Dear Shareholders and potential future Shareholders,
This simple web page is where I decided to start my journey to bring fundamental investing to the crypto world. Today, “crypto” is synonymous with emotional markets that are often detached from fundamentals. While I appreciate the playfulness of today’s crypto markets with all their memes and emojis, I am also deeply convinced that in the long run, the fundamental investors will prevail. That’s why I founded Aktionariat together with Murat. We want to attract companies of fundamental value to the space of decentralized finance, and to better connect them to their current and future shareholders. Thereby, we hope to help the crypto markets mature and one day maybe even dethrone the established financial markets.
I hereby invite you to join me on my journey by becoming a fellow shareholder of Aktionariat AG. All it takes is a plunge into the cold waters of not-yet-very-user-friendly technology, and a fistful of Ethers or CryptoFrancs.
President of the Board
Aktionariat AG is a Swiss corporation based in Zurich with trade register number CHE-453.438.437. Its purpose is to enable Swiss companies to create a market for their shares and is defined in more general terms in its Articles of Association. Its capital is divided into shares with a nominal value of 0.10 CHF each, out of which shares are held by the company itself. On the basis of a Registration Agreement, Aktionariat shares are registered on the Ethereum blockchain as ERC-20 tokens named . The current market price per share is , implying a market capitalization of .
This investor page does not only serve our shareholders, it also serves as an example for how other companies can easily setup their own investor relations page with the help of our tools. All charts, tables, forms, and other widgets on this page are freely configurable and easy to integrate on an existing website. Data points like the number of shares in circulation are fetched from the blockchain as the page is loaded, ensuring that they stay up-to-date without manual intervention. We believe that powerful building blocks like the ones we offer are invaluable for creating great investor relations pages. Shareholder communication is often underappreciated. Without keeping the market informed, there can be no market at all.
Markets work best when they are free and open. We leverage the latest legal and technical developments to create liquid markets for securities that hitherto were illiquid and hard to price. Even for those not interested in selling their digital shares, having a reliable price signal can unlock substantial value. For example, it creates a point of orientation for employees regarding the true value of their shares and enables investors to more reliably gauge how well (or not so well) their portfolio is doing.
We believe that being an enabler in this market should put us sooner or later in a position where we can capture some of the value we create. However, for the foreseeable future, we strictly prioritize growth and product development over revenue generation. We also decided to put a laser-sharp focus on the technical dimension, leaving legal consulting to partner firm LEXR and the provision of auxiliary financial services such as the custody of crypto assets to regulated financial intermediaries. For the technically savvy, it will always be possible to enjoy the full spectrum of our services without relying on third parties, but some users find it more convenient to do so via an intermediary of choice.
The daily trading volume of all token markets driven by our intellectual property.
Aktionariat AG has been founded in June 2020 with 120’000 CHF of capital and ended the year with about 30’000 CHF liquidity left. Details can be found in the unaudited financial report for 2020. We do not expect to reach break-even in the coming years and therefore depend on further investments. For 2021, we will need at least 500’000 CHF of additional funding, which we plan to raise through the sale of 100’000 shares. Funding can come from three sources: the founders, employees using part of their salaries to buy more shares, and external investors that are adventurous enough to believe in our vision. Our aim is to route all of these transactions through our open market, giving every buyer the exact same opportunity to buy our shares and creating a high level of market transparency. In case there is not enough public interest in our shares, Luzius is committed to step in.
Potential investors should note that unlike Bitcoin, shares of a company do not have a limited supply. The majority of the shareholders can always decide to print and offer more shares to finance the company’s goals (as long as they find a buyer). We plan to make extensive use of this possibility, leading to significant dilution over the coming years. However, unlike with Bitcoin, every shareholder always gets the right to buy his fair share of newly issued shares by law. Of course the same applies for blockchain shares. This is one of the advantages of building on proven concepts instead of issuing yet another new crypto currency: shares come with a bundle of legally enshrined and time-tested rights that protect the shareholders.
In our vision, a direct market is the central component of every investor relations page, enabling investors to buy and sell shares directly from the company. In our case, we offer Aktionariat AG Shares (DAKS). These blockchain-based security tokens represent shares of Aktionariat AG that are bound to a Token Holder Agreement. The token holder agreement preserves the strategic option of an exit by allowing an acquirer to squeeze out all minority shareholders in case a 75% majority agrees with the acquisition. This is usually called a “drag-along agreement”, hence the prefix “Draggable” in the token name. The DAKS token contract allows the drag-along agreement to be automatically enforced, allowing it to be efficiently executed even if there are thousands of shareholders. At the same time, the agreement also protects the minority token holders by ensuring that they can sell their shares at the same price as the big shareholders in such an event (“tag-along” clause).
Note: Ether has reached a new all-time high and transaction fees are rather high, up to 100$. This should improve again in the coming months, as we expect scalability technologies to enjoy increasing adoption.
Investors can use the Aktionariat mobile app for iOS or Android, MetaMask or any other WalletConnect compatible Ethereum wallet to interact with the market widget and complete their transactions without any need for intermediaries. With each share sold, the price is automatically adjusted upwards a little and with each repurchased share it is adjusted downwards again by the same amount, allowing a market price to be formed.
The market widget is powered by an open-source smart contract. It connects to the Ethereum blockchain and does not depend on Aktionariat’s servers to function. This approach reflects our commitment to the decentralization of financial markets (DeFi).
The trade history widget shows the most recent share transactions. It is automatically updated by on-chain data. The complete trade history is also available for download as a CSV file.
If you wish to be notified about future trades and other notable events concerning our share tokens, subscribe here.