Tessera Tokenized Pre-IPO Assets

T-Tokens are loan participation rights, not securities: acquiring one extends an unsecured loan to a dedicated, per-token issuer entity that is a wholly owned subsidiary of Tessera Works Foundation, created specifically for that token. The underlying private-company shares sit in segregated portfolio companies (Cayman Islands SPCs). The structure carries a non-security legal opinion under Singapore law, which is what lets Tessera skip KYC and offer tokens permissionlessly.

No ownership, voting, dividend, or information rights in the underlying business — explicitly stated by Tessera's own founder. The loan is unsecured and NOT collateralized by the underlying shares directly; holders rely on the issuer entity's contractual obligation.

No fixed maturity and no guaranteed timeline — redemption is contingent on a liquidity event (IPO, acquisition) for the underlying private company, at which point the issuer opens a redemption window that holders must use or miss. 1:1 token-to-underlying-unit backing is continuously verified via Chainlink Proof of Reserve, though the loan itself remains unsecured regardless of that verification.

Solana.