Hecto Finance Targets '$100B+ Club' with Tokenized Index
At the Consensus Hong Kong 2026 conference on February 18, Hecto Finance CEO Ultan Miller detailed an ambitious plan to offer public investors on-chain exposure to elite private companies. The firm intends to build a tokenized index comprised of "Hectocorns"—private firms with valuations exceeding $100 billion, such as OpenAI, SpaceX, ByteDance, and Stripe. The index, developed on the institutional Canton Network, would allow investors to deposit capital into a vault and receive tokens representing proportional exposure to the basket of companies. Miller argued this model represents an inevitable evolution of securities, providing access to value created long before a traditional IPO.
Unauthorized Tokens Spark Legal and Investor Warnings
The proposal was met with immediate skepticism from industry peers. Edwin Mata, CEO of tokenization platform Brickken, cautioned that creating such instruments without the underlying company's consent is a "recipe for chaos." He stressed that tokenization is merely a technological overlay on traditional shares and does not circumvent corporate law or securities regulations. Mata warned that the rush into the real-world asset (RWA) market—forecasted to reach $30 trillion by 2030—could lure investors into projects with no solid legal foundation, leading to "massive losses" and undermining market credibility.
OpenAI's 2025 Rejection Underscores Legal 'Grey Area'
This current standoff is not without precedent. In June 2025, OpenAI publicly disavowed an attempt by Robinhood to offer tokenized equity linked to the AI firm. "These ‘OpenAI tokens’ are not OpenAI equity," the company stated at the time, clarifying it had not approved any such transfer. This incident highlights the central conflict facing unauthorized tokenization: without issuer consent, the legal rights attached to the tokens are ambiguous. While Hecto's Miller acknowledges operating in a "grey area," the stark warning from OpenAI demonstrates that private companies can and will publicly distance themselves from such products, leaving token holders with uncertain claims and exposing platforms to significant reputational risk.
