# Ketju research: wemakeit AG shares (WMKT)

- URL: https://riadefi.com/rejections/aktionariat-wemakeit/
- Research assessment: adverse
- Client selection: not considered
- Exposure: tokenized RWA
- Reviewed: 2026-09-23
- Next review: 2027-03-23

## Research summary

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.

## Observable 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

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Published by Ketju Research (https://ketjuresearch.com). Educational analysis only; not legal, tax, compliance, or investment advice.
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