Patel Real Estate Holdings (PREH) has launched a $100 million tokenization fund on the Chintai blockchain, aiming to give accredited investors access to institutional-grade real estate opportunities.

The new PREH Multifamily Fund is a tokenized investment vehicle focused on vintage Class A multifamily units across the top 20 US growth markets, the company told Cointelegraph on May 12.

“The entire structure is digital-native from the start — compliant onboarding, reporting, capital calls, and (potential) secondary market transfers,” a PREH spokesperson said.

The fund is part of a broader $750 million investment vehicle co-developed by PREH and several institutional firms, including Carlyle, DRA Advisors, Walton Street Capital, RPM and KKR. Initially, the company said that $25 million of the $100 million allocation would be tokenized on Chintai. 

According to PREH, the tokenization structure helps alleviate many transparency and liquidity constraints investors typically face in private market placements.

Founded in 2010, PREH is a national real estate asset manager that oversees a portfolio of Class A multifamily properties. The company owns and operates real estate investments, overseeing the acquisition, financing and management of properties. 

Since its inception, PREH has completed more than $500 million in real estate transactions.

Chintai is a tokenization-focused layer-1 blockchain that also powers the R3 Sustainability Fund for environmental, social, and governance (ESG) investing. Its native token, CHEX, is currently valued at $0.24, with a total market capitalization of $244 million, according to CoinMarketCap.

Chintai (CHEX) token price. Source: CoinMarketCap

“We chose Chintai because they offer a fully regulated, institutional-grade platform purpose-built for tokenizing real-world assets,” PREH’s president, Tejas Patel, told Cointelegraph in a written statement, adding:

“Their technology allows us to maintain the highest standards of compliance and investor protections while introducing the efficiencies and access advantages of blockchain.”

Related: RWA tokenization trends and market outlook for 2025: Report

Tokenizing real estate

Tokenizing real estate has long been seen as a way to modernize property investment, but until recently, real-world examples were rare. 

By early 2025, real estate tokenization had gained traction across North America and the United Arab Emirates, while efforts are underway in Europe to establish regulatory frameworks that support its growth.

One of the biggest catalysts for tokenization is the “ability to eliminate the illiquidity discount on real estate,” Polygon CEO Mark Boiron told Cointelegraph in March.

The growth of liquid secondary markets for fractional real estate could significantly strengthen that advantage.

This motivation also drove RWA platform DigiShares to launch the REX marketplace on Polygon earlier this year, featuring two luxury property listings in Miami, Florida.

Efforts are also underway to tokenize commercial real estate, with Blocksquare and Vera Capital recently partnering to offer fractional ownership of more than $1 billion worth of properties.

Deloitte expects global tokenized real estate value to more than quadruple between 2030 and 2035. Source: Deloitte

Against this backdrop, consultancy firm Deloitte has forecast that $4 trillion worth of real estate will be tokenized on the blockchain over the next decade.

Magazine: Have your stake and earn fees too: Tushar Aggarwal on double dipping in DeFi

Key points:

Bitcoin seeks consolidation after rapid gains as stocks and the US dollar surge on US-China trade deal news.

Nearby order book liquidity forms potential targets for traders, which now include $102,000.

A classic moving average retest suggests that a new all-time high should result.

Bitcoin (BTC) stuck to $104,000 at the May 12 Wall Street open as markets shifted on US-China trade deal news.

BTC/USD 1-hour chart. Source: Cointelegraph/TradingView

Bitcoin surfs US-China trade deal reactions

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD consolidating after hitting its highest levels since late January.

The US and China agreed to slash reciprocal trade tariffs on the day, causing the S&P 500 and Nasdaq Composite Index to gain around 3%.

US dollar strength also benefited as a result, with the US dollar index (DXY) hitting one-month highs.

US dollar index (DXY) 1-day chart. Source: Cointelegraph/TradingView

“The last time US tariffs on China were this high, the S&P 500 was ~200 points lower, 4 Fed rate cuts were expected in 2025, and Wall Street was calling for a recession,” trading resource The Kobeissi Letter wrote in part of ongoing analysis on X. 

“Sentiment is everything.”US tariffs on China. Source: The Kobeissi Letter/X

Bitcoin thus adopted the middle ground between major assets on the day as gold dropped precipitously to $3,208 per ounce, nearing month-to-date lows.

“BTC Swept most nearby liquidity above after chopping around the $103K-$105K area for a few days,” popular trader Daan Crypto Trades told X followers alongside a chart of exchange order book liquidity from monitoring resource CoinGlass. 

“Below keep an eye on the ~$102K region as that’s a pretty dense area in terms of liquidation clusters. Could be a good level for some action. Depending on the reaction there you can reassess.”BTC liquidation heatmap. Source: CoinGlass

CoinGlass data showed increasing bids around the $103,000 mark after the Wall Street open.

New BTC price record “in the making”

Continuing, fellow trader CrypNuevo was among those doubling down on a longer-term bull thesis for BTC price action.

Related: Is Bitcoin about to go parabolic? BTC price targets include $160K next

BTC/USD, he noted, had conducted a successful retest of the 50-week exponential moving average (EMA).

Currently at $80,300, the 50-week EMA has functioned as a springboard for new all-time highs in recent years.

“We got the 1W50EMA retest and, consequently, the next leg up,” CrypNuevo explained in an X thread on May 11. 

“Every previous time that we saw this structure, we made a new high so the trend signals a new ATH in the making.”BTC/USDT 1-week chart with 50 EMA. Source: CrypNuevo/X

Earlier, Cointelegraph reported on a classic bull market breakout signal on weekly timeframes in the form of a cross on the moving average convergence/divergence (MACD) indicator.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Opinion by: Robin Singh, CEO of Koinly

Is there a catch for Bitcoin hodlers, with the asset’s price up over 600,000% since the beginning of 2013? 

Perhaps — if governments keep waking up to Bitcoin’s value, the whole “you only pay tax when you sell” mantra could soon be a thing of the past.

What if a wealth tax is the answer for revenue-hungry tax agencies with no time to lose? It’s a yearly tax on a person’s total net worth — cash, investments, property and other assets — minus any debts, applied whether or not those assets are sold or generating income. The idea is to boost public revenue and curb inequality, mainly by taxing the ultra-rich. A wealth tax takes a clip off what you own, not what you earn.

Countries such as Belgium, Norway and Switzerland have had wealth taxes baked into their tax systems for ages, yet some of the world’s biggest economies — like the US, Australia and France — have largely steered clear. 

That might be changing. More governments are eyeing wealth taxes for crypto. In December 2024, French Senator Sylvie Vermeillet took it a step further, suggesting Bitcoin (BTC) be labeled “unproductive,” which would mean taxing its gains every year — whether or not it’s ever sold. 

Yep, every asset holder’s favorite word is unrealized capital gains tax. It would be naive to assume other countries are not thinking about the same idea. 

With Bitcoin’s significant gains and industry executives such as ARK Invest’s Cathie Wood eyeing a $1.5-million price tag by 2030, I’d bet a magic 8-ball would say, “Signs point to yes.”

The growing global interest in wealth tax

It might seem far-fetched, but it is hard to ignore the gains. The average long-term Bitcoin holder is already sitting on significant profits.

The incentive is obvious. Switzerland’s wealth tax goes up to 1% of a portfolio’s value, and governments know there is plenty to collect.

Countries catch on — sooner or later. Consider how capital gains tax became the norm.

The US introduced capital gains tax in 1913, the UK jumped on board 52 years later in 1965, and Australia followed in 1985. 

Governments likely considering the wealth tax

Governments are likely entertaining the idea — whether they admit it or not. If any country seriously considers it, Germany could be a prime candidate, even though it scrapped its wealth tax back in 1997.

Recent: Ukraine floats 23% tax on some crypto income, exemptions for stablecoins

In July 2024, offloading 50,000 seized BTC at $58,000 might have seemed like a smart move for the German government, but when Bitcoin hit $100,000 just months later in December, it became clear they left a fortune on the table. 

In retrospect, a costly mistake…

Will this be remembered as a blunder on par with Gordon Brown selling half of the UK’s gold reserves at $275 an ounce? 

Imposing such a rule on the wealthy comes with obvious risks.

To understand the real effect of taxation on a country, just follow the money — specifically, where millionaires are moving. Recent data shows that high-net-worth individuals are leaving countries like the United Kingdom in droves, heading for tax-friendly havens like Dubai.

The potential repercussions of a wealth tax

Will nations risk losing these individuals to tap into unrealized gains on Bitcoin and other assets?

Bitcoin is volatile and full of unknowns. While some events could lead to massive losses, governments may still push forward with policies that ultimately drive away millionaires, only to realize the trade-off wasn’t worth it. 

Conversely, US President Donald Trump recently signed an executive order establishing a Bitcoin Strategic Reserve — a clear nod to the hodl mentality. No doubt, this has other nations considering a similar move.

If nations are embracing the hodl mindset, could that mean wealth taxes are off the table in those countries? Only time will tell.

One thing is sure: Bitcoin hodlers have amassed enough wealth to put themselves on the radar of tax authorities. Whether this sparks fundamental policy changes or just political grandstanding, the crypto community won’t sit back quietly.

Opinion by: Robin Singh, CEO of Koinly.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.