Jarsy as Shareholder of Record

Keeping Jarsy as the shareholder of record is the key design choice that makes small ticket private market access possible. It lets one Delaware SPV sit on the company cap table while thousands of users buy tokenized economic rights outside it, which removes voting, information, and consent issues that usually make private share transfers slow, manual, and expensive.

• In practice, Jarsy buys private shares through an SPV much like EquityZen or Forge, but users do not buy SPV membership interests. They buy one to one backed, non voting economic tokens, so the messy subscription paperwork and cap table administration stay with Jarsy instead of every end investor.
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• That structure also explains why companies can tolerate the model even without direct endorsement. The company only sees Jarsy on the cap table. Token holders are economically linked to the upside, but they do not gain shareholder rights, company access, or a direct relationship with the issuer.
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• The closest comparable is the broader shift from trading company shares to trading SPV or fund interests. Traditional platforms already use SPVs to reduce cap table sprawl, but tokenization pushes that one step further by slicing the economic interest into much smaller units and potentially making them easier to transfer later.
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The next phase is a market where the legal wrapper stays centralized and compliant, while the investor experience starts to look more like an app than a private placement. If that model keeps working, private company exposure will be packaged less as direct ownership and more as clean, tradable economic claims riding on top of a single record holder.