# Ketju research: Anchored aStocks (Anchored Capital Ltd, BVI)

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

## Research summary

Anchored sells tokens on 80 US stocks and ETFs, named with an "a" in front of the ticker: aAAPL for Apple, aBIL for the SPDR 1-3 Month T-Bill ETF. The issuer is Anchored Capital Ltd, a company in the British Virgin Islands. Each token is, in Anchored’s words, a receipt for "a beneficial entitlement, under a bare trust, to underlying fund shares." The fund is Anchored Finance SPC, a Cayman segregated portfolio company that buys the stock through a US broker it does not name. The holder owns no share, has no vote and no claim on the company; dividends arrive in USDC after taxes and fees.

The program is small. On 23 September 2026 we read about 5,210 aBIL on chain, nearly all on Monad, worth about $477,000; the next largest tokens hold a few thousand dollars to tens of thousands each. The token terms, the trust deed and the fund’s offering document are not public: they sit behind the gated app. The contracts are unverified upgradeable proxies, and one private key sits at the top of the upgrade, pause and denylist powers.

We reject it for client portfolios. It is closed to US persons, a first direct mint is $100,000, and the holder’s claim runs through two offshore layers whose governing documents we cannot read.

## Observable review triggers

- Anchored publishes the token terms, trust instrument and SPC offering memorandum
- Anchored names its US broker-dealer and custodian
- The beacon, factory or compliance contracts are verified and their keys move to a multisig
- The tokens open to US persons

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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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