wemakeit AG shares (WMKT)

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.

WMKT is a share in wemakeit AG, the Zurich crowdfunding platform, issued straight onto Ethereum as a ledger-based security under article 973d of the Swiss Code of Obligations. The token is the share: whoever controls the token controls the right to be entered in the share register. No custodian or note stands in between, and there is no drag-along wrapper. wemakeit uses Aktionariat’s contract and Aktionariat keeps the register for it, but wemakeit is the issuer. On chain nobody can pause, freeze, seize or upgrade; wemakeit’s multisig can only mint new share tokens up to the shares in its articles and cancel a recovery claim. The shares are a small private company’s. wemakeit has 1.05 million shares, 436,224 of them tokenized, and its investor page counts 5,277 shareholders; the platform has called itself owned by its community since July 2022. The page quotes an issuer-defined price of CHF 8.38. The market does not: on 23 September 2026 the lowest ask on wemakeit’s own order book was ZCHF 0.85 and the highest bid ZCHF 0.10. We reject it for client portfolios. It is a venture-stage single stock with no prospectus, no stated US exemption, and an exit that pays a tenth of the price the issuer shows, or less.

Research triggers: events that reopen the assessment or shelf decision
• wemakeit lists its shares on a regulated exchange or publishes a prospectus
• The owner mints tokens beyond the shares in the commercial register, or declares valid tokens invalid
• wemakeit adds a transfer restriction, an allowlist or a drag-along to its share tokens
• The order book stops trading, or the issuer-defined price stays far above every bid

The research file

What a holder owns

The Registration Agreement (version 2.2, 29 March 2022) names the issuer, wemakeit AG of Zurich (CHE-260.625.831), and the instrument: ”Registered shares (Namenaktien) of the Issuer without transfer restrictions (Vinkulierung).” When a shareholder asks and the board agrees, the company ”mints exactly one indivisible Share Token” for each share, and from then on the token is ”attached to the Share such that it may neither be transferred nor its associated rights … exercised without the token.” That is title on chain, the issuer-direct model, at contract 0xc955…ea7f.

Two registers do two jobs. The token contract records who holds the security. The off-chain share register records who may use it: ”Only persons registered in the Share Register are entitled to the rights as a shareholder (such as voting and dividend rights).” Until a buyer registers, ”all rights remain with the previously registered shareholder.” The investor page says Aktionariat keeps that register for wemakeit and syncs a holder’s name and address with every other issuer that uses Aktionariat. A buyer who never registers owns the share but cannot vote it or collect a dividend on it.

Who may hold, and at what price

No one is screened. The agreement lets ”Any person, legal or natural, that can demonstrate the power to dispose over a Share Token” register, and wemakeit may refuse only under transfer restrictions in its articles, which the agreement says do not exist. The contract is the plain Aktionariat Shares contract, with no allowlist, although the agreement’s wording anticipates one if the company ever moves to a new contract. The investor page says any direct sale is a Swiss primary offering under the Financial Services Act, which needs a prospectus only past set thresholds. Nothing addresses US securities law. A US buyer of a foreign private company’s unregistered share relies on an exemption the issuer never claims.

The price is the hard part. The investor page shows CHF 8.38, labelled issuer-defined, and computes a market capitalisation of CHF 8.3 million from it. The order book that same page links to showed five asks from ZCHF 1.60 down to 0.85 and one bid, for 7,399 tokens at ZCHF 0.10: an 88% spread. CoinGecko’s figure of about $1 a token follows the trades, not the issuer. An advisor who marked WMKT at the issuer’s price would overstate it about eightfold; one who needed to sell would get the bid.

Control on chain

The contract is not a proxy, so its code cannot change. Its owner is 0x6404…2dfe, a clone of Aktionariat’s MultiSigWalletV3 with seven signer entries. The owner can mint new share tokens, but only while valid supply stays at or below totalShares (1,050,000), which the owner may raise only as far as the commercial register allows in law; the code does not check the register. The owner can declare tokens invalid after a court cancels them, which the source calls ”purely declarative” and which does not move a token, and it can change the collateral a recovery claimant must post.

The recovery mechanism is the one real risk to a passive holder. A claimant says an address is lost and posts collateral (one WMKT per WMKT claimed, or one ZCHF each, the custom collateral the owner set). If the 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. Any transfer from the address clears the claim. The agreement lets a holder opt out per address and gives the issuer one power over it: ”the Issuer is given the power to cancel a pending token recovery,” to be used only against abuse or error. Tokens left untouched in cold storage without an opt-out carry that risk.

The exit

There is no redemption and no buyback promise. The only exit on file is wemakeit’s own order book, built on Aktionariat’s technology and settled atomically in Frankencoin (ZCHF). The page says it is ”a non-commercial trading facility” under the Financial Market Infrastructure Act and ”not subject to prudential supervision,” so buyers and sellers get none of the conduct rules of a supervised venue, and wemakeit may charge a fee on trades. With one bid of about 740 ZCHF in the book, a holder of any size cannot sell without taking the price down to it.

Against DAKS and the listed tokenized shares

WMKT and Aktionariat’s own DAKS use the same legal form and the same family of contracts, but they are different issuers with different terms, and WMKT has no drag-along, so no 75% vote can force a WMKT holder to sell. Against Securitize’s SECZ or CURRENC, where a US transfer agent keeps the record and the tokenization agent can freeze or seize, WMKT is the reverse: the chain is the record and no key can take a holder’s tokens. The structure is sound. The investment is a minority stake in a small Swiss platform, marked by its issuer at a price its own market does not pay.

Sources

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

• wemakeit AG, Registration Agreement V2.2 · primary · accessed 2026-09-23
  Supports: ledger-based securities under CO 973d, no Vinkulierung, two registers, anyone may register, recovery; issuer may cancel, court cancellation
• wemakeit AG investor page · primary · accessed 2026-09-23
  Supports: share counts, holders, issuer-defined price, Aktionariat keeps the register, FinSA primary offering, non-commercial trading facility
• wemakeit AG secondary trading page · primary · accessed 2026-09-23
  Supports: asks ZCHF 1.60 to 0.85, bid ZCHF 0.10, spread 88%
• wemakeit AG shares contract on Ethereum (Sourcify exact match) · primary · accessed 2026-09-23
  Supports: owner mint capped by totalShares, declareInvalid declarative, recovery code, 180-day claim period, no pause or freeze
• Aktionariat MultiSigWalletV3 implementation (Sourcify) · primary · accessed 2026-09-23
  Supports: owner wallet is a multisig clone; seven signer entries

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.