Citigroup Launches Digital Depositary Receipts to Tokenize Private-Market Shares on Blockchain

Private companies are delaying public listings, leaving investors to gain exposure largely through special-purpose vehicles (SPVs) with complex structures and opaque fees. Citi is extending traditional depositary receipts to shares in private companies, with the bank acting as both issuer and custodian. The shares are recorded on SIX's regulated blockchain infrastructure in Switzerland, an approach aimed at reducing trading and shareholder registry management costs.

Citi launched its “Digital Depositary Receipts” on June 11, 2026. The first transaction was backed by common shares in its portfolio company Kaleido, an institutional-grade tokenization platform, and offered to Citi Wealth clients. The transaction value was not disclosed. Citi plans to connect the offering to traditional market infrastructure and multiple blockchains and is evaluating an expansion to public blockchains.