Singapore’s SBI Digital Markets (SBIDM) announced that it had closed two real world asset (RWA) tokenized bonds involving the securitization of intellectual property. One was a US$30 million deal for a music album, and the other involved performance rights. The 2025 deals represent a notable development given SBIDM’s institutional investor target market.
CK Ong, acting CEO of SBI Digital Markets said, “While much of the market cashes in on the hype of tokenised products, our priority at SBIDM has always been disciplined, regulated execution of structures and guardrails for issuers and investors. The recent transactions reflect our team’s capability in structuring IP and luxury asset-backed bonds to institutional standards.”
In 2025, the Financial Times highlighted the growing interest in (conventional) bonds backed by music rights linked to stars, estimating that $4.4 billion was issued during the first three quarters of the year. The issuers include the likes of Blackstone, Carlyle and a company owned by Michigan’s state pension fund.
However, combining a growing niche asset class with another niche market, tokenization, presents significant challenges. Others have done it previously, including issuances in 2022 by 360X, a joint venture between the Deutsche Börse and Commerzbank. However, 360X has since pivoted. Last year the German company’s Co-CEO Michael F. Spitz told Ledger Insights that it was challenging for its institutional target market. While some institutional investors were interested in the asset class, it was a stretch to find investors that were also set up to use blockchain wallets. Notably, SBIDM’s target market is not dissimilar, if a little broader.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
