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ONDO Ondo Private Markets 正式上线：代币化票据开启私募股权前投资新路径
10月6日，Ondo Private Markets 正式推出。该平台首发产品为与选定非上市公司每股价值挂钩的代币化票据，初始标的锁定了一家处于上市前（Pre-IPO）阶段的AI公司。据 The Block 报道，这些票据预计将在发行当周开始在二级市场交易，使符合条件的投资者在目标公司公开上市前即可获得可转让的投资敞口。
代币化票据并非股权所有权
需要明确的是，此类票据并非所涉公司的股份或股权所有权凭证。相反，这些代币化工具将收益支付与非公司未来触发合格流动性事件时的每股价值挂钩。
从AI领域起步，拓展至多行业
Ondo Finance 于10月5日宣布了此次私募市场产品发行，将其描述为面向合格投资者的、针对非上市公司的代币化经济敞口。该发行的首个参考资产是一家AI公司，但 Ondo 在公告中未披露具体名称。
Ondo 表示，计划将该项目的覆盖范围从人工智能扩展至机器人技术、网络安全、生物技术和基础设施等领域。这一扩张计划表明，该平台旨在涵盖广泛的非上市公司板块，而非仅作为单一资产产品运营。
Track the value of liquidity events rather than direct shareholding
Qualified liquidity events include initial public offerings (IPOs), acquisitions or bankruptcy related events. Ondo pointed out that payouts (earnings payments) are tied to the value per share of the company's common stock at the time of these events.
Through note arrangements, investors gain contractual economic exposure rather than directly participating in the company's equity ownership or capital structure (Cap Table).
24/7 secondary market trading
Ondo said that eligible investors can transfer or trade these notes in the secondary market 24 hours a day, 7 days a week, and can deposit them in a self-managed wallet. The model is designed to provide a secondary market mechanism for target companies before reaching a liquidity event, although the value of the notes still depends on the terms of the instrument and the qualifying event that ultimately triggers.
Regional Restrictions
According to the Ondo Private Markets page, this product is not available to Americans. Secondary market trading is expected to begin in the week of the issuance on October 6.
