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ONDO Ondo Finance 拓展至私募市场，推出代币化未上市 AI 公司股权
代币化平台正在开启通往非上市公司股票的通道，首批标的为尚未在公开市场上市的人工智能企业。据 Cointelegraph 和 The Block 于 2026 年 10 月 6 日发布的报道，Ondo Finance 已开始提供针对未在公开市场挂牌的私营公司的代币化敞口产品。
从传统金融到私募市场的延伸
Ondo 凭借将传统金融工具上链而建立了其声誉。该公司最为人熟知的是将美国国债产品代币化，为加密原生投资者提供了一种与政府债务挂钩且能产生收益的替代方案。此次新推出的产品将该模式转向私募市场，这一领域历来对零售投资者或小型机构投资者而言难以触及。
通常，非上市公司的首次公开募股前（Pre-IPO）股份仅限于风险投资公司、合格投资者以及持有股权激励的员工。该领域的流动性有限，投资者通常在公司上市或被收购之前无法出售其持有的股份。代币化的支持者认为，将这些股份表示为基于区块链的代币可以简化相关敞口的转让或交易过程，尽管底层股票本身仍受管辖私募股权的法律和合同限制。
聚焦人工智能行业的战略考量
The choice to start with an AI company reflects current investor interest. Over the past two years, the AI industry has attracted huge amounts of private capital, with many high-profile startups opting to stay private longer rather than pursue a public listing. This leaves non-VC investors with little opportunity to participate directly in this growth, other than buying shares of publicly traded companies with AI-related business lines.
By packaging unlisted AI exposure into tokenized form, Ondo positions itself at the intersection of two major trends in the current market: one is the broader push to bring real-world assets (RWA) into blockchain orbits, a category that already includes Treasuries, money market funds and now extends to private equity; The second is the continued market demand for any AI-related product, which dominates both open market earnings and private financing.
Product structure and market impact
Currently available reports do not detail the structure of Ondo's new product, including the source of the underlying shares, the custody method and the legal structure governing investor rights. Any product involving private equity typically faces issues about underlying share custody, investor qualification requirements and regulatory treatment, details that could affect the market's evaluation of the release.
If successful, Ondo's move could encourage other tokenization platforms to seek similar private market products, expanding the real-world asset sector beyond treasury bonds and credit instruments. Private equity tokenization has been discussed in the industry for years, but large-scale implementation has been limited due to regulatory complexities in securities laws and investor qualifications.
For Ondo, this release is an expansion of its product line against the backdrop of intensified competition for tokenized treasury bonds. Entering the private equity market, especially in high-demand areas like artificial intelligence, helps distinguish its products from competitors that focus solely on fixed-income RWA products.
This release marks an important step in the extension of tokenization from open market and government-backed assets to private equity. The response of regulators and investors to tokenized unlisted exposure is likely to determine whether this approach becomes a template for the broader industry.
FAQs
Q: What products does Ondo Finance launch?
A: Ondo has launched a tokenized product that allows investors to gain on-chain exposure to private, unlisted companies, one of the first companies to focus on artificial intelligence.
Q: How is this different from Ondo's early products?
A: Ondo has previously focused on tokenizing public, liquid assets such as U.S. Treasuries. The new offering extends to shares in unlisted companies that are typically illiquid and limited to specific investors.
Q: Why did Ondo start as an artificial intelligence company?
A: Many well-known artificial intelligence startups have remained private for longer, attracting large amounts of venture capital money but not listed on public exchanges, making this growth area difficult for external investors.
Q: Does tokenization eliminate restrictions on unlisted shares?
A: No. Tokenizing unlisted shares does not eliminate potential legal and contractual restrictions on who can hold or trade it; these restrictions generally still apply.
