May's Ownership Coin Report is now live. In the report, we made the case that transparency and financial legibility are not the same thing. That gap is why the market consistently misprices tokens. Also included in the Ownership Coin Monthly: ■ @MetaDAOProject ecosystem recap across decision markets, product updates, and financials ■ @StreetFDN teased its next launch — a look at how Street is taking a different approach from other launchpads in the space with its ERC-S framework ■ A case for redemptions vs buybacks, a follow up on the @_Futarchy <> @Gnosis_ experiment, and the redemption proposal by @0xWismerhill ■ An intro to @RideMarkets and how futarchy can enable permissionless capital allocation ■ solana:METAwkXcqyXKy1AtsSgJ8JiUHwGCafnZL38n3vYmeta listed on Coinbase and KuCoin, the first tier-1 exchange listings for an ownership coin ■ @Zinc_Cash, the launch of solana:zinc155BS4mSPk8GXQj4R5hkVDQXcW253pTYq5SGyfi mining, and the #1 program in the @Arcium ecosystem ■ Protocol updates from @AviciMoney, @Loyal_HQ, @UmbraPrivacy, @Solomon_Labs, @Omnipair, @JurassicFi and more [Full Report in Replies]

Blockworks has done an incredible job raising the standard across the industry and the @MessariCrypto acquisition is another big step. In a recent conversation, @JasonYanowitz and @MikeIppolito_ speak to their vision. Of all the great soundbites, one caught our attention: instead of relying on quarterly reports, disclosure happens in real time. We believe capital will flow to the onchain organizations that view their financial legibility as a competitive advantage, which is exactly why we’re building OpenBooks. Every onchain transaction classified with public books in real time. Congratulations @Blockworks on the acquisition!

“Incubate Ownership Capital”, @MetaDAOProject’s proposal to establish an activist fund for the MetaDAO ecosystem, has been approved. The proposal passed by ~3.40% with ~$3K volume across 11 trades. The decision market saw minor resistance about halfway through the TWAP window with a $1k Fail-Buy trade. Volume by economic alignment was still majority in favour of the decision, with 61.05% pass-aligned volume and 38.95% fail-aligned volume. Traders were more directional, with 80% pass-aligned and 20% fail-aligned. $2M USDC will now be transferred from the MetaDAO treasury to seed the fund. MetaDAO's NAV currently sits at ~$12.5M. With ~$10.5M in freely spendable treasury assets, this represents 19% of available capital in a single deployment. It's worth noting that the total first-year cost goes beyond the $2M USDC. There will also be a $140K management fee supplement, up to $150K in setup costs, and a standard 2% management fee. Altogether, this brings operational spend to roughly $290K. The fund will be managed by @allocateur and @agentmechanic, two Georgian entrepreneurs with a strong track record of building technology businesses. They will be: ▪️ Supporting raises too small for large institutions to participate in. ▪️Improving capital efficiency by actively seeking out proposal opportunities, liquidations, buybacks, and similar opportunities. In summary, the fund aims to bring capital efficiency to the MetaDAO ecosystem.

The next billion dollar companies are being built on MetaDAO.

Jurassic Finance’s “Establish Legal Structure for First SPV” decision market has been approved. The proposal cleared the 3% TWAP threshold by 0.32%, with ~$3.5K in total volume across 35 trades and 11 unique traders. 91.67% of traders were pass-aligned, while volume was more even at 58.48% pass-aligned. The approval authorized up to $19K USDC for legal work tied to the first fossil SPV. @JurassicFi’s treasury now sits at $210.68K, implying roughly 17 to 26 months of runway after the proposal resolved and the funds moved. The authorized spend is meaningful when compared to the treasury value, but its necessary to support the corporate structure laid out by the team. Here’s what comes next: Jurassic Finance plans to raise for $TRCH1, an SPV dedicated to acquiring and managing a Triceratops specimen, sometime in Q3. The team is already working on a museum partnership to loan the asset. Where $TRCH1 gives holders direct ownership rights over the Triceratops fossil, $RAWR gives holders exposure to the Jurassic Finance treasury. According to founder @vukan0x, Jurassic Finance will earn a percentage of each SPV raise and receive an allocation of each SPV’s token supply. In addition, the team plans to acquire SPV tokens at a discount through FOSSIL (Floor Order Standing Support for Investor Liquidity) and generate lending revenue through BONE (Borrow On Native Equity). The approval of Jurassic Finance’s “Establish Legal Structure for First SPV” proposal marks the first step toward value accrual for $RAWR holders.

Excited to connect with other builders in Samui next week 🏝️ If you're working on ownership coins, futarchy, governance, or crypto research, let's grab a coconut.

The ownership coin category continues to expand. We covered @craftsdev in our April Ownership Coin Monthly because it represents a different path for bringing tokenholder rights and ownership exposure onchain. @MetaDAOProject ownership coins give tokenholders control over the DAO treasury, IP, mint authority and major treasury actions through decision markets. Crafts takes a company finance path. Under STS, the token governs an SPV that holds an equity linked claim, typically a SAFE. The ownership exposure sits inside a token governed legal vehicle with DAO control over the treasury. @refihub, an energy infrastructure finance platform focused on tokenizing operating energy assets, is the first project to launch through Crafts. The launch targets 14% of the company at a $4M to $8M valuation range through a sealed-bid uniform-price auction. That makes this launch a useful readout for the broader ownership coin category. MetaDAO has already proven demand for market governed treasury ownership. ReFi Hub is Crafts first test to prove demand for tokenized equity. We'll be watching closely.

The @paystreamlabs “Restructure Paystream” proposal has passed. PAYS-003, coauthored by @MetaDAOProject founder @Proph3t, cleared its 1.50% TWAP threshold by 0.87%. Despite a thin market (~$694 in volume across 19 trades), 99.60% of volume was economically aligned with the outcome. Paystream now has a leaner operating structure and a clearer expectation to show progress with less capital. That makes public reporting more important than ever. We recommend the restructuring be followed by a consistent monthly reporting covering treasury position, spend, runway, product progress, growth metrics, and community updates. @01Resolved has already completed the financial backfill needed to support that process. We’d welcome the opportunity to help Paystream turn its post-restructure phase into a public operating record that rebuilds conviction.

Ownership coins are for everyone. solana:METAwkXcqyXKy1AtsSgJ8JiUHwGCafnZL38n3vYmeta is now trading on Coinbase