Bifu Research | 2026

Abstract

At the beginning of 2026, a significant consensus shift emerged in the global capital market: evolving from pure on-chain speculation to "premium equity assets" supported by real commercial valuations. Morgan Stanley's 700 million USD acquisition of EquityZen marks the official transition of the secondary private equity market from early geek exploration to the core domain of mainstream financial giants.

Concurrently, the "equity on-chain" model, based on blockchain technology, is breaking the solid ice of traditional equity trading at scale through more mature "fractionalization" and "on-chain confirmation" solutions after years of technological accumulation. Amidst this grand financial infrastructure wave, the tokenization of Pre-IPO RWA (Real World Assets) is particularly eye-catching—it accurately bridges the massive valuation gap between top-tier unicorn companies' primary and secondary markets (IPO).

This research report aims to analyze the underlying legal architecture and industry status of equity on-chain. Using the recent industry-representative Pre-IPO RWA case, the "Musk Unicorn Special Fund," as an example, it explores how investors can allocate globally scarce, high-growth assets through compliant channels.

I. The Deep Evolution of Primary Market Liquidity

Although the exploration of primary market on-chaining began long ago, 2026 is seen as the critical juncture where the field shifts from "model verification" to "scaled volume." For a long time, the equity of top unicorns like SpaceX, xAI, and OpenAI has been in a highly centralized monopoly. However, a series of technological and market advancements in 2026 has ushered in a new acceleration phase for primary market liquidity.

• Asset Side: The Front-loading of Core Value Growth. Over the past decade, global premium tech companies delaying their IPOs has become a prominent trend. Unlike earlier years when Tesla (TSLA) entered the secondary market at a very low valuation, allowing the public to share in hundreds of times of post-listing dividends, today's super unicorns often grow into behemoths worth hundreds of billions of dollars during their private stage. This means the steepest value growth curve in a company's lifecycle is locked before its IPO. Therefore, how to cross the traditional chasm between primary and secondary markets and "enter as early as possible" before premium assets achieve IPO has become the core demand of the current capital side.
• Capital Side: Evolution from Institutional Monopoly to Inclusive Asset Allocation. In the past, the extremely high capital entry barriers and strict qualification requirements of private equity investment not only hindered retail investors but also limited the asset portfolios of mid-sized family offices. In 2026, breakthroughs in compliance and technology by RWA platforms have broken the monopoly of a few top institutions, allowing broad small and medium-sized capital to enter in a more flexible, low-barrier manner.
• Technology Side: Comprehensive Maturity of Infrastructure. In 2026, the performance of underlying public chains represented by Base and Solana can support high-frequency, low-cost equity share settlements. The user experience and capital circulation efficiency of on-chain RWAs have gradually caught up with or even surpassed traditional brokerages.

II. Equity On-Chain Architecture

Equity on-chain is not a simple "stock scanning" but a precise nesting of legal entities and smart contracts.

1.Legal Pathway: Separation of SPV and Beneficial Rights

To circumvent the compliance risks of direct securities registration, the industry currently generally adopts SPVs (Special Purpose Vehicles, usually fund entities in places like the Cayman Islands or Singapore) as physical isolation and rights confirmation containers for assets. In this structure, the fund entity is responsible for holding the investment, while compliance supervision is completed by external institutions. Its standard industry execution path is as follows:

2.Equity Attributes: Financial Yield Rights vs. Voting Rights

The research analysis shows that to achieve inclusivity under the current securities law framework, most RWA equity token holders enjoy "financial yield rights."

• Yield Rights: Includes premium realization after IPO, dividend distribution, and company buyback returns.
• Voting Rights: Usually exercised by the SPV manager (institution) to ensure the stability of the underlying asset's operation.

III. Multi-Dimensional Industry Landscape

With Morgan Stanley officially entering the market, the primary market equity allocation track has formed a multi-party parallel landscape of "traditional licensed institutions," "compliant asset management giants," and "Web3 native platforms." Different platforms show obvious divergence in asset acquisition capabilities, circulation efficiency, and compliance pathways.

1.Ecological Positioning of Market Leaders

Looking at the current equity and private RWA track, the industry is forming three main camps:

• Institutional-Grade Compliance Giants (e.g., Securitize, InvestaX): These platforms cultivate compliance infrastructure deeply. As a leading platform, Securitize is deeply tied to giants like BlackRock, focusing mainly on tokenized funds and institutional-grade private equity on-chaining. The threshold still has strong institutional attributes.
• Cross-Border Internet Investment Banks (e.g., Republic): Relying on its massive compliant crowdfunding background, Republic has recently started to dabble in the tokenized issuance of Pre-IPO assets, providing qualified investors with equity shares including Web3 unicorns, representing the trend of traditional Silicon Valley capital migrating on-chain.
• Web3 Native Inclusive Platforms (e.g., Bifu, Jarsy, PreStocks): These platforms directly hit the pain point that "retail investors cannot participate in top assets." Through front-end fractionalization and rigorous underlying SPV design, they lower the participation threshold of super unicorns like SpaceX, xAI, and OpenAI to a relatively low level, and support 24/7 stablecoin settlements, greatly enhancing capital circulation efficiency.

2.Comparative Analysis of Core Dimensions

Morgan Stanley's acquisition proves traditional giants' desire for primary unlisted assets, but their outdated underlying technical architecture remains a shortcoming limiting their liquidity. The future incremental market belongs not only to institutional service providers like Securitize but more so to native RWA platforms that can perfectly connect "strict offline compliance" and "efficient on-chain liquidity."

IV. In-Depth Case Analysis: Musk Unicorn Special Fund

In the current market practice of equity on-chaining, the "Musk Unicorn Special Fund" recently launched on the Bifu platform provides a noteworthy compliance paradigm.

1.Core Target: The Absolute Moat of the Musk IP

This fund is deeply anchored to core hard-tech companies actually led by Musk, such as SpaceX and xAI (completely excluding pure emotional concept speculation targets).

• Asset Fundamentals: SpaceX's net profit has reached 8 billion USD in 2025; meanwhile, xAI, as Musk's core computing power entity against OpenAI, shares the underlying technology premium with SpaceX and possesses civilization-disruptive narrative capabilities.
• Valuation Arbitrage Space: The market expects the primary market valuation benchmark of SpaceX and xAI after merging to reach 1.25 trillion USD, and internal memos show plans to launch an IPO in mid-2026. Entering at this time not only locks in scarce primary market shares under this 1.25 trillion USD valuation system but fundamentally means "positioning" early to capture the massive premium dividends brought by the influx of global secondary market liquidity after the future IPO.

2.Security and Compliance: Rigorous Institutional Synergy and Confirmation Mechanism

In the establishment and management of the SPV, this project listed on the Bifu platform introduces a rigorous "institutional synergy" mechanism:

• Strong Regulatory Endorsement: The SPV management end is held by Singapore's Duxton Asset Management. Being regulated by the Monetary Authority of Singapore (MAS) and holding a CMS license provides a solid regulatory endorsement for the project's compliant operation.
• One-Stop Allocation Channel: Relying on Bifu's rich resource network, the platform can effectively penetrate the core asset layer of unicorns, providing users with a convenient and transparent one-stop allocation channel, ensuring clear confirmation of underlying asset rights.

V. Risks and Challenges

Although the RWA model innovatively reshapes asset liquidity, investors still need to treat it cautiously and establish reasonable expectations:

• Discrepancy in Information Disclosure: Unlike the mandatory high-frequency public information of listed companies, the information disclosure mechanism of pre-IPO companies is relatively restrained. Projects listed on Bifu usually need to cooperate with providing professional auditing or verification mechanisms to maximize the protection of platform users' right to know.
• Complexity of Multi-Jurisdictional Compliance: Cross-border asset allocation naturally faces regulatory requirements of different jurisdictions. Premium RWA platforms usually adopt internationally recognized licensing frameworks to find the optimal balance between compliance and efficiency to ensure the long-term stable operation of projects.
• Elasticity of Investment Cycles: The IPO process of unicorn companies is often subject to the comprehensive impact of the global macroeconomic and capital market environments. Although there is an expected listing window, investors should view such projects as mid-to-long-term value allocation tools. Meanwhile, the platform will also provide users with additional liquidity supplementary solutions by continuously improving internal RWA trading mechanisms.

VI. Conclusion and Outlook

Equity on-chaining is reshaping the capital market's "food chain." In 2026, with the improvement of underlying infrastructure, equity-based RWAs are steadily shifting from the early experimental stage to mature institutional-grade asset allocation channels. Pre-IPO assets represented by super unicorns like SpaceX are undoubtedly the best vanguard of this liquidity revolution.

The future capital market will no longer have absolute primary and secondary boundaries; liquidity will achieve cross-spatial "smoothing" through blockchain protocols. For investors, understanding the track logic of equity on-chaining and choosing platforms with compliance endorsements and top-tier underlying asset support will be the key to grasping the "hard tech" dividends of the next decade.

References

1. Morgan Stanley: Morgan Stanley Closes EquityZen Acquisition | Morgan Stanley
2. CNBC：Musk's xAI, SpaceX combo is the biggest merger of all time, valued at $1.25 trillion
3. Jarsy Platform：Learn About Pre-IPO Investing | Guides, Concepts & Insights | Jarsy.
4. Republic：How it works — For investors — Republic

Disclaimer

This report is compiled by Bifu Research and is for informational reference only. It does not constitute any investment advice, legal opinion, or endorsement of specific assets. The digital asset market has high volatility and risk; past performance does not represent future returns. Please fully evaluate risks and consult professional advisors before investing. The policy interpretation involved in this report is based on the regulatory environment at the time of publication. Since local laws and regulations may be updated and adjusted over time, please always refer to the latest documents issued by official regulatory authorities for specific compliance requirements. Bifu assumes no legal liability for any decisions made based on this report.