U.S. Home Price Token Backed by $50 Million Will Not Be Sold to Americans

TLDR

• Index Industries came out of stealth with a $50 million seed round led by Lightspeed Venture Partners.
• Former Polychain Capital President Josh Rosenthal is CEO, and Longmark CEO Brian Hardecker is chairman.
• The company’s USHP Index will track U.S. home prices daily using data from major housing indices.
• A token called USHP is planned for Ethereum in 2026, with Solana expansion set for 2027.
• USHP will be offered only to eligible non-U.S. persons outside the United States.

A new company wants to turn U.S. home prices into something investors can hold on a blockchain. Index Industries came out of stealth on Nov. 10 with a $50 million seed round.

Lightspeed Venture Partners led the round. Polychain Capital, Galaxy Ventures, Wintermute Ventures and other institutional investors also took part.

The company plans to track home prices every day and make that data investable. The first product built on its platform will be a token called USHP.

A Crypto Investor and a Real Estate Executive

Josh Rosenthal is the co-founder and chief executive. He was previously President and General Partner of Polychain Capital, one of the investors in the round.

Brian Hardecker is co-founder and chairman. He is a former Principal at Blackstone and the founder and CEO of Longmark, a residential real estate platform formed in 2021 with $2 billion in assets under management.

“Indexing is one of the most important and least celebrated innovations in modern finance,” Rosenthal said. He added that indexing lowers the cost and expertise needed to invest in an entire market.

Hardecker said housing makes up roughly a quarter of the value of the U.S. economy. He said it draws less attention because there have not been easy ways to take a position in it.

Justin Overdorff, a partner at Lightspeed, said the company’s partnership with Longmark made leading the investment “an easy decision.” He described real estate as one of tokenization’s biggest opportunities.

How the Housing Index Will Work

The company’s first offering is the U.S. Home Price Index, or USHP Index. It combines data from major housing indices into one national measure that is calculated daily.

The index is meant to support housing research, reporting and portfolio monitoring. It is also designed for housing-related financial products, and the company said it is expected to launch imminently.

U.S. housing is a $55 trillion market, according to the company. Index Industries said broad investment exposure to home prices has been hard to get through traditional financial products.

The platform pairs the index with tokenization technology and real estate and capital markets services. It is built to power housing-linked investment products from third parties.

Index Industries will not issue USHP itself. The token is expected to be issued by USHP Limited, a British Virgin Islands company and a subsidiary of the USHP Foundation, a Cayman Islands foundation company.

The company said it will not offer, sell, market or redeem USHP. It also will not accept subscriptions for the product.

The securities have not been registered under the U.S. Securities Act of 1933. Any offering of USHP will be made only to eligible non-U.S. persons outside the United States.

Under the current plan, the token tied to U.S. home prices will not be offered to U.S. investors. USHP Limited plans to release USHP on Ethereum in 2026 and expand to Solana in 2027.

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