Research summary
DAKS is the purest tokenized share on the Register and one of the smallest. Aktionariat AG, a Swiss company that sells share-tokenization software, issued its own registered shares as ledger-based securities under article 973d of the Swiss Code of Obligations. The token is the share: a transfer of the token is a transfer of the share, and the contract is the register of the security. No custodian, trust or note stands between the holder and the company. On chain there is no owner, no pause, no freeze and no upgrade. The shares are a private company’s. Aktionariat has 1.8 million shares, 800,000 of them tokenized and held by about 365 shareholders; at the last trade of CHF 6.25 the tokenized part is worth about CHF 5 million. The order book on 23 September 2026 showed a 28% spread and CHF 10.75 of volume in a day. The only exits are that order book, a direct sale nobody promises, and a takeover: any buyer who wins 75% of the DAKS vote can force every holder to sell at the offered price. We reject it for client portfolios. It is a venture-stage single stock with no prospectus, no stated US exemption, no liquidity to speak of, and a drag-along that can sell a minority out below fair value, as the agreement itself warns.
Observable review triggers
- Aktionariat lists its shares on a regulated exchange or publishes a prospectus
- An acquisition offer is made on the DAKS contract, or holders migrate the drag-along
- The AKS owner mints tokens beyond the shares in the commercial register, or declares valid tokens invalid
- Aktionariat adds a transfer restriction or a freeze to its share tokens
Facts on file
- Research assessment
- Adverse
- Client selection
- Not considered
- Exposure
- tokenized RWA
- Chains examined
- Ethereum
- Instruments
- DAKS
- Reviewed
- Next review