Jarsy Bypasses Cap Table Control
Jarsy
Issuer approval and cap table access are the core moat in traditional secondaries because the company controls whether a trade closes, who becomes a shareholder, and how much information buyers get. Forge and EquityZen win by fitting into that control structure, while Jarsy wins by routing around it, keeping Jarsy as shareholder of record and giving end users only economic exposure through tokens, which makes access cheaper and more scalable but leaves less direct issuer buy in.
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Traditional platforms were built after the Facebook era showed what happens when private shares trade without issuer control. The market shifted toward company approved tenders because issuers wanted to vet buyers, manage ROFRs, and avoid a messy cap table with unknown names appearing on it.
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Cap table access matters because it removes a large part of the operational friction. Carta and issuer run programs can reconcile transfers directly in the system of record, while company sponsored tenders can also share richer disclosures and aggregate larger blocks for institutions.
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Jarsy uses a different wrapper. Its Delaware SPVs buy the underlying secondaries, but users receive economic right tokens rather than SPV membership interests or direct shares. That means the issuer only sees Jarsy on the cap table, not the downstream token holders.
The market is splitting into issuer aligned rails and access first rails. Traditional platforms should keep compounding where companies want curated investors and orderly liquidity programs. Jarsy and similar token models should grow where demand is strongest for lower minimums, faster packaging, and broad distribution without waiting for every issuer to actively participate.