In the fast-evolving world of blockchain and crypto, tokenized private equity is emerging as a game-changer, making high-stakes investments more accessible to everyday folks. A recent report from Blockworks Research, shared via an X post by analyst Daniel Shapiro, dives into this trend, spotlighting platforms like PreStocks and Ventuals. Let's break down the key takeaways in simple terms and see what this means for the broader token ecosystem.

大局：市场增长与可及性挑战

Global private equity secondary markets—basically, the resale of private company stakes—are set to hit a whopping $175 billion in volume by 2025, up from $152 billion in 2024. That's impressive growth, but here's the catch: over 97% of global investors still find it structurally tough to get in on the action. Tokenized platforms could change that by opening the doors to roughly 13 million accredited investors worldwide, plus over 100 million retail investors who might not qualify traditionally.

For context, companies typically hold onto private status for about 12+ years now, compared to just four years back in 2000. This longer timeline creates a real need for secondary markets where people can buy and sell stakes without waiting for an IPO. Tokenization, powered by blockchain, aims to provide that liquidity in a decentralized way.

PreStocks 和 Ventuals 如何引领潮流

PreStocks uses direct equity tokenization through diversified Special Purpose Vehicle (SPV) structures. Think of an SPV as a dedicated entity that pools investments for a specific purpose. This setup creates spot markets on decentralized exchanges, giving users proportional economic exposure to private companies—but without voting rights. It's like betting on a company's value without owning a piece of the decision-making.

On the other hand, Ventuals takes a derivatives-first approach. They offer synthetic perpetual futures contracts that track company valuations via a hybrid 50/50 oracle system (combining external data sources for accuracy). This allows leveraged exposure without needing to acquire or custody actual shares. Perpetual futures, or "perps," are popular in crypto for letting traders go long or short without expiration dates.

Since launching in August 2025, PreStocks has already racked up $4 million in trading volume. Ventuals is still in testnet mode, but both are early-stage without native tokens yet. They'll need to prove sustained user growth and volume before considering token launches.

估值潜力与溢价

These platforms could command 10-20x price-to-sales (P/S) multiples, drawing from comps in traditional markets. Why? Trading private equity has been notoriously inaccessible, so these innovators can charge higher take rates than spot or perp exchanges. In private equity secondaries, premiums are common, and with both projects still pre-token, realistic market caps might range from $50M to $400M, based on $5M-$20M in annual revenue once they scale.

Interacting with these multiples could lead to exciting opportunities in the token space, where hype and utility often drive value—much like we've seen with meme tokens, but grounded in real financial instruments.

风险与运营障碍

Of course, it's not all smooth sailing. PreStocks relies on legal agreements that bind diversified SPV backers to redemption requests at set limit prices and timeframes. Enforcement here is untested, which adds operational risk. Ventuals faces a classic chicken-and-egg problem: they need to bootstrap two-sided markets (buyers and sellers) while keeping oracle integrity using sometimes-stale secondary market data. Thin liquidity could deter big institutional players needed for depth.

Both platforms highlight how blockchain can democratize finance, but they must navigate regulatory landscapes and build trust to succeed.

这对区块链从业者意味着什么

For those in the meme token and broader crypto community, tokenized private equity shows how tokenization tech can extend beyond fun, viral assets to serious wealth-building tools. Imagine meme-inspired tokens tied to pre-IPO hype, or DeFi protocols integrating these for leveraged plays. As blockchain matures, blending traditional finance with decentralized innovation could spark the next wave of adoption. Keep an eye on PreStocks and Ventuals—they might just redefine how we invest in tomorrow's unicorns.