DL Holdings Group Limited, a Hong Kong-based firm listed on the Stock Exchange of Hong Kong (HKSE), has announced plans to tokenize private equity interests in Animoca Brands using a limited partnership fund (LPF) on the XRP Ledger. This initiative received regulatory approval under Hong Kong’s “Blockchain & Digital Asset Pilot Subsidy Scheme” in September 2025, and was initially backed by $5.7 million invested in various tech companies like ByteDance, Kraken, and eSelf AI through special investment vehicles. 1. 5.7 million USD has been invested in these specific technology investments, including an indirect stake of around 2 million USD in ByteDance. Additionally, the group invested approximately $3 million in Kraken, a global cryptocurrency exchange, and $0.7 million in eSelf AI, a company developing AI-powered video assistants and digital avatars. DL Holdings intends to tokenize these stakes using LPFs for digitized representation on the blockchain. The firm has yet to decide whether these tokens will be distributed to investors. In addition to its tech investments, DL Holdings is also working on tokenizing its limited partnership interests in DL Tower, a commercial property located in Central, Hong Kong. It submitted updated business plans and documentation to the Hong Kong Securities and Futures Commission (SFC) for regulatory approval. The company anticipates progressing the DL Tower LPF RWA tokenization to implementation phase within the fourth quarter of 2025 and commencement of token distribution and platform operations in early 2026. However, it’s important to note that owning these tokens doesn’t automatically equate to direct ownership of the underlying assets. This process is still subject to regulatory approvals and licensing procedures before any tokens can be distributed.