wemakeit AG shares (WMKT)

Summary

Ketju does not approve wemakeit AG shares (WMKT): each token is a share of a small private Swiss company, sold without a prospectus, and the only buyers pay a tenth of the issuer’s price or less. wemakeit claims no US exemption. wemakeit AG runs a crowdfunding platform in Zurich. It issued its shares directly onto Ethereum as ledger-based securities under article 973d of the Swiss Code of Obligations. Whoever controls the token controls the right to be entered in the share register. The investor page quotes an issuer-defined price of CHF 8.38. On 23 September 2026 the lowest ask on wemakeit’s own order book was ZCHF 0.85 and the highest bid ZCHF 0.10. On chain, nobody can pause, freeze, seize or upgrade the token.

Review triggers
• 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

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 (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. 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.” The holder therefore has title on chain, directly from the issuer, at contract 0xc955…ea7f. 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.

wemakeit keeps two registers. 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. Aktionariat 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.

Size and holdings

wemakeit has 1.05 million shares, and 436,224 of them are tokenized. Its investor page counts 5,277 shareholders. Since July 2022 the platform has described itself as owned by its community.

Eligibility

wemakeit screens no one. The agreement lets ”Any person, legal or natural, that can demonstrate the power to dispose over a Share Token” register. wemakeit may refuse only under transfer restrictions in its articles, and the agreement says none exist. The contract is the plain Aktionariat Shares contract, with no allowlist. The agreement’s wording anticipates an allowlist 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 requires a prospectus only above set thresholds. 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.

Price

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 the same page links to showed five asks from ZCHF 1.60 down to 0.85. It showed one bid, for 7,399 tokens at ZCHF 0.10, an 88% spread. CoinGecko’s figure of about $1 a token follows the trades. An advisor who marked WMKT at the issuer’s price would overstate it about eightfold. An advisor who needed to sell would get the bid.

Who controls it

The contract is not a proxy, so nobody can change its code. 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). By law the owner may raise totalShares only as far as the commercial register allows, but the code does not check the register. The owner can declare tokens invalid after a court cancels them. The source calls this ”purely declarative,” and it does not move a token. The owner can also change the collateral that a recovery claimant must post.

The recovery mechanism is the one real risk to a holder who does not trade. A claimant says an address is lost and posts collateral: one WMKT per WMKT claimed, or one ZCHF each, the custom collateral that 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, and any transfer from the address clears the claim. The agreement lets a holder opt out per address. It gives the issuer one power over recovery: ”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.

Withdrawals

wemakeit does not redeem shares and does not promise to buy them back. A holder can sell only on wemakeit’s own order book, which runs on Aktionariat’s technology and settles atomically in Frankencoin (ZCHF). The trading page describes it as ”a non-commercial trading facility” under the Financial Market Infrastructure Act and ”not subject to prudential supervision.” Buyers and sellers therefore get none of the conduct rules of a supervised venue, and wemakeit may charge a fee on trades. The book held one bid of about 740 ZCHF. A holder of any size cannot sell without taking the price down to that bid.

Comparison

WMKT and Aktionariat’s own DAKS use the same legal form and the same family of contracts. They are different issuers with different terms. WMKT has no drag-along, so no 75% vote can force a WMKT holder to sell. For Securitize’s SECZ and CURRENC, a US transfer agent keeps the register, and the tokenization agent can freeze or seize tokens. For WMKT the token contract is the register, and no key can take a holder’s tokens. We found no defect in the token structure. The investment is a minority stake in a small Swiss platform, which its issuer marks at a price that its own market does not pay.

Sources

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

• 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

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.