Caplight to Provide Independent Pricing for Citi's Tokenised Private Share Product

Caplight, a data and technology platform for private company securities, has been selected by Citi to provide independent pricing for its new Digital Depositary Receipt (DDR) product. The DDR product tokenises 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 the model to private company shares, bringing institutional-grade custody and settlement to an asset class that has historically traded via bilateral, paper-based processes.

Independent pricing across 100,000 companies

Caplight's MarketPrice data feed will provide ongoing, independent pricing of the private company securities underlying Citi's DDR issuances, supporting transparent fee assessment and periodic custodial reporting for the programme. MarketPrice uses Caplight's AI-driven pricing models, which synthesise real-time transaction data, market signals and fundamental data across more than 100,000 venture-backed companies.

Addressing access and transparency

Javier Avalos, Chief Executive and Co-Founder of Caplight, said: "We're proud to provide the independent pricing backbone for one of the most innovative products in private markets. 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 companies said the DDR product is designed to address two long-standing challenges in private markets: access and transparency in high-growth, venture-backed companies.