Eligibility file · Stock

Draggable Aktionariat AG Shares (DAKS: the issuer’s own registered shares as Swiss ledger-based securities on Ethereum)

What the client owns

Aktionariat AG registered shares (Namenaktien); each DAKS wraps one Aktionariat AG Shares token (AKS, 0xcb58ec733ab0d96216b048bf7c3209d6c184d7c3), the ledger-based share, under a drag-along agreement. Issuer direct: The on-chain record is the securityholder file; the holder is the registered owner.

Who may hold it

US retail investors. First purchase minimum not stated. State coverage not confirmed by the issuer. The terms set no transfer restriction and no investor test: anyone who can show control of the token may ask to be entered in the share register, and only registered holders may vote or take dividends. Aktionariat sells new shares directly at a fixed price (CHF 7.25 on 23 September 2026) as a Swiss primary offering under the Financial Services Act. The offering is below the legal thresholds and has no prospectus. Its terms bar anyone barred by the laws of their place of residence but name no country. Nothing in the documents addresses US securities law, so a US buyer relies on no stated exemption. The documents state no minimum; one token is one share.

Who can freeze or claw back

Ethereum: no power on the contract.

How a holder redeems

Secondary market only; no issuer redemption. No redemption. Holders sell on Aktionariat’s on-chain order book against Frankencoin (ZCHF), settled atomically. On 23 September 2026 the best bid was CHF 4.50 and the best ask CHF 6.25, and 24-hour volume was CHF 10.75. Settles in ZCHF.

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The verdict is on the memo: Draggable Aktionariat AG Shares (DAKS) Not approved

Issuer

Aktionariat AG (Erlenbach, Switzerland; CHE-453.438.437); issues the shares, keeps its own share register, and runs the direct sale and the secondary order book

Registration

Other

Official record

Aktionariat AG (keeps its own share register; the token contract is the ledger-based securities register)

Instruments

DAKS

Chains

Ethereum

Reviewed

2026-09-23

Next review

2027-03-23

Eligibility

Each answer quotes the issuer’s own words from the document named under it. Ketju reads each document again and records whether the words are still there. Where the documents say nothing, the row states that.

What the holder owns

Each DAKS is one Aktionariat AG registered share token held under a drag-along agreement. The token is not a derivative.

“Each Drag-Along Token represents a Base Token held under this Agreement. They are not a derivative or other financial instrument derived from the Base Token”

Aktionariat AG, Token Holder Agreement with partially automated enforcement V1.0 (2021-02-01) · Section 2, Scope · words found 2026-09-23

Who may hold it

The terms set no transfer restriction and name no excluded country or investor class.

“As of the date of this Registration Agreement, there are no transfer restrictions.”

Aktionariat AG, Registration Agreement V1.0 (2021-02-01) · Section 3.2, Transfer Restrictions (Vinkulierung) · words found 2026-09-23

First purchase minimum

The documents state no minimum; one token is one share.

Not stated in Aktionariat AG, Registration Agreement V1.0 (2021-02-01), Aktionariat AG, Token Holder Agreement with partially automated enforcement V1.0 (2021-02-01), Aktionariat AG investor page.

Who it may be transferred to

Holders may transfer DAKS freely on chain; the tokens cannot be unwrapped except on termination or migration.

“Each Drag-Along Token Holder is free to transfer the Drag-Along Tokens in accordance with technical functionalities of the Blockchain, the Registration Agreement and this Agreement.”

Aktionariat AG, Token Holder Agreement with partially automated enforcement V1.0 (2021-02-01) · Section 2, Scope · words found 2026-09-23

How a holder redeems

Holders cannot redeem. They sell on the order book, or an acquirer who reaches the 75% quorum buys out all holders.

“The Drag-Along Token Holders agree to sell their Drag-Along Tokens, and agree that such sale will be enforced automatically by the Drag-Along Smart Contract”

Aktionariat AG, Token Holder Agreement with partially automated enforcement V1.0 (2021-02-01) · Section 3.1, Grant · words found 2026-09-23

Who keeps the official record

The token contract is the ledger-based share register; the issuer keeps a separate share register, and only persons entered in it may vote or take dividends.

“Only the persons registered in the Share Register are entitled to the rights as a shareholder (such as voting and dividend rights).”

Aktionariat AG, Registration Agreement V1.0 (2021-02-01) · Section 3.1, Shareholder Registration · words found 2026-09-23

What the issuer says it can freeze or take back

No freeze, pause or issuer clawback. A claimant who posts collateral can recover tokens from an address inactive for the claim period, unless the holder opted out; the issuer may only cancel such a claim.

“As a further fallback to prevent abuse, the Issuer is given the power to cancel a pending token recovery, thereby preventing the recovery from completing.”

Aktionariat AG, Registration Agreement V1.0 (2021-02-01) · Section 7, Loss of Tokens · words found 2026-09-23

Fact	Answer
Who onboards the holder	No onboarding
Voting rights	Yes
Distributions	cash
SIPC coverage of the wallet	No

Who controls it

Ketju read these powers from the deployed contracts and their verified source code: the token and every contract it checks on a transfer. A power listed here is something the issuer can do; it does not mean the issuer has used it.

Chain	Freeze a holder	Pause	Claw back	Gate holders	Change the code	Keys held by
Ethereum	No	No	No	No	No

Ethereum: 2 contract reads, 3 functions in verified source, 2026-09-23

Read from the chain

eip1967.implementation=0x0000000000000000000000000000000000000000
wrapped()=0xcb58ec733ab0d96216b048bf7c3209d6c184d7c3

Read from verified source

Where it trades

Venue	Kind
Aktionariat AG direct investment (bank transfer or crypto)	issuer primary
Aktionariat secondary order book (non-commercial trading facility, settled in ZCHF)	dex

No Tokenized Securities Venue lists this token. Secondary trading, if any, is outside the exemption.

Redemption

Route	Settlement	Settles in
Secondary market only; no issuer redemption	No redemption. Holders sell on Aktionariat’s on-chain order book against Frankencoin (ZCHF), settled atomically. On 23 September 2026 the best bid was CHF 4.50 and the best ask CHF 6.25, and 24-hour volume was CHF 10.75.	ZCHF
No redemption stated	A drag-along sale: a buyer who wins 75% of DAKS votes within 60 days can buy all DAKS at the offered price, and each holder then unwraps the proceeds.	offer currency

Review triggers

Someone calls makeAcquisitionOffer on the DAKS contract, or 75% of holders vote to migrate or amend
A recovery claim (declareLost) is filed against a DAKS or AKS address, or the issuer cancels one
The AKS owner multisig 0x4fd9dba1d53b7e6cc933a2fdd12b1c012a0654f6 mints new share tokens, declares tokens invalid, or changes the claim period or collateral
Aktionariat adds transfer restrictions (Vinkulierung) to its articles, publishes a prospectus, or restricts buyers by country
The Registration Agreement or Token Holder Agreement is replaced

Daily checks

Every day Ketju reads each control function in the table above and the contracts the token checks on a transfer. Ketju compares the token’s on-chain supply with yesterday’s, and its market quote with yesterday’s quote, since a fund of this kind accrues a few basis points a day. Ketju also reads every document quoted above and reviews the file again if a quoted passage disappears from its document. Ketju counts a new, removed, or changed key as a change only when the chain’s own log shows the grant, revocation, or signer change since yesterday. If the log does not show it, Ketju updates the key list in this file and does nothing more. A change opens a review before any client action. Subscribers get an email that names each of their clients who hold the token, with the household result.

File history

Ketju has not revised this file since filing it. If Ketju revises it, the earlier version stays as published, with the reason.

Date	Change
2026-09-23	Filed.

Sources

Aktionariat AG, Registration Agreement V1.0 (2021-02-01) · primary · accessed 2026-09-23
Supports: issuer and registered shares, token contract 0xcB58EC733Ab0d96216B048bf7C3209d6c184D7c3 is the ledger-based register, off-chain share register; only registered holders exercise rights, no transfer restrictions, transfer by transfer of control, recovery function; issuer may cancel a recovery, court cancellation under CO 973h
Aktionariat AG, Token Holder Agreement with partially automated enforcement V1.0 (2021-02-01) · primary · accessed 2026-09-23
Supports: DAKS wraps the base token, recognized sub-register, 75% acquisition quorum, 60-day vote, tag-along above 50%, amend or migrate at 75%, no unwrap except on termination
Aktionariat AG investor page · primary · accessed 2026-09-23
Supports: DAKS contract 0x6f38e0f1a73c96cb3f42598613ea3474f09cb200, 1,800,000 shares, 800,000 tokenized, 365 shareholders, price CHF 6.25; direct price CHF 7.25, FinSA primary offering; non-commercial trading facility
Aktionariat: End User Terms and Conditions · primary · accessed 2026-09-23
Supports: users not barred under the laws of their residence, smart contracts immutable
DraggableShares contract on Ethereum (Sourcify exact match) · primary · accessed 2026-09-23
Supports: no owner, pause, freeze or upgrade, recover after claim period, drag and migrate by quorum, quorum 7,500 of 10,000; vote period 60 days; claim period 180 days
Zurich commercial register extract, Aktionariat AG · primary · accessed 2026-09-23
Supports: company registration CHE-453.438.437

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