Caplight to provide independent pricing for Citi DDR product
25 August 2026 US
Image: Andreas_Prott/stock.adobe.com
Caplight, a data and technology platform for private company securities, has been chosen by Citi to provide independent pricing for its new digital depositary receipt (DDR) offering.
The product tokenises private company shares for eligible investors, with Citi’s first DDR representing shares in web3 and blockchain platform Kaleido.
According to Citi, it is the first major bank to apply this specific depositary receipt model to private company shares.
The firm aims to bring institutional-grade custody and settlement to an asset class historically traded through bilateral processes.
Caplight will provide ongoing, independent pricing of the private company securities underlying Citi’s DDR issuances via its MarketPrice data feed, which supports fee assessment and periodic custodial reporting.
MarketPrice utilises AI-driven pricing models, which combine real-time transaction data, market signals, and fundamental data.
Commenting on the partnership, Javier Avalos, CEO and co-founder of Caplight, says: “We are proud to provide the independent pricing backbone for one of the most innovative products in private markets.
“Tokenised private securities will allow private companies to maintain control over voting and a more simplified cap table management structure while broadening investor outreach.”
The product tokenises private company shares for eligible investors, with Citi’s first DDR representing shares in web3 and blockchain platform Kaleido.
According to Citi, it is the first major bank to apply this specific depositary receipt model to private company shares.
The firm aims to bring institutional-grade custody and settlement to an asset class historically traded through bilateral processes.
Caplight will provide ongoing, independent pricing of the private company securities underlying Citi’s DDR issuances via its MarketPrice data feed, which supports fee assessment and periodic custodial reporting.
MarketPrice utilises AI-driven pricing models, which combine real-time transaction data, market signals, and fundamental data.
Commenting on the partnership, Javier Avalos, CEO and co-founder of Caplight, says: “We are proud to provide the independent pricing backbone for one of the most innovative products in private markets.
“Tokenised private securities will allow private companies to maintain control over voting and a more simplified cap table management structure while broadening investor outreach.”
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