ST0x tokenized stocks and ETFs (S01 Issuer GmbH debt tokens on Base; traded as wt- vault shares)
Base wtSPYM: can pause transfers, claw back, mint, change the code. A 3-of-6 multisig can pause transfers. A 3-of-6 multisig can change the code with no delay.
Subscribers see which of their clients hold this program and whether each household qualifies under these terms, and Ketju emails them when the file changes. $299 per firm per month, first 30 days free.
The verdict is on the memo: ST0x tokenized stocks (S01 Issuer GmbH) Not approved
Other programs tokenize the same securities. Every version side by side: COIN, SGOV, NKE, GRND, WEN, NVDA.
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
A holder is an unsecured creditor of S01 Issuer GmbH with a contractual right to one share per token; the shares the issuer holds are its own hedge and do not belong to the holder.
“Holders are unsecured contractual creditors of the Issuer.”
ST0x FAQs · What do I own when I hold a token? · words found 2026-09-23
- Who may hold it
Anyone outside the United States who is not sanctioned; no onboarding to hold or trade.
“THE PRODUCTS ARE NOT FOR DISTRIBUTION TO ANY U.S. PERSON OR ANY PERSON OR ADDRESS”
S01 Issuer GmbH, Base Prospectus, Program on the Issuance and Offer of Token (30 March 2026, approved by the FMA Liechtenstein, valid to 29 March 2027) · Important Information, General Sales Restrictions (p. 2) · words found 2026-09-23
- First purchase minimum
Minting takes shares worth at least US $1.00; redeeming takes tokens worth at least US $10.00; trading has no minimum.
“The minimum Exchange Transaction size for the Issuer to convert Shares to Tokens is a quantity of Shares with an aggregate value of at least US $1.00”
S01 Issuer GmbH, Base Prospectus, Program on the Issuance and Offer of Token (30 March 2026, approved by the FMA Liechtenstein, valid to 29 March 2027) · General Terms and Conditions, clause 4.7(d) · words found 2026-09-23
- Account types
Redemption needs an account at a broker the issuer designates; if the holder cannot pass that broker’s KYC, the issuer owes no other way to redeem.
“Should an Investor be unable to maintain or open an Account with any Eligible Broker due to circumstances within the Investor’s control”
S01 Issuer GmbH, Base Prospectus, Program on the Issuance and Offer of Token (30 March 2026, approved by the FMA Liechtenstein, valid to 29 March 2027) · General Terms and Conditions, clause 10.2(c) · words found 2026-09-23
- Who it may be transferred to
The terms put no restriction on transfer; the contract owner can still freeze the whole token and confiscate balances.
“There are no restrictions on the free transferability of the Products.”
S01 Issuer GmbH, Base Prospectus, Program on the Issuance and Offer of Token (30 March 2026, approved by the FMA Liechtenstein, valid to 29 March 2027) · Summary, What are the Products? (p. 10) · words found 2026-09-23
- How a holder redeems
A holder may ask at any time for delivery of the share through the issuer’s interface to an eligible broker account; there is no cash redemption unless the issuer suspends exchange and sells the shares.
“Investors are entitled to demand delivery of the Underlying from at any time.”
S01 Issuer GmbH, Base Prospectus, Program on the Issuance and Offer of Token (30 March 2026, approved by the FMA Liechtenstein, valid to 29 March 2027) · Summary, Rights attached to the Products (p. 10) · words found 2026-09-23
- Who keeps the official record
The documents name no register; whoever controls a token on chain holds its rights against the issuer.
“the transferring Party shall be deemed to have transferred all rights and obligations against the Issuer”
S01 Issuer GmbH, Base Prospectus, Program on the Issuance and Offer of Token (30 March 2026, approved by the FMA Liechtenstein, valid to 29 March 2027) · General Terms and Conditions, clause 4.4 Crypto Token Transfers · words found 2026-09-23
- What the issuer says it can freeze or take back
The issuer may confiscate tokens from any holder on a legal order and block transfers; on a security event it may freeze every transfer and reissue tokens.
“The Tokens include a confiscation functionality enabling the transfer of Tokens from any Investor to a designated”
S01 Issuer GmbH, Base Prospectus, Program on the Issuance and Offer of Token (30 March 2026, approved by the FMA Liechtenstein, valid to 29 March 2027) · Risk Factors, Transfer modality risks (p. 23) · words found 2026-09-23
| Fact | Answer |
|---|---|
| Who onboards the holder | No onboarding |
| Voting rights | None |
| 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.
| Token | Chain | Freeze a holder | Pause | Claw back | Gate holders | Change the code | Keys held by |
|---|---|---|---|---|---|---|---|
| wtSPYM | Base | No | No | No | No | Yes | A 3-of-6 multisig can change the code with no delay. |
| wtSPYM | Base | No | Yes | Yes | No | Yes | A 3-of-6 multisig can pause transfers. A 3-of-6 multisig can change the code with no delay. |
Who holds the keys
Ketju read every current holder of each power from the chain on 2026-09-23. A single key is one private key, and whoever holds it acts alone. A multisig needs the stated number of signers. A timelock delays every action, so holders can see it before it takes effect.
| Token | Chain | Key | What it can do | Held by | Address |
|---|---|---|---|---|---|
| wtSPYM | Base | Beacon owner | change the code | a 3-of-6 multisig | 0xe70d…d611 |
| wtSPYM | Base | Owner | grant and revoke these powers, pause transfers | a 3-of-6 multisig | 0xe70d…d611 |
| wtSPYM | Base | Beacon owner | change the code | a 3-of-6 multisig | 0xe70d…d611 |
Base wtSPYM: 2 contract reads, 1 function in verified source, 2026-09-23
- eip1967.beacon=0x4c2d2d3bf1232bf0d3fb7123007a9b8444637bc8
- 0x4c2d2d3bf1232bf0d3fb7123007a9b8444637bc8.implementation()=0x0d99e0174dbf885ced6ae8deb939b0f890450099
- mint in verified source 0x0d99…0099
Base wtSPYM: 3 contract reads, 3 functions in verified source, 2026-09-23
- eip1967.beacon=0xea084c8f4331cdf3328e772781b59f8a24f28f1a
- 0xea084c8f4331cdf3328e772781b59f8a24f28f1a.implementation()=0x52174538a83b18462c5cf898016539b086c920c7
- owner()=0xe70d821f3462a074e63b42d0aac6523faae1d611
- ownerFreezeUntil in verified source 0x5217…20c7
- confiscateReceipt in verified source 0x5217…20c7
- mint in verified source 0x5217…20c7
Where it trades
| Venue | Kind |
|---|---|
| S01 Issuer GmbH Core Bridge interface (mint and redeem against shares at an eligible broker) | issuer primary |
| Raindex order books on Base, via st0x.io (SARK X (BVI) Ltd) or other interfaces | dex |
Redemption
| Route | Settlement | Minimum | Settles in |
|---|---|---|---|
| Secondary market only; no issuer redemption | A holder sells the wt-token on Rain order books on Base (through st0x.io or any other interface) against USDC; liquidity comes from arbitrageurs who mint and redeem with the issuer. | USDC | |
| Redeem in kind | A holder unwraps the wt-token into t-tokens, sends them to the issuer’s wallet through its interface, and names an account at a broker the issuer designates. The issuer transfers the shares through a broker transfer system and then burns the tokens. It can take hours to weeks; the issuer may suspend exchanges on broker failure, trading halts, corporate actions or regulation, and may then sell the shares and pay stablecoins instead. The Final Terms set the redemption fee, and the issuer has not published them. | $10 | shares at the holder’s broker |
- The t-token owner Safe 0xe70d821f3462a074e63b42d0aac6523faae1d611 calls ownerFreezeUntil, setAuthorizer, or upgrades either beacon (0xea084c8f4331cdf3328e772781b59f8a24f28f1a for t-tokens, 0x4c2d2d3bf1232bf0d3fb7123007a9b8444637bc8 for wt-tokens)
- Any address is granted CONFISCATE_SHARES or CONFISCATE_RECEIPT on authorizer 0x315b16faa6ee413fabca877d3851b3818369f0cd, or a ConfiscateShares event appears on any t-token
- A certifier lets certification lapse or forces it backwards (Certify with forceUntil), halting holder transfers
- S01 Issuer publishes Final Terms for a filed token, a supplement to the base prospectus, or a new prospectus after 29 March 2027
- The issuer exercises the Issuer Call Option, suspends exchanges, or announces a Security Event and replacement tokens
- ST0x migrates tokens again (its interface already lists a legacy address for older t-tokens)
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. 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
- S01 Issuer GmbH, Base Prospectus, Program on the Issuance and Offer of Token (30 March 2026, approved by the FMA Liechtenstein, valid to 29 March 2027) · primary · accessed 2026-09-23
Supports: debt instruments under German law, no ISIN, contractual right to delivery of a share, no right to a specific share, no voting rights, Distributions only from dividends received, paid in USS, unsecured creditors; hedge not segregated, not for US persons, offer countries LI, DE, LU, FR, ES, IT, minimum mint US $1.00, minimum redemption US $10.00, exchange via eligible broker; broker KYC, suspension and termination of exchange, confiscation and blocking functionality, Security Event freeze and replacement tokens, Issuer Call Option on 30 business days notice, share capital EUR 25,000; sole shareholder $ Zero X Ltd, German law governs - S01 Issuer GmbH, Prospectus page · primary · accessed 2026-09-23
Supports: St0x token programme prospectus hosted by the issuer, ESMA register publication record, no Final Terms posted - S01 Issuer GmbH, Imprint · primary · accessed 2026-09-23
Supports: Kurfürstendamm 15, Berlin, HRB 270925, District Court Charlottenburg, managing directors - ST0x FAQs · primary · accessed 2026-09-23
Supports: S01 Issuer GmbH issues the tokens, holders are unsecured contractual creditors, hedge held for the issuer, not on trust, not segregated, markets trade wrapped vault shares, arbitrageurs create and redeem via the Core Bridge - ST0x home page · primary · accessed 2026-09-23
Supports: SGOV sold with no KYC and no lockup, right of exchange for the security, SARK X (BVI) Ltd operates the site - ST0x markets page and the token list it serves (wrapped address, unwrapped address per stock) · primary · accessed 2026-09-23
Supports: 54 ST0x tokens on Base, wt- and t- contract pairs for the eight filed instruments - ESMA prospectus register entry for the S01 Issuer base prospectus · secondary · accessed 2026-09-23
Supports: publication record of the approved base prospectus - StoxReceiptVault implementation on Base (Sourcify exact match) · primary · accessed 2026-09-23
Supports: owner freeze of all transfers with always-allowed exceptions, confiscateShares and confiscateReceipt by role, certification expiry stops holder transfers, owner may replace the authorizer, beacon upgrade - StoxWrappedTokenVault implementation on Base (Sourcify exact match) · primary · accessed 2026-09-23
Supports: plain ERC-4626 wrapper; revaluations show in price, not supply, no admin function besides the beacon upgrade