Draggable Aktionariat AG Shares (DAKS)

Summary

Ketju does not approve Draggable Aktionariat AG Shares (DAKS): each token is a share of a small private Swiss company, sold with no prospectus, no stated US exemption and almost no trading. Aktionariat AG, which sells share-tokenization software, issued its own registered shares as ledger-based securities under article 973d of the Swiss Code of Obligations. A transfer of the token is a transfer of the share. No custodian, trust or note stands between the holder and the company. On 23 September 2026 the order book showed a 28% spread and CHF 10.75 of volume in a day. A buyer who wins 75% of the DAKS vote can force every holder to sell at the offered price. The Token Holder Agreement warns that this price may be below fair value.

Review triggers
• 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

Ketju checks this memo every night and opens a review if its venues or files show a warning or a cited document changes. The first confirmation is due 2027-03-23.

Research

How it works

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. It 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.” A buyer in good faith is protected even if the seller had no right to sell. The holder therefore has title on chain, directly from the issuer.

Aktionariat keeps two registers. 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 a name and address. A holder who only holds and trades does not need to register.

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. The company recognises the contract as a sub-register, so a DAKS holder can register as a shareholder like a direct AKS holder.

Size and holdings

Aktionariat has 1.8 million shares. Of these, 800,000 are tokenized, and about 365 shareholders hold them. At the last trade of CHF 6.25, the tokenized shares are worth about CHF 5 million. Of the tokenized shares Ketju has reviewed, DAKS gives the holder the most direct title, and it is one of the smallest.

Drag-along

The DAKS contract exists to make a sale of the whole company possible. Anyone may call makeAcquisitionOffer with a price per share and the funds. Holders then vote for 60 days, the deployed value. 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 states that 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.” It adds that the contract ”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 other holders get a 30-day offer at fair market value. A buyer of more than half the company triggers a tag-along right, so other holders can sell alongside.

Eligibility

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 on 23 September 2026. It calls the sale a primary offering under the Swiss Financial Services Act, which requires a prospectus only above set thresholds. Its end-user terms bar anyone whom the laws of their place of residence bar, and they name no country. No document we read addresses US securities law. A US buyer of an unregistered share in a foreign private company would rely on an exemption that the issuer never claims. We count that alone as a reason not to buy.

Withdrawals

Aktionariat does not redeem shares. A holder can sell on Aktionariat’s own order book, sell directly to a buyer if one appears, or sell in a takeover. The order book settles atomically in Frankencoin (ZCHF). The company says the order book 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 sale of CHF 10,000 of shares would move the price.

Who controls it

The DAKS contract is not a proxy and has no owner. Nobody can pause it, freeze an address, upgrade it or take a holder’s tokens. Holders as a group hold its powers, the drag-along and the migration at 75%. Anyone may also file a recovery claim. A claimant posts collateral against an address that the claimant says is lost. If that address makes no transfer and does not clear the claim for 180 days, the claimant takes its tokens. If the holder acts, the holder keeps the collateral. The issuer can only cancel a pending claim, and a holder can opt out of recovery. 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). The multisig can mint new share tokens, which dilutes holders only as far as the company’s articles allow new shares. It can declare tokens invalid after a court cancels them. It can set the recovery period, which the code keeps above 90 days. It cannot move a holder’s DAKS.

Comparison

Exodus, SECZ and CURRENC put listed shares on chain, but a US transfer agent keeps their share register. Their tokenization agent holds keys that can freeze or seize tokens. For DAKS the token contract is the register, and nobody holds such a key. The weaknesses are around the token: no exchange listing, no audited prospectus, a few hundred holders, and a trading venue that the issuer runs. We found no defect in the token structure. The investment is a private stake in a small Swiss software company.

Sources

Each claim above comes from one of these sources. Where Ketju could not verify a number, the memo states that.

• 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

The asset and the chain

This memo covers the protocol. A position also holds an asset and settles on a chain. Whichever of the three holds the most power over the position decides who can freeze it. These tables describe control and do not judge quality.