TOKENIZATION OF NON-PUBLIC COMPANIES AS A FACTOR FOR STOCK CAPITALIZATION GROWTH

Author(s): Perekhod S.A., Rybak G.A.

Rubric: Economy

DOI: 10.21777/2587-554X-2026-1-32-38

Release: 2026-1 (56)

Pages: 32-38

Keywords: tokenization, digital financial assets, tokenized shares, stock capitalization, stock market, investments, IPO, private companies

Annotation: The article examines the potential of tokenizing equity rights in privately held companies as a tool to narrow the gap between current stock market capitalization and the 2030 target benchmark. The problem stems from the high concen- tration of capitalization and limited availability of public offerings for mid-segment companies, which constrain the expansion of issuers and the range of instruments on sale. The methodology includes analysis of capitalization dynamics for 2020–2025, comparative analysis of legal regimes for tokenization of securities and Russian regulation of digital financial assets, construction of a causal model and scenario assessment. Tokenization has been found to affect capitali- zation through lower transaction costs, increased secondary liquidity, greater transparency of corporate rights, and an expanded issuer base. The scenarios show a possible contribution of 3–8 percentage points of gross domestic product by 2030 if a regulated secondary market is formed. The conditions for implementation of the effect have been defined: legal certainty of corporate actions, reliable accounting and treasury infrastructure and proportional protection of investors.

Bibliography: Perekhod S.A., Rybak G.A. TOKENIZATION OF NON-PUBLIC COMPANIES AS A FACTOR FOR STOCK CAPITALIZATION GROWTH // Economics and Management. – 2026. – № 1 (56). – С. 32-38. doi: 10.21777/2587-554X-2026-1-32-38