Tokenisation, Private Markets & The Authorized Wrapper

Citi, the pre-IPO access war, and the distance between custody and consent On 11 June 2026, Citigroup launched Digital Depositary Receipts, a structure that wraps shares of late-stage private companies in a bank-issued, blockchain-recorded security and settles them on SIX’s regulated SDX platform. The inaugural instrument referenced Kaleido, a Citi-backed tokenisation firm. The pitch is explicit — a single, trusted issuer-custodian as a cleaner alternative to the special-purpose vehicles that have proliferated around the hottest private names The throughline is the one we have pulled all spring — as private assets are wrapped for wider distribution, value accrues to whoever controls the authorised point of access. Authorisation, not tokenisation, is the scarce input.

#Tokenisation, #Citi, #PreIPO, #PrivateMarkets, #DepositaryReceipts, #Anthropic, #SpaceX, #SPV, #DigitalAssets, #SDX, #Blockchain, #DistributionReset, #CapitalMarkets, #PCR