Citi launches tokenized receipts for private shares
Citigroup has launched a blockchain-based venture allowing wealthy and institutional clients to trade private company shares alongside public stocks using tokenized depositary receipts. The service, initially available to foreign investors, aims to provide a clearer alternative to special-purpose vehicles. Citi's stock is performing well, with analysts expecting strong earnings and maintaining a Buy rating.
*this image is generated using AI for illustrative purposes only.
Citigroup has launched a blockchain-based venture enabling wealthy and institutional clients to trade private company shares alongside public stocks. The initiative aims to broaden access to pre-IPO names such as SpaceX and Anthropic as Wall Street seeks new avenues for investment in private markets.
The venture operates through tokenized depositary receipts, securities that allow investors to buy stakes in private companies and hold them within the same account as public equities. Citi issues and custodies these securities on a blockchain operated by Switzerland-based SIX, with plans to extend to other networks in the future.
“This lets clients put private-company shares essentially right next to their Apple stock,” said Artem Korenyuk, Citi’s global lead for digital assets. The venture launched with an initial trade where wealth clients invested in Kaleido, an institutional tokenization platform. Currently, the service is open only to foreign investors, with access for US investors planned for a later phase.
Citi has positioned the tokenized receipts as a cleaner alternative to special-purpose vehicles (SPVs), which have faced regulatory scrutiny and opacity concerns. “Investors don’t know what they’re actually buying,” Korenyuk said of SPVs. “This is a very clear alternative model.” The infrastructure is designed for other banks to adopt, potentially extending its reach across Wall Street.
Market Performance and Outlook
Citi’s stock has been performing strongly, rising 1% recently and more than doubling from $57 lows in early 2025. The stock’s technical indicators show a bullish setup, with all four exponential moving averages (EMAs) stacked below the current price. The 20 EMA sits at $129.83, the 50 EMA at $125.80, the 100 EMA at $120.56, and the 200 EMA at $111.40.
The Relative Strength Index (RSI) is at 63.15, which is considered healthy but approaching the upper channel boundary of $136 to $137. Prior rejections at this level have led to pullbacks toward the channel midpoint. The next significant catalyst for the stock is the earnings report scheduled for July 14.
Analyst Expectations
Analysts anticipate earnings per share (EPS) of $2.60, up from $1.96 a year ago, on revenue of $23.23 billion compared to $21.67 billion in the prior year. The stock carries a consensus Buy rating with an average price target of $145.04.
| Firm | Price Target ($) |
|---|---|
| Wells Fargo | 162 |
| Keefe Bruyette and Woods | 153 |
| JPMorgan Chase | 135.50 |
A break above $137 could accelerate the stock toward the $140 to $145 range. Conversely, losing support at the 20 EMA of $129.83 could trigger a pullback toward $125 to $120 before the next potential leg higher.
What regulatory hurdles must Citi clear to extend this tokenized trading service to US investors?
How will major private companies like SpaceX and Anthropic react to their shares being tokenized and traded on this platform?
Which other major Wall Street banks are likely to adopt Citi's infrastructure, and how quickly could this industry standard spread?
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