Ogier advises PrimeX on structure underpinning SpaceX private equity RWA

Ogier's multi-disciplinary team in Hong Kong and the British Virgin Islands has advised PrimeX on the establishment of the offshore fund structure used in connection with a SpaceX private equity-linked real-world asset initiative, delivered through PrimeX's collaboration with DigiFT and EX.IO. 

PrimeX is a regulated fintech company focused on high-quality RWAs. Working alongside DigiFT, a regulated digital asset platform for institutional-grade tokenised real-word assets (RWA), and EX.IO, a Hong Kong licensed virtual asset trading platform, the issuance of a SpaceX private equity-linked depository receipt token is described as Asia's first fully compliant product of its kind. 

PrimeX acted as the asset manager and led the selection and structuring of the underlying SpaceX-linked exposure. Space Exploration Technologies Corp. (SpaceX) is a US aerospace and space transport company founded by Elon Musk, and it recently merged with xAI, the artificial intelligence company behind Grok chatbot. 

Ogier acted as BVI counsel, advising on and setting up the structure and related corporate elements for the project, including structuring advice and execution, establishment, advising on regulatory and compliance considerations relevant to the structure. The team also liaised with PrimeX's wider adviser group to support the launch. 

The Ogier team featured Hong Kong partner Dennis Li, BVI partner Stuart Fee and Hong Kong legal manager Rebecca Tsui. 

Dennis Li said: "We are delighted to be involved in this first-of-its-kind tokenised product. The structure enables eligible investors to gain private market exposure through a tokenised instrument distributed through regulated digital asset platforms in Singapore and Hong Kong. This is a great step forward for RWA tokenisation in Asia." 

Ogier's multi-disciplinary Technology and Web3 team includes fund, finance and corporate specialists. Ogier is the market leader in the Cayman Islands and BVI for structuring centralised and decentralised Web3 projects. Using flexible and innovative structures, we help you launch your new project, advise on your existing operational foundations and DAOs and assist with your token issuances including private sales, airdrops and grants of tokens and NFTs. Contact our team to find out more.