RealUnit Shares (REALU)

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.

REALU is a share of RealUnit Schweiz AG, a Swiss investment company in Baar that holds gold, silver, Swiss stocks, banknotes and a little bitcoin. The company has two classes of share with the same CHF 1.00 nominal value. Its 44.5 million bearer shares are listed on BX Swiss. Its 4.6 million registered shares are Swiss ledger-based securities under article 973d of the Code of Obligations, one token per share on an Aktionariat contract, and the token is the share. The two classes do not convert into each other, so the token holder cannot sell on the exchange. The company’s multisig owns the token contract. It can mint new tokens up to the registered share count, switch on an allowlist, and mark any address forbidden, which stops that address from receiving and lets it send only to approved addresses. The allowlist was off when we read the contract on 23 September 2026. No key can pause the contract, upgrade it or move a holder’s tokens. The only exit is the company’s own trading bot, where the company is the buyer. We reject it for client portfolios. The company addresses its offer only to residents of Switzerland, Germany, Austria and Liechtenstein, bars the United States by name, and has not registered the shares under the Securities Act. A US client should not hold it, and the exit depends on the issuer choosing to buy.

Research triggers: events that reopen the assessment or shelf decision
• RealUnit Schweiz AG opens its offer to US persons under a stated exemption or registration
• The owner multisig switches on the allowlist or marks holder addresses forbidden
• The Brokerbot stops buying, or the company stops acting as counterparty
• The company makes the tokens convertible into the listed bearer shares

The research file

What a holder owns

The Registration Agreement of 3 March 2026 names the issuer, RealUnit Schweiz AG of Baar (CHE-153.894.905), the instrument, its registered shares (Namenaktien), and the form: ”Ledger-based securities as defined in article 973d ss. of the Swiss Code of Obligations.” On request, the company mints ”exactly one indivisible Share Token” for each share, and from then on the share cannot be transferred, nor the right to be entered in the register exercised, without the token. That is title on chain, the issuer-direct model, the same legal form as Aktionariat AG’s own DAKS.

The articles of 10 April 2026 set the capital at CHF 49,093,976: 4,631,855 registered shares and 44,462,121 bearer shares. On 23 September 2026 the contract showed 4,631,760 tokens and a declared total of 49,093,976 shares, so almost every registered share is a token. The bearer shares are book-entry securities in bank custody and trade on BX Swiss under ISIN CH1129911108. The company’s own comparison table gives both classes an ownership share and a seat at the general meeting, but its FAQ says a bearer share cannot be converted into a token; a bearer holder who wants tokens sells on the exchange and buys on the bot.

Two records exist. The contract records who holds each share. The company’s share register, kept by Aktionariat, records who may use the rights: ”Only persons registered in the Share Register are entitled to the rights as a shareholder, such as voting and dividend rights.” Unlike the DAKS agreement, RealUnit’s makes registration a duty. Holders ”agree to register with the Issuer as shareholders within a short period after acquiring” tokens, and the company may refuse or strike anyone who gives false information, including tax data under the automatic exchange of information act.

What sits behind the share

RealUnit is an investment company, not a fund. The articles let it hold stakes, funds, financial instruments, property and ”Vermögenswerte aller Art” (assets of every kind), under an investment policy its board sets. At 30 June 2026 the company reported 36.9% in physical gold and silver (145 kg of gold, 4,895 kg of silver) stored in vaults in German-speaking Switzerland, 29.9% in mostly Swiss listed shares, 20.0% in bank deposits, 7.3% in CHF 4.5 million of banknotes held outside the banks, 3.3% in unlisted holdings and 2.5% in 18.6 bitcoin and 100 staked ether. The half-year report shows equity of CHF 62.1 million and a loss for the half, which the company put down to precious metals. The company publishes an indicative net asset value, CHF 1.33 a share on 23 September 2026, and says it may differ from the true figure.

A holder owns a share of that company, not the metal. There is no claim on any bar and no right to redeem at net asset value. The company may issue up to 24.5 million new shares of either class until 10 April 2028 under its capital band, and may exclude existing holders from the new issue; it did so in a capital increase announced on 17 September 2026.

Who may hold, and how a holder gets out

The legal notice on every RealUnit page says: ”Die Dokumente richten sich nur an Personen mit Wohnsitz in der Schweiz, Deutschland, Österreich und Liechtenstein” (the documents are directed only at residents of Switzerland, Germany, Austria and Liechtenstein). It names the United States, Japan, Canada, New Zealand and Australia as restricted, and says the shares have not been and will not be registered under the US Securities Act. The company says it has an approved EU growth prospectus for its offer in the EU. The contract itself checks nothing while its allowlist is off: any address can receive a token.

There is no redemption. The company runs an Aktionariat Brokerbot at 0xcb3a03c5…, and its FAQ is plain about who trades: ”Die Gegenpartei ist die RealUnit Schweiz AG” (the counterparty is RealUnit Schweiz AG). Trades above CHF 100,000 must be arranged first. On 23 September 2026 the bot quoted ZCHF 1.23 a share to buy and to sell, below the indicative NAV of CHF 1.33 and the last trade of CHF 1.38 on the investor page, and it held no REALU and no Frankencoin of its own, so trades must be funded from the company’s own wallet. The app takes 1% on a sale. A holder therefore sells at the price the company sets, when the company chooses to buy. The listed bearer shares, the company’s other class, are not open to a token holder.

Control on chain

The contract at 0x553C7f9C… is Aktionariat’s AllowlistShares, verified on Sourcify. It is not a proxy and cannot be upgraded. Its owner is an Aktionariat multisig wallet (0x66e17bb3…, six signer entries; its recent transactions carry two signatures), which the company names as its own wallet. The owner can do four things that matter.

First, the allowlist. setApplicable(true) turns transfer restrictions on, and setType(address, type) marks an address allowlisted, forbidden or powerlisted. With restrictions on, a forbidden address cannot receive, an allowlisted or forbidden holder can send only to allowlisted addresses, and newly minted tokens land allowlisted because the mint source is powerlisted. An address with no flag can still send to anyone. Marking a holder forbidden is a freeze in all but name: the holder can send only to an approved address such as the company. restrictTransfers() read false at block 26042803, and the agreement says the allowlist ”is deactivated at the time of adoption of this Agreement” while warning that the tokens ”may become subject to technical transfer restrictions (allowlisting)” for Swiss legal compliance.

Second, minting. mint() creates tokens up to totalShares, and the owner sets totalShares, which the code keeps at or above the valid supply. Third, declareInvalid() records that a court has cancelled tokens; the code says it is ”purely declarative” and does not move them. Fourth, recovery. The contract is wired to Aktionariat’s RecoveryHub (0x9b886c04…): a claimant posts collateral (REALU one for one, or one Frankencoin per share) against an address said to be lost, and if that address stays silent for 180 days the claimant takes its tokens. The owner, as claim deleter, can cancel a pending claim, and a holder can opt out per address. A cold wallet left untouched without opting out carries that risk. No function lets the owner take a holder’s tokens directly.

Against DAKS and the listed tokenized shares

DAKS, Aktionariat AG’s own share, sits on an older contract with no allowlist, and every token is wrapped in a drag-along. RealUnit uses the newer allowlist contract and no drag-along, so no buyer can force a sale, but the company can gate every transfer with one multisig call. Exodus and SECZ keep the record with a US transfer agent and give an agent keys to freeze or seize; RealUnit keeps the record on chain and holds a switch that can close the door. What sets REALU apart is the business behind it: a CHF 62 million holding company of metal, Swiss equities and cash with a listed sister class, rather than a startup. The token is sound as a legal form; the offer is closed to US investors and the exit runs through the issuer.

Sources

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

• RealUnit Schweiz AG, Registration Agreement, 3 March 2026 · primary · accessed 2026-09-23
  Supports: ledger-based securities under CO 973d, one token per share, allowlist deactivated; may be applied, two registers; registration duty, recovery; issuer may cancel, bearer shares listed
• RealUnit Schweiz AG, Articles of Association, 10 April 2026 · primary · accessed 2026-09-23
  Supports: share capital and classes, capital band, purpose and investment company
• RealUnit: Aktientoken page and FAQ · primary · accessed 2026-09-23
  Supports: company is counterparty, CHF 100,000 threshold, 1% sale fee, no conversion, EU growth prospectus, Brokerbot address
• RealUnit: RealUnit kaufen and legal notice · primary · accessed 2026-09-23
  Supports: share versus token, residents of CH, DE, AT, LI only, not registered under the US Securities Act
• RealUnit: Aktie und Finanzdaten · primary · accessed 2026-09-23
  Supports: BX Swiss, ISIN CH1129911108, indicative NAV, asset allocation at 30 June 2026, capital increase 17 September 2026
• RealUnit Schweiz AG, half-year report to 30 June 2026 · primary · accessed 2026-09-23
  Supports: equity CHF 62.1 million, half-year loss
• RealUnit Schweiz AG investor page (Aktionariat) · primary · accessed 2026-09-23
  Supports: tokenized shares and holders, last trade CHF 1.38, Aktionariat keeps the register
• AllowlistShares contract on Ethereum (Sourcify exact match) · primary · accessed 2026-09-23
  Supports: setType and setApplicable, mint up to totalShares, declareInvalid declarative, recovery and 180-day claim period

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.