Tokenized US Public Stocks
Structured note product targeting $200M issuance enabling non-US investors access to US equity exposure via NAV-linked tokens with dividend pass-through and corporate action automation.
Instruments
Results
Overview
Asset Haus is designing a $200M structured note platform enabling non-US investors to access US equity exposure via NAV-linked tokens with delta-one price tracking, dividend pass-through, and automated corporate action processing.
Challenge
International investors need compliant access to US equity markets. Requirements included:
- US equity exposure for non-US investors
- NAV-linked tokens tracking underlying stocks
- Dividend pass-through via NAV mechanics
- Corporate action automation (splits, mergers)
Solution
Structured Note Architecture
US Public Equities (Custodied)
↓
Qualified Custodian (BitGo/Fireblocks)
↓
BVI SPV (Structured Note Issuer)
↓
NAV-Linked Tokens (ERC-1400)
↓
Non-US Investors
├── Price tracking (delta-one)
├── Dividends (NAV adjustment)
└── Corporate actions (automated)
NAV Mechanics
| Event | Processing |
|---|---|
| Price Change | Real-time NAV update |
| Dividend | NAV increase + base adjustment |
| Stock Split | Token ratio adjustment |
| Merger | NAV recalculation + distribution |
Key Features
- $200M target structured note issuance
- Delta-one tracking of US equities
- NAV-based dividend distribution
- Corporate action automation via Merkle drops
Results
| Metric | Status |
|---|---|
| Target | $200M issuance |
| Access | Non-US → US equities |
| Structure | Structured notes |
| Status | Architecture phase |
Modules Deployed
Compliance
- BVI regulatory framework
- ADGM licensing pathway exploration
- Bahrain licensing pathway exploration
- Qualified custody requirements
Deal Complexity
- • US securities exposure for non-US investors
- • Structured note architecture
- • NAV-based dividend mechanics
- • Corporate actions automation
- • Multi-jurisdiction regulatory pathway
Deliverables
- Regulatory pathway memo
- Structured note terms
- NAV calculation methodology
- Corporate actions protocol
- Custody integration architecture
- Partner selection criteria
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