Citigroup is launching a new platform that will allow its wealthy individual and institutional clients to buy and sell shares of privately held companies through blockchain. According to The Wall Street Journal, the system will initially be open only to foreign investors.
The bank’s move comes at a time when Wall Street is increasingly focused on the long-awaited public listings of private giants such as SpaceX, Anthropic and similar companies. Many firms have been delaying their public debuts for years, increasing demand among institutional investors for access to private market shares. Traditional markets are clearly struggling to meet that demand.
Citigroup has not yet disclosed which companies it may include on the platform, but said talks are ongoing with some of the sector’s leading private companies.
Citigroup’s Tokenization Journey
The move is part of the bank’s broader tokenization strategy, which has been developing for years. In 2023, Citigroup predicted that the market for tokenized securities could reach $4 trillion by 2030. That same year, the bank launched a pilot application called Token Services, designed to convert customer deposits into digital tokens on a private blockchain and make cross-border transfers nearly instantaneous.
In recent months, Citigroup also joined a consortium led by JPMorgan. The consortium plans to launch a tokenized deposit network in the first half of 2027, with the goal of offering 24/7 settlement for major global clients.
Private Share Tokenization Gains Momentum on Wall Street
Citi is not entering this space alone. Last year, Republic announced that it would offer investors blockchain-based tokens representing shares of companies such as SpaceX, OpenAI and Anthropic, with a minimum investment amount of $50.
Robinhood also began offering tokenized shares of OpenAI and SpaceX to European users around the same period. The tokens were issued on the Arbitrum network. However, OpenAI was quick to distance itself from the initiative, publicly stating that it had not authorized or approved the tokens.
In July 2025, Bernstein analysts described these developments as a “stock tokenization wave” and viewed Robinhood’s moves as early signs of growing institutional momentum.
Why Now?
The decision by private companies to delay going public has started to become a structural issue. Companies such as SpaceX and Anthropic have reached valuations that surpass many publicly traded firms, yet access to their shares remains a privilege reserved for a select group. Tokenization has the potential to change that picture. It could make it possible to split shares into smaller units, increase liquidity and broaden the investor base.
Still, there is an important point to watch. The fact that Citigroup’s platform will initially be available only to foreign investors suggests that the U.S. regulatory framework has not yet fully adapted to this model. Offering tokenized private company shares to a broad investor base could trigger serious securities regulatory issues, especially in the United States.
