Putting a real estate deal on a blockchain does not change who can legally invest in it, Relli co-founder and CEO Mor Milo told Real Estate Today in September 2026. A token can represent equity in a deal, but unless the offering is registered in a form that allows sale to the public, access stays the same. The full article is below, followed by a balanced explainer on what tokenization can and can't do, and answers to common questions.
Editor's note: Relli is a marketplace where investors review offerings from reviewed sponsors, express interest and talk to each sponsor directly. Investors pay Relli nothing today; sponsors pay to list.
Key takeaways
- Tokenizing is not securitizing: a token can represent equity in a deal, but without the right SEC registration it changes nothing about who can legally invest.
- A Regulation D offering still limits participation to accredited investors; reaching everyday investors takes a Regulation A offering or similar, which is expensive and slow to build.
- The token itself does not create liquidity or diversification, and many tokenized deals still carry large minimums.
- Milo's advice: look past the packaging to the legal structure, the sponsor and the underlying economics.
By Real Estate Today Contributor, Real Estate Today. Originally published September 16, 2026.
Relli CEO Mor Milo on the gap between blockchain’s promise and what actually makes a real estate investment accessible.
Every few months, a new wave of enthusiasm sweeps through real estate: blockchain will fractionalize buildings, tokens will unlock liquidity, and anyone will be able to own a slice of a skyscraper. Mor Milo, co-founder and CEO of the commission-free marketplace Relli, has watched this cycle repeat, and his assessment is blunt.
Tokenization is not securitization
The central misunderstanding, Milo says, is treating a token as if it were an investment vehicle. “Just because you can tokenize, it doesn’t mean that you can securitize it,” he said. A token can represent equity in a deal, but unless the offering is registered with the SEC in a form that allows it to be sold to the public, the token changes nothing about who can legally invest.
“You can’t have the tokenization without the securitization,” Milo said. “You have to do both.”
Where the promise breaks down
In practice, he explains, a tokenized deal still sits on top of the same regulatory structures as any other. A Regulation D offering still limits participation to accredited investors with high minimums. To reach the everyday investor, a sponsor still needs a Regulation A offering or similar infrastructure, each of which is expensive and time-consuming to build. The token itself does not create liquidity or diversification.
Milo says sponsors regularly tell him they plan to tokenize their assets, and his first question is always the same: how does that actually help you reach the market? Often, he says, the underlying opportunity is unchanged, a large minimum investment into a fund of assets, now with a digital wrapper that looks innovative but does not expand access.
A measured view of crypto
Milo is not a blockchain skeptic by temperament. He holds a small position in Bitcoin and Ethereum as a hedge, but keeps his expectations grounded. “I do much better buying good companies for low prices,” he said. His concern is that for well over a decade, the technology’s biggest promises have consistently outrun its delivery.
What investors should watch instead
The takeaway for investors is to look past the packaging. The features that make a real estate investment accessible and sound have little to do with whether it lives on a blockchain, and everything to do with its legal structure, its sponsor, and its underlying economics. Until tokenization is paired with real securitization, Milo argues, it remains a technology in search of the infrastructure that would make it matter.
Disclaimer: This article is for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any security. All investments carry risk, including the possible loss of principal. Neither the publication nor the author can be held responsible for decisions made based on this content.
Tokenization, explained (added October 19, 2026)
Tokenization comes up often in conversations about opening real estate to more investors. Here is a balanced look, drawn from Milo's points in the article.
What a token is
A token is a digital record, held on a blockchain, that can represent a share of a real estate investment, such as equity in a deal. Its supporters say tokens will fractionalize buildings, unlock liquidity and let anyone own a slice of a property.
What a token does not change
- Who can invest. That is set by how the offering is structured with the SEC, not by the token. A Regulation D offering still limits participation to accredited investors.
- Liquidity. The token itself does not create it. Private real estate is illiquid, and there is usually no market where you can sell your interest.
- Diversification. The token does not create that either. A single offering is often one property or one strategy.
- The minimum. Often unchanged: Milo describes tokenized deals that are still a large minimum investment into a fund of assets, in a digital wrapper.
- The risks. The property, the sponsor and the economics underneath are the same, and so are their risks.
Where it could matter
Milo is not dismissing the technology; he holds a small position in Bitcoin and Ethereum himself. His point is that a token has to be paired with real securitization, an offering structure that allows sale to the public such as a Regulation A offering, before it expands access. That structure is expensive and time-consuming to build, and until the two come together, he argues, tokenization remains a technology in search of the infrastructure that would make it matter.
Questions to ask about a tokenized offering
- How is the offering registered or exempt with the SEC, and who does that allow to invest?
- Is there a real market where the token can be sold, and who runs it?
- What is the minimum, and is it any lower than the same deal without a token?
- Who is the sponsor, and what is their track record?
- What fees apply, including any tied to the token?
How Relli looks at offerings
On Relli, the checks Milo points to come first. Relli reviews and underwrites every sponsor before they list (background checks, track record, financials and offering structure) and turns some away. Each offering page shows the sponsor's target return, the minimum and the term, with the sponsor's offering materials, and you can compare offerings side by side and talk to the sponsor directly before you decide.
Common questions
What is real estate tokenization?
Representing a share of a real estate investment, such as equity in a deal, as a token on a blockchain. The property and the deal underneath stay the same.
Does tokenization let anyone invest in real estate?
Not on its own. As Milo explains, who can invest depends on how the offering is structured with the SEC, and a Regulation D offering still limits participation to accredited investors.
Does a token make real estate liquid?
Not by itself, according to the article. Private real estate is illiquid, so expect to hold an investment for its full term, often several years.
What should I look at instead?
The legal structure, the sponsor and the underlying economics. Those decide whether an investment is accessible and sound, whatever the packaging.
Can I lose money?
Yes. Private real estate is illiquid, target returns are projections, not guarantees, and you can lose some or all of your investment.
Originally published
- Real Estate Today, September 16, 2026
