Ondo Finance has introduced Ondo Private Markets, a new platform offering tokenized notes tied to the per-share value of selected private companies. The first product launches this week with exposure to an unnamed pre-IPO artificial intelligence company, with secondary-market trading expected to begin during the week of October 6.
The notes are designed to be freely transferable and composable onchain, giving eligible investors the ability to enter, exit, or adjust positions around the clock. However, Ondo clarified that the instruments are not shares in the underlying companies and do not confer ownership, voting rights, or shareholder rights. Payouts are linked to the value realized on a referenced private company’s common shares at a qualifying liquidity event, such as an IPO or another covered transaction.
The first reference company remains unnamed, described only as a leading pre-IPO AI company. Ondo plans to follow with exposure to robotics, cybersecurity, biotech, infrastructure, defense, energy, and space companies, though no launch dates or company names have been disclosed for future products.
Access is restricted to eligible non-U.S. investors in permitted jurisdictions. The tokens have not been registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States or to U.S. persons. Ondo’s separate U.S. regulated securities business operates through its SEC-registered broker-dealer subsidiary Oasis Pro Markets.
Acting CEO and President Ian De Bode said the platform is meant to change the fact that most retail investment options are public companies while 87% of companies with over $100 million in revenue are private. Ondo says its tokenized stocks and Treasurys platforms together have $3.7 billion in total value locked and more than 1 million cumulative holders. Tokenized equities have exceeded $42 billion in market capitalization, representing about 35% of the broader $121 billion tokenized-asset market.
At the latest reading, ONDO was trading near $0.49, down roughly 2.1% over 24 hours and 6% over seven days, though the announcement was not necessarily the cause of the price move.
