Hecto Prepares Launch of NEOPRIME, Its First Private Market Exposure Token on Canton Network
Issued by Neoprime on Hecto's infrastructure, the token is structured as a debenture under British Virgin Islands law and targets a basket of late-stage US industrial companies, starting with Erebor.
Hecto, a private markets infrastructure firm, said on 19 October 2026 that its first private market exposure (PMX) token on the Canton Network is "about to go live". The token, NEOPRIME, is issued by Neoprime on Hecto's infrastructure and is meant to give onchain investors backed exposure to a basket of private companies that Hecto describes as building America's next industrial base.
The product was first announced on 13 October, according to DeFiprime, and a press release distributed on 14 October said the first trading pool opened that day. Hecto's 19 October post still described the launch as imminent. Erebor, which the release calls a hard-tech bank, is the first completed position. CantonCap data on 20 October shows NEOPRIME at about 0.857 USD, up 3.3% over 24 hours.
How the token is structured
According to the release, NEOPRIME is a tokenized debenture under British Virgin Islands law. Holders receive contractual creditor rights against Neoprime's special purpose vehicle and do not receive shares in the underlying companies. Exposure is held through first and second layer SPVs against what the release calls verified shares, so that each position is backed by a real holding rather than a synthetic price reference.
The release says a company qualifies for the basket only if it is pre-IPO, valued at a minimum of $1 billion and has adequate pricing data from independent third party providers. The named basket is:
- Completed: Erebor
- In process: Shield AI and Anduril
- To follow as secured: Project Prometheus, Figure AI, Crusoe, The Boring Company, Castelion, Hadrian, Saronic and Stoke Space
Pricing and buyback mechanics
Hecto says NEOPRIME is designed to track the value of its underlying assets rather than trade at a large premium when demand is high. When the token trades above net asset value, eligible parties can mint new tokens, and the new capital buys more underlying shares, which the company says should pull the price back toward fair value.
When a company in the basket announces an IPO process, its position is to be sold in the secondary market and the proceeds used to support a buyback of NEOPRIME, according to the release. Neoprime trustee Ross Belhomme pointed to a named book and a published net asset value as features of the product. Hecto chief executive and co-founder Ultan Miller said the token sets a new bar in pre-IPO access onchain, giving holders better disclosures, better data and fairer pricing than ever before.
Open questions on access and documents
DeFiprime noted on 15 October that the initial announcement gave no trading date. It also reported that Cantex, the intended venue, said on 13 October that NEOPRIME trading would arrive soon without publishing a listing time. According to DeFiprime, Hecto's access process begins with a waitlist, followed by review of eligibility, jurisdiction, onboarding and product rules, and transferability can vary by venue and user.
