Citi and SDX previously announced a collaboration to tokenize, settle, and safekeep private-market assets on SDX’s digital central securities depository platform, with a focus on late-stage pre-IPO equities for institutional and eligible investors.

Other parts of Wall Street are moving in the same direction. The New York Stock Exchange has partnered with Securitize to develop a 24/7 tokenized securities trading platform, while major U.S. banks, including JPMorgan, Citi, Bank of America, and Wells Fargo, are planning a tokenized deposit network that could launch in the first half of 2027.

Private equity meets market infrastructure

The significance of Citi’s plan is that it offers a bank-run alternative to more informal private-share access structures, including special-purpose vehicles and synthetic exposure products. That could matter in a market where investors often want access to private companies but may not always know the exact rights or restrictions attached to what they are buying.

For Citi, the project is also a test of whether tokenization can move beyond pilot programs and become part of institutional market infrastructure. If large private companies agree to participate, tokenized receipts could make pre-IPO exposure easier to transfer, price, and custody.

Earlier, we reported that Citi explores blockchain with Solana to modernize global trade.

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