Draggable Aktionariat AG Shares (DAKS)

Research, firm shelf, model-client eligibility, and advisor selection are recorded separately. The scheduled date is the outside bound; new evidence can reopen the file sooner.

DAKS is the purest tokenized share on the Register and one of the smallest. Aktionariat AG, a Swiss company that sells share-tokenization software, issued its own registered shares as ledger-based securities under article 973d of the Swiss Code of Obligations. The token is the share: a transfer of the token is a transfer of the share, and the contract is the register of the security. No custodian, trust or note stands between the holder and the company. On chain there is no owner, no pause, no freeze and no upgrade. The shares are a private company’s. Aktionariat has 1.8 million shares, 800,000 of them tokenized and held by about 365 shareholders; at the last trade of CHF 6.25 the tokenized part is worth about CHF 5 million. The order book on 23 September 2026 showed a 28% spread and CHF 10.75 of volume in a day. The only exits are that order book, a direct sale nobody promises, and a takeover: any buyer who wins 75% of the DAKS vote can force every holder to sell at the offered price. We reject it for client portfolios. It is a venture-stage single stock with no prospectus, no stated US exemption, no liquidity to speak of, and a drag-along that can sell a minority out below fair value, as the agreement itself warns.

Research triggers: events that reopen the assessment or shelf decision
• Aktionariat lists its shares on a regulated exchange or publishes a prospectus
• An acquisition offer is made on the DAKS contract, or holders migrate the drag-along
• The AKS owner mints tokens beyond the shares in the commercial register, or declares valid tokens invalid
• Aktionariat adds a transfer restriction or a freeze to its share tokens

The research file

What a holder owns

The Registration Agreement names the issuer, Aktionariat AG of Erlenbach (CHE-453.438.437), and the instrument, its registered shares. The company converts shares into register securities under article 973d and issues ”one numeric unit in the Token Contract for each Share,” the AKS token at 0xcB58EC73…. The agreement adds that a share token cannot be transferred ”without transferring the right to register a Share in the Share Register and vice versa,” and that a buyer in good faith is protected even if the seller had no right to sell. That is title on chain, the issuer-direct model.

Two registers exist and do different jobs. The token contract records who holds the security. The company’s off-chain share register records who may exercise shareholder rights: ”Only the persons registered in the Share Register are entitled to the rights as a shareholder (such as voting and dividend rights).” A holder who wants to vote proves control of the address and gives name and address; one who only wants to hold and trade need do nothing.

Every AKS in circulation sits inside the drag-along contract. On 23 September 2026 the DAKS contract held all 800,000 AKS and had issued 800,000 DAKS. The Token Holder Agreement says each DAKS ”represents a Base Token held under this Agreement” and is not a derivative, and the company recognises the contract as a sub-register, so a DAKS holder can register as a shareholder like a direct AKS holder.

The drag-along

The wrapper exists to make a sale of the whole company possible. Anyone may call makeAcquisitionOffer with a price per share and the funds; holders vote for 60 days (the deployed value), and if tokens on addresses voting yes reach 75%, the buyer can execute. The contract then hands every wrapped share to the buyer and leaves the sale proceeds for holders to unwrap. A holder who voted no, or never saw the offer, is sold out all the same. The agreement is blunt about it: the contract ”may be used by majority shareholders … to trigger the Drag-Along Right … based on an Offer Price that is below the fair market value,” and it ”will execute such transactions regardless of whether they are in compliance with any applicable law.” Holders of 75% can also amend the agreement or migrate to a new contract; on a material change the others get a 30-day offer at fair market value. A buyer of more than half the company triggers a tag-along right to sell alongside.

Who may hold, and how a holder gets out

The agreement sets no transfer restriction: ”As of the date of this Registration Agreement, there are no transfer restrictions.” Aktionariat sells new shares on its investor page at a fixed price, CHF 7.25 that day, and calls the sale a primary offering under the Swiss Financial Services Act, which needs a prospectus only above set thresholds. Its end-user terms bar anyone barred by the laws of their place of residence and name no country. Nothing in the documents addresses US securities law. A US buyer of an unregistered foreign private-company share relies on an exemption the issuer never claims, which is itself a reason to stay out.

There is no redemption. The secondary market is Aktionariat’s own order book, settled atomically in Frankencoin (ZCHF), which the company says is a non-commercial trading facility outside prudential supervision. On 23 September 2026 the best bid was CHF 4.50, the best ask CHF 6.25, and 24-hour volume CHF 10.75. A holder who needs to sell CHF 10,000 of shares would move the price.

Control on chain

The DAKS contract is not a proxy and has no owner: no one can pause it, freeze an address, upgrade it or take a holder’s tokens by fiat. Its powers belong to holders as a group (the drag-along and migration at 75%) and to anyone who files a recovery claim. The recovery works like this: a claimant posts collateral against an address said to be lost; if that address makes no transfer and does not clear the claim for 180 days, the claimant takes its tokens, and if the holder does act, the holder keeps the collateral. The issuer can only cancel a pending claim, and a holder can opt out of recovery altogether. A holder who leaves tokens untouched in cold storage for six months without opting out carries that risk.

The base AKS contract does have an owner, an Aktionariat multisig wallet (0x4fd9dba1…, four signer entries). It can mint new share tokens, which dilutes holders only as far as the company’s articles allow new shares, declare tokens invalid after a court cancels them, and set the recovery period, which the code keeps above 90 days. It cannot move a holder’s DAKS.

Against the other tokenized shares on file

Exodus, SECZ and CURRENC put listed shares on chain but keep the record with a US transfer agent, and the tokenization agent holds keys that can freeze or seize. DAKS is the reverse: the chain is the record and nobody holds such a key. The price is everything around the token. There is no exchange listing, no audited prospectus, a few hundred holders, and a trading venue run by the issuer. The token structure is sound; the investment is a private stake in a small Swiss software company.

Sources

The claims above trace to these. Where a number could not be independently verified, the thesis says so.

• Aktionariat AG, Registration Agreement V1.0 · primary · accessed 2026-09-23
  Supports: register securities under CO 973d, two registers, no transfer restrictions, good-faith acquirer protected, recovery; issuer may cancel
• Aktionariat AG, Token Holder Agreement V1.0 · primary · accessed 2026-09-23
  Supports: drag-along at 75%, below fair value risk, tag-along, amend or migrate at 75%, sub-register
• Aktionariat AG investor page · primary · accessed 2026-09-23
  Supports: share counts, holders, prices, FinSA primary offering, non-commercial trading facility
• Aktionariat AG secondary trading page · primary · accessed 2026-09-23
  Supports: bid CHF 4.50, ask CHF 6.25, spread 28%, 24-hour volume CHF 10.75, direct price CHF 7.25
• DraggableShares contract on Ethereum (Sourcify exact match) · primary · accessed 2026-09-23
  Supports: no owner or pause, recovery code and 180-day claim period, quorum and vote period
• Aktionariat AG Shares contract on Ethereum (Sourcify exact match) · primary · accessed 2026-09-23
  Supports: owner mint, declareInvalid, setClaimPeriod, claim period at least 90 days

Inherited controls

The research above describes the protocol layer. Every position also inherits the asset it holds and the chain it settles on. The most administered layer sets the position’s effective control grade; that is a control description, not a quality or suitability score.