Highest-grossing thoroughbred auction in history, with buyers represented from 33 countries.
Tokenized ownership and revenue rights in US racing thoroughbreds
Own the colors.
Silks gives international capital a structured way into American bloodstock: direct onchain issuance, verified asset backing, and continuous secondary markets.
$531.5M2025 Keeneland September sale
33buyer countries represented
$750Myear-three AUM target
01 / Executive Summary
Capital is already crossing the border. Silks gives it a structured place to land.
Foreign capital already wants exposure to US racing. The path still runs through private introductions, broker markups, limited transparency, and almost no secondary liquidity.
Silks is an onchain platform for tokenized ownership and revenue rights in US thoroughbreds, built for qualified investors in KSA, UAE, Hong Kong, Singapore, and other international markets where demand for elite racing assets already exists.
02 / Opportunity
A real industry. A specific wedge. A clear capture path.
The capital is already at the source. Silks turns existing cross-border demand into a structured, investable, and tradeable product.
The full US racing and breeding economy represents a large, established real-asset market.
Estimated sales volume across major auction houses, creating a natural base for structured issuance.
References: Keeneland public sale results, Jockey Club data, American Horse Council economic-impact estimates, and aggregated major auction-house sales.
03 / What Blocks Foreign Capital
Inside-only access.
Syndicates run on personal introductions. A KSA, UAE, or Hong Kong family office either knows a US operator personally or stays locked out.
Markup-driven pricing.
Public syndicators acquire at auction and resell shares at large markups, while investors receive limited visibility into cost and fee structure.
No structured resale.
Once inside a traditional syndicate, exits depend on the operator's timeline, partner approvals, and private negotiation.
04 / Positioning
Silks combines the five features sophisticated foreign capital requires.
Traditional syndicates, retail micro-share platforms, and generic RWA platforms each solve only part of the problem.
Purpose-built for American racing and breeding assets.
Designed for large international tickets and private-market investors.
Bloodline and Furlong support both full asset exposure and defined revenue participation.
Continuous price discovery and transferability after the relevant lockup windows.
Built around international capital corridors where racing appetite and private wealth already overlap.
05 / Product
Two products. One onchain platform.
The asset partner chooses the mix per horse. Bloodline carries ownership economics; Furlong carries defined revenue-stream exposure.
Ownership
Bloodline
Pro-rata economic interest in a specific horse: race winnings, breeding fees, progeny sales, exit proceeds, and defined voting rights.
Revenue share
Furlong
Pro-rata claim on a defined revenue stream for a defined period, without asset ownership, breeding rights, or exit proceeds.
06 / How It Works
Source
Horse acquired at public auction or private treaty; per-horse vehicle holds title.
Verify
Title, registration, insurance, vet records, custody, and trainer agreements are bundled into a verifiable receipt.
Issue
Bloodline and Furlong units are sold through fixed-price subscriptions, auctions, or other sale mechanics.
Trade
Eligible positions trade through secondary markets with wallet-level eligibility, lockup, and jurisdiction rules.
07 / Investor Returns
Investor returns are tied to the underlying horse.
Bloodline holders participate in racing winnings, breeding economics, progeny sales, and exit proceeds generated by the asset.
Illustrative Bloodline unit economics
Conservative outcome0.6x
$320 cumulative value by year seven.
Base outcome12.2x
$6,648 cumulative value by year seven.
Breakout outcome45x+
$24,800+ in a G1 winner scenario.
08 / Silks Business Model
Silks earns when assets are issued, managed, and traded.
The business model combines one-time issuance fees, recurring AUM fees, transaction fees, and prediction-market volume.
3-5% primary issuance fee
1% annual AUM management fee
0.5-1.0% secondary trading fee
1-2% prediction market fee
Scale case
At $750M AUM, Silks targets $5-7M in annual revenue.
Revenue combines recurring management fees with transactional fees from primary issuance, secondary trading, and prediction markets.
Prediction markets cover race outcomes, auction results, and career milestones, with a portion of take rate routed to Bloodline holders of the named horse.
09 / Prediction Markets
An adjacent market layer around public racing data.
Prediction markets are not the first product. They become a second revenue and engagement layer once Bloodline and Furlong assets are live.
Will a named horse finish top-three?
Markets settle against official race results for major stakes races, Grade 1 placings, and season-end earnings thresholds.
Will a foal clear a target hammer price?
Auction markets settle against public sale results, including hammer price, clearance rates, and yearling price multiples.
Will a stallion sire a Grade 1 winner?
Long-dated markets track breeding success, progeny performance, and public career milestones.
1-2%
fee on resolved market volume, with a portion routed pro-rata to Bloodline holders of the named horse.
10 / Legal And Operating Structure
Conventional rails. Digital issuance, settlement, and transfer controls.
International investors see a private-placement structure they recognize. The onchain layer handles issuance, receipt verification, cap-table state, and transfer discipline.
Qualified investors enter through the appropriate local route and wallet-level eligibility flow.
Issues Bloodline and Furlong units to eligible investors.
Owns the horse, title, contracts, insurance, custody documents, and reporting obligations.
11 / Why Now
RWA rails are becoming institutional.
Tokenized real-world assets have grown into production-grade infrastructure used by major asset managers.
Cross-border capital is ready.
Middle East and Asian investors already hold and move stablecoins and are familiar with alternative real-asset exposure.
Bloodstock demand is at the source.
International buyers are already active at major US sales. Silks productizes flow that already exists.
12 / Risk Discipline
The risks are real. Each one has a mitigation path.
Bloodstock investing carries asset, market, structure, and operating risk. Silks makes those risks visible at issuance instead of hiding them inside private syndicates.
- Asset risk: mortality, career-ending injury, infertility, underperformance, and resale value are handled through insurance, asset diligence, and per-horse isolation.
- Market risk: secondary liquidity may be thin in year one; buy-and-hold remains the base case, while transferability creates upside.
- Structure risk: cross-border rules, stablecoin rails, and smart-contract dependencies require conservative jurisdiction routing and audited infrastructure.
- Operating risk: trainer quality, custody, insurance renewal, reporting, and partner accountability are standardized before scale.
Executive brief
Silks turns international appetite for US bloodstock into a structured, tradeable product.
Lead investor introductions are invited. Asset partner conversations are open now. Public announcement is targeted around the autumn US conference window.