RegFirst tokenisation infrastructure
Private company equity, fractionalised as compliant SPV tokens.
Each target company is acquired by a dedicated ESIC-eligible SPV. Investors hold permissioned tokens in the SPV — keeping the operating company inside the 50 non-employee shareholder cap while opening liquidity to verified sophisticated investors.
- 3
- Live SPV offers
- $21.4m
- Capital raised
- 703
- Verified investors
- 42 sec
- Median settlement
The structural problem we solve
Private company shares are inherently illiquid, and the 50 non-employee shareholder restriction caps how many investors a company can take on. In markets where venture capital is thin — Australian advanced manufacturing, energy, software, health and biotech — scaling businesses are pushed offshore to find capital.
Illiquid holdings
Once bought, private shares have no exit until a trade sale or IPO. Tokenised SPV units trade on-platform in a compliant venue.
50 shareholder cap
The SPV holds 100% of Target Co, so the operating company keeps a single clean shareholder while thousands of token holders can participate.
ESIC tax structure
Eligible companies are restructured for ESIC, giving qualifying investors a 10-year capital gains exemption.
Registry administration
Share registry, transfers, consents and reporting are automated on chain — a universal problem in every market.
Offers
Token price reflects the SPV unit price at the last compliance-cleared trade.
Helio Grid Pty Ltd
Helio Grid SPV No.1 Pty Ltd
Distributed virtual power plant software orchestrating residential battery fleets across the NEM.
Token price
$2.45
Corella Bio Pty Ltd
Corella Bio SPV No.1 Pty Ltd
Point-of-care diagnostics for antimicrobial resistance, TGA pathway underway.
Token price
$1.10
Keelwright Marine Pty Ltd
Keelwright SPV No.2 Pty Ltd
Autonomous hull inspection robotics servicing bulk carriers out of Fremantle.
Token price
$4.80
The Lquidity lifecycle
One end-to-end process from listing application through to graduation or sale.
- 01
Listing application
Companies apply describing the technology, go-to-market strategy, capital sought and current capital structure.
- 02
Approval & ESIC restructure
Approved Target Companies are set up on chain. A new ESIC-approved entity acquires 100% of Target Co, tokenises the shares and lists at the valuation price per token.
- 03
Common legal framework
A consistent registered share structure, Lquidity as trustee and custody provider, and a common constitution and shareholder deed with voting, drag and tag provisions.
- 04
Capital raising (ITO)
Tokens are offered in an initial token offer. Investors apply for an Lquidity Wallet, connect their preferred digital currency and bid. ITO proceeds flow to the ESIC company net of fees.
- 05
Secondary trading
Token holders become virtual shareholders. On a trade, proceeds pass from seller to buyer, with ownership and every trade committed to the Lquidity ledger.
- 06
Announcements & marketing
Listed companies publish announcements and promote business activity to attract new investors and support the traded token price.
- 07
Sale or graduation
If a business graduates to a public exchange or is sold, units are sold via the platform — holders receive sale proceeds or equivalent share consideration on a see-through basis.
Why this works
- Addresses a structural problem that makes raising money and trading private securities difficult.
- Simplifies the administration of a private company share registry.
- Provides a fully digital trading framework for ownership and management, for company and investor alike.
- Monetises the ESIC structure (and equivalent international schemes) to widen access to capital.
- Gives investors curated access to tax-effective investment opportunities.
- Provides a readiness framework for private companies to scale with the right capital and management disciplines.
- Lets domestic and international investors reach a broader opportunity set — democratising venture capital.