Caplight facilitates Citi's launch of tokenized depositary receipts on private shares
Caplight facilitates Citi's launch of tokenized depositary receipts on private shares
PR Newswire
SAN FRANCISCO, Aug. 25, 2026
Caplight's MarketPrice™ data feed will provide ongoing, independent pricing for Citi's new tokenized private securities offering
SAN FRANCISCO, Aug. 25, 2026 /PRNewswire/ -- Caplight, the leading data and technology platform for private company securities, was selected by Citi to provide independent pricing for its new Digital Depositary Receipt (DDR) product. The DDR product tokenizes private company shares for eligible investors with Citi's first DDR representing shares in Kaleido, Inc.
While depositary receipts have facilitated cross-border access to public equities for decades, Citi is the first major bank to apply this model to private company shares through its DDR product, bringing institutional-grade custody and settlement to an asset class that has historically traded via bilateral, paper-based processes.
Caplight's MarketPrice™ data feed will provide ongoing, independent pricing of the private company securities underlying Citi's DDR issuances. Caplight's data supports transparent fee assessment and periodic custodial reporting of Citi's DDR program. MarketPrice™ leverages Caplight's proprietary AI-driven pricing models, which synthesize real-time transaction data, market signals, and fundamental data across more than 100,000 venture-backed companies.
"We're proud to provide the independent pricing backbone for one of the most innovative products in private markets," said Javier Avalos, CEO and Co-Founder of Caplight. "Tokenized private securities will allow private companies to maintain control over voting and a more simplified cap table management structure while broadening investor outreach."
The DDR product addresses two long-standing challenges in private markets: access and transparency in high-growth, venture-backed companies. By combining Citi's institutional reach with Caplight's data infrastructure, the collaboration positions both firms at the forefront of private market innovation.
SOURCE Caplight
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