SteelWave Digital is quietly preparing to revolutionise commercial real estate, combining traditional institutional investment with blockchain rails and a long-term view on tokenised liquidity.
Mitch DiRaimondo never intended to go into real estate. “Barry told me, go where the ball is going, not where it’s been,” he says, recalling the advice from his father, Barry DiRaimondo, CEO of SteelWave. Instead, Mitch founded a crypto hedge fund while at Elon University, building AI-driven volatility strategies that grew throughout the 2017 to 2021 cycle. But it wasn’t long before his background in digital assets and blockchain collided with his family’s legacy business.
Enter SteelWave Digital, the brainchild of Mitch and Aaron Dwinell, launched in partnership with Barry. It is a forward-looking initiative seeking to tokenise commercial real estate, one of the largest and least liquid asset classes in the world, by merging blockchain rails with institutional-scale property investments.
“I saw what blockchain could do,” says Mitch. “And I knew real estate hadn’t changed in centuries. So why not bring them together?”
Mitch DiRaimondo
Aaron, a 20-year real estate veteran at SteelWave, was quick to see the potential. “At first, it was exploratory,” he says. “But we recognised that blockchain wasn’t just another fintech gimmick. It could fundamentally reshape how capital enters and exits our space.”
Illiquid markets, institutional problems
The core problem? Liquidity. Commercial real estate deals often range from $20 million to $200 million. “The check sizes are huge,” says Aaron. “That makes things slow. There’s very little agility.”
Aaron Dwinell
SteelWave Digital’s vision is to unlock fractional ownership and create optional liquidity through tokenisation. But unlike other players rushing to list tokens, they are taking a patient approach.
“We’re in accumulation mode,” says Aaron. “We’re raising capital, acquiring property, and building a platform that institutions can trust. When the market is ready, we’ll be ready.”
That doesn’t mean they’re waiting idly. In 2023, the team launched a half-billion-dollar fund targeting international investors, pairing traditional LP structures with the option of digital ownership. “We wanted to build a traditional fund but add a layer,” says Mitch. “Digital ownership of LP interests, giving investors the option to tokenise when the regulatory climate allows.”
Not about the tech yet
While the mechanics of tokenisation are already feasible, SteelWave Digital is cautious about locking into any one provider or chain. “Tokenising is not the hard part,” says Mitch. “The hard part is who’s going to buy those tokens. There is no Coinbase for real estate tokens yet.”
Indeed, the secondary market for real estate-backed tokens remains underdeveloped. The team has evaluated multiple service providers but has not selected a partner. “We’ll do that when the time is right,” says Aaron. “The tech is there. What’s missing is regulatory clarity and institutional demand.”
That clarity may be closer than ever. “Before, we thought this would be a 24 to 48 month play,” says Mitch. “Now, with what’s happening post-election and the growing pro-crypto stance, we think it’s more like 12 to 18 months.”
Thinking in billions, not millions
SteelWave Digital is not building for small assets. “Could we tokenise a townhouse? Sure,” says Aaron. “But we’re talking institutional-grade property. The kind of assets that get sovereign wealth funds excited.”
The strategy is to lead with large real estate deals, then allow those initial investors, pension funds and family offices, to optionally liquidate a portion of their holdings into retail via tokens. “Retail doesn’t backbone these deals,” says Mitch. “But they can be a key outlet for secondary liquidity.”
That could mean fractional tokens, yield-bearing digital securities, or even a new REIT-style instrument. “We’re exploring a next-generation debt product too,” Mitch adds. “Something that consistently delivers 9 to 12 percent returns. Wrap that in a token, and suddenly it’s investable in places that never had access before.”
Education, patience, and positioning
Part of SteelWave Digital’s role today is educational. “We’re talking to institutions who are still glassy-eyed when you mention blockchain,” says Aaron. “But that’s changing. We’re seeing incoming interest from groups that wouldn’t take our calls two years ago.”
The firm’s track record is a major asset. “We’ve built trust in the space,” says Mitch. “If you want institutions to dance, you need institutional-grade product. That’s what we have.”
Their roadmap remains pragmatic. Acquire high-quality assets at a discount. Package them in traditional structures. Build in digital optionality. And wait for the rest of the world to catch up.
“Commercial real estate is chunky,” says Aaron. “It takes time. But the time is starting to quicken.”
Mitch agrees. “We didn’t want to force-feed tokens. We want to offer a compelling investment. Tokenisation is the bonus. When the rails are ready, we’ll light them up.”
For a man who never wanted to enter real estate, Mitch now finds himself building its digital future. “I didn’t know how deep Barry was into this when I was younger,” he laughs. “Now we’re building something that might change how real estate works forever.”
And for Aaron, the former auditor turned real estate veteran, it’s a return to fundamentals. “This is still about good real estate. We’re just giving it new tools to thrive in the next era.”
