Tessera Kalshi Tokenized Pre-IPO SharetKalshi
tKalshi, issued by Tessera, is a tokenized pre-IPO equity exposure that represents fractional speculative exposure to the private equity of Kalshi, a Commodity Futures Trading Commission (CFTC) regulated event-derivatives exchange. Each token provides fractional economic exposure to the private, pre-IPO equity of Kalshi, the event-derivatives exchange, rather than to any listed security or ticker. Holders bear a transfer fee of 0.20% applied on token transfers. The instrument confers no voting rights, no shareholder information rights, and no entitlement to dividends or distributions from the underlying private company. Tessera identifies itself only through the domain tessera.co and provides no product disclosure there describing the tokenized instrument. The token carries a Tessera-retained freeze authority permitting the issuer to freeze balances. Because Kalshi equity is private and pre-IPO, the exposure is speculative and illiquid, and access is limited to eligible participants able to hold the token. The offering documents that would establish the issuer legal entity, jurisdiction of formation, governing law, custodial arrangement, and formal redemption rights are recorded in unavailable_fields where the domain provides no sourceable disclosure. The token is implemented under the SPL Token-2022 standard and issued natively on the Solana blockchain. The transfer fee of 0.20% and the freeze authority are enforced through the Token-2022 program extensions retained by the issuer. Settlement follows Solana network confirmation, and the token is held and transferred onchain by tokenholders.