Singapore-licensed digital asset partner for institutional investors SBI Digital Markets ( SBIDM ) has closed two separate bonds in 2025, backed by a new music album and a series of performing rights respectively.

This includes a US$30 million new album intellectual property ( IP ) deal, Asia’s largest IP real-world asset ( RWA ) deal in 2025. It also marks SBIDM’s third successful commercialization of RWA in six months following the launch of luxury wine RWA in Korea and Thailand in September, and a tokenized money market fund in Europe in May.

Global private equity firms and institutional investors, according to the company, raised a record US$4.4 billion of debt backed by music rights, as of Q3 2025, up from just US$300 million in 2021.

This momentum rides on the back of growing global music revenue in recent years and a rapid evolution of digital music consumption trends. Capitalizing on the strong interest in tier-one music copyrights, SBIDM worked with music owners and entertainment companies to launch IP-backed regulated RWAs to fund new albums as well as music experiences.

CK Ong, SBIDM’s acting CEO, adds: “While much of the market cashes in on the hype of tokenized products, our priority has always been disciplined, regulated execution of structures and guardrails for issuers and investors.

“The recent transactions reflect our team’s capability in structuring IP and luxury asset-backed bonds to institutional standards – within a robust regulatory framework that institutional and Web3 investors expect in navigating cross-border environments. By combining established capital markets structuring with digital asset innovation, we are enabling institutions to access new asset classes without compromising on regulatory integrity.”