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ONDO Ondo Finance launches Ondo Private Markets to provide non-US qualified investors with tokenized exposure to private equity companies.
Ondo Finance officially launched the Ondo Private Markets service on October 6. The service is designed to provide eligible non-U.S. investors with tokenized investment exposure to private companies and support round-the-clock secondary market transactions. The first products will track the performance of an unnamed Pre-IPO (pre-IPO) artificial intelligence company.
Core Mechanisms and Equity Notes
Ondo Private Markets will issue Tokenized Notes linked to private companies to eligible non-U.S. investors. The underlying asset of the first product is a leading Pre-IPO AI company, and its secondary market trading is expected to start this week.
It is important to note that the holder obtains economic exposure through the notes, rather than directly holding shares, voting rights or equity ownership of the company. Holders can trade these notes 24/7 in the secondary market or use a self-managed wallet for custody.
Future Planning and Industry Expansion
Ondo said that future private market products will cover multiple fields such as robotics, cybersecurity, biotechnology, infrastructure, defense, energy and space. At present, except for the first AI product, the specific release time and company name of other sectors have not been disclosed.
此次新产品是在Ondo此前围绕公开交易股票、ETF和美国国债建立代币化证券业务基础之上推出的。新服务采用的代币化票据，其收益支付与参考私营公司在特定流动性事件（如IPO）中普通股实现的价值挂钩。
法律结构与所有权界定
Ondo在法律结构上明确区分了“代币”与“被追踪公司”之间的关系。公司声明指出，这些工具是发行人的债务义务，而非所参考私营企业的股份。因此，代币持有者在该公司不享有任何所有权利益、投票权或其他股东权利。
相反，每张票据的派息取决于参考公司普通股在发生符合资格的流动性事件时实现的每股金额。此类事件可能包括首次公开募股（IPO）或根据单个代币的法律条款规定的其他交易。
由于私营公司无需像上市公司那样披露详细信息，这种“敞口与所有权分离”的结构引发了行业内的讨论。参与者质疑，当底层企业不发布法定披露信息时，代币买家能获得的信息是否充分。类似的情况曾出现在2025年Robinhood推出与OpenAI挂钩的代币产品中，当时OpenAI明确表示该产品并非OpenAI的股权，且未批准与该产品销售相关的股权转让。
截至目前，Ondo尚未披露其首只私募票据背后的未具名AI公司是否背书或参与了该产品。
All-weather trading and geographical restrictions
Although Ondo emphasizes the "permission-free" nature of its secondary market transactions, Ondo Private Markets is only open to qualified investors in permitted jurisdictions.
The official announcement clearly states that the token is limited to non-Americans. Under the U.S. Securities Act of 1933, these tokens are not registered in the United States and cannot be provided or sold within the United States or to U.S. persons unless they are registered or have a valid exemption. Any purchase order located in the United States is prohibited from subscribing for, acquiring or redeeming tokens. Persons acting on behalf of or for the benefit of U.S. persons are also subject to this restriction.
This arrangement is separate from Ondo's regulated U.S. securities business. In July this year, Ondo announced that its SEC-registered broker-dealer subsidiary Oasis Pro Markets had been authorized by FINRA to provide services such as tokenized corporate equity, ETFs, mutual funds, index funds, IPO securities and private placement to U.S. investors. Ondo Private Markets is a product under different structures for qualified investors outside the United States.
Existing business size and market performance
Ondo Private Markets is built on top of the existing Ondo Stocks platform, which provides investment exposure to publicly traded securities via blockchain. Currently, the Ondo website lists more than 450 tokenized stocks and ETFs, with the latest data showing their total locked value (TVL) of approximately US$1.28 billion. These products can be used on networks such as Ethereum, BNB Chain and Solana, but are subject to geographical restrictions.
Ondo的股票产品与新的私募票据结构不同：现有股票产品由通过美国经纪交易商持有的证券和现金支持，并由独立验证机构核查；而私募市场产品则提供与参考公司经济表现挂钩的合同票据。
Ondo Stocks在5月突破10亿美元TVL大关，距上线不到八个月。当时公司表示，该平台累计交易量已达180亿美元，基于RWA.xyz数据，其在代币化股权发行人市场份额中占比超过70%。此后，资产目录从约260个扩展至450多个。9月，Ondo宣布随着产品通过NEAR Intents上线，Ondo Stocks的累计交易量已突破260亿美元。
据相关报道，截至报告期间，CoinGecko显示ONDO代币价格接近0.49美元，24小时内下跌约2.1%，七天内下跌6%。需要注意的是，数据并未确立私募市场公告与代币价格波动之间的因果关系。
