# Citi and SDX to launch tokenized pre‑IPO shares platform in Q3 2025

**Published:** 2026-06-11T21:23:54.905Z  
**Topic:** Citi opens new route into private markets with tokenized share offering  
**Sentiment:** neutral  
**Publisher:** TrendWatcher — https://www.trendwatcher.in/article/61526dc8-7fb4-4d86-b5ee-9aa0351c72d1

Citi partners with Swiss digital exchange SDX to tokenise late‑stage private equity, aiming to roll out a compliant, scalable solution by the third quarter of

Citi and Switzerland’s SIX Digital Exchange (SDX) announced a joint effort to bring tokenised pre‑IPO equity to institutional investors, with a platform expected to go live in the third quarter of 2025 [1]. The collaboration positions Citi as both a digital custodian and tokenisation agent on SDX’s regulated digital Central Securities Depository (CSD) platform, targeting high‑growth, venture‑backed private companies.  

**Key takeaways**  
- The solution will tokenise, settle and safekeep late‑stage private shares on SDX’s blockchain‑based CSD [2].  
- Citi will leverage its securities‑services expertise while SDX provides a regulated digital‑asset infrastructure [3].  
- Sygnum and Singapore’s SBI Digital Markets will help distribute the tokenised equities to clients in Europe and Asia [1].  
- The platform aims to give issuers a compliant way to manage liquidity and cap‑table control for early investors and employees [2].  
- Launch is slated for Q3 2025, following the announcement at the Point Zero Forum in Zurich [3].  

## Building a digital bridge for private markets  

The partnership was unveiled at the Point Zero Forum, a gathering focused on actionable outcomes for emerging financial technologies [1]. Citi will act as the tokenisation agent, handling the end‑to‑end servicing of digital assets, while SDX supplies the underlying regulated blockchain infrastructure. David Newns, head of SDX, highlighted that the project will use SDX’s “regulated blockchain based technology” to efficiently distribute shares of mature private companies [1].  

Marni McManus, Citi’s Country Officer for Switzerland, Monaco and Liechtenstein, emphasized that Switzerland’s regulatory framework and SDX’s platform enable Citi to address the “manual and paper‑driven” nature of private markets with a digitised solution [3]. Ryan Marsh, leading Citi’s innovation and strategic partnerships, noted that the initiative aligns with client demand for access to emerging digital‑asset ecosystems and supports Citi’s broader innovation agenda [2].  

## Why it matters  

Tokenising private equity could lower barriers for institutional investors to access high‑growth companies that have traditionally been illiquid and opaque. By providing a compliant, scalable mechanism for liquidity and cap‑table management, the platform may encourage more early‑stage investors and employees to participate without sacrificing control [1]. The involvement of global custodians such as Sygnum and SBI Digital Markets suggests a pathway for cross‑regional distribution, potentially expanding the reach of tokenised private assets beyond Europe to Asia [1].  

If the Q3 2025 launch proceeds as planned, the Citi‑SDX solution could serve as a benchmark for other financial institutions seeking to digitise private markets, reinforcing Switzerland’s role as a hub for regulated digital‑asset infrastructure. Further developments will depend on regulatory approvals, market adoption and the ability of the platform to handle the diverse needs of issuers and investors.

## Sources
1. Citigroup — [Citi and SDX Join Forces to Unlock Access to Tokenized ...](https://www.citigroup.com/global/news/press-release/2025/citi-and-sdx-join-forces-to-unlock-access-to-tokenized-private-market-assets-for-global-issuers-and-investors)
2. Benzinga.com — [Citi, SDX Set Q3-2025 Launch for Tokenized Pre-IPO Shares—Is Private Capital About to Go Digital?](https://www.benzinga.com/content/45232887/citi-sdx-set-q3-2025-launch-for-tokenized-pre-ipo-shares-is-private-capital-about-to-go-digital)
3. Prnewswire — [Citi and SDX Join Forces to Unlock Access to Tokenized ...](https://www.prnewswire.com/apac/news-releases/citi-and-sdx-join-forces-to-unlock-access-to-tokenized-private-market-assets-for-global-issuers-and-investors-302447966.html)

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Cite as: TrendWatcher, "Citi and SDX to launch tokenized pre‑IPO shares platform in Q3 2025", https://www.trendwatcher.in/article/61526dc8-7fb4-4d86-b5ee-9aa0351c72d1