As companies have grown, they have diversified into multiple separate business lines: a search engine, a cloud platform, a self-driving car company, an AI lab. One share prices all of them together.
Partials split the share along the segments the company itself reports, so each business gets its own price.
Partials follow company-reported business breakdowns and may include several brands. What am I buying?
Why partials
Every company is a basket of businesses.
As companies have grown, they have diversified into multiple separate business lines: a search engine, a cloud platform, a self-driving car company, an AI lab. One share prices all of them together.
Partials split the share along the segments the company itself reports, so each business gets its own price.
Google Services
Search, YouTube, Android, Play
$342.7B85%
North America
Stores, marketplace, ads
$426.3B59%
Productivity and Business Processes
Microsoft 365, LinkedIn, Dynamics
$140.0B42%
F
Family of Apps
Facebook, Instagram, WhatsApp
99%
I
Commercial & Investment Bank
Markets, banking, payments
$78.5B42%
Cloud$58.7B15%
Intl.$161.9B23%
Cloud$137.8B42%
RReality Labs1%
CConsumer$76.0B41%
WVOther Bets$1.5B<1%
AWS$128.7B18%
Computing$54.1B16%
WWealth$24.1B13%
Partials follow company-reported business breakdowns and may include several brands. What am I buying?
One equity token mints tokens of each segment. Return the complete set to redeem the underlying token.
1 $GOOGLTokenized Alphabet stock
Mint
Redeem
100 × Google ServicesSearch, YouTube, Android, Play
100 × Google CloudGCP, Workspace
WV
100 × Other BetsWaymo, Verily, others
1 $AMZNTokenized Amazon stock
Mint
Redeem
100 × North AmericaStores, marketplace, ads
100 × InternationalStores, ads and Prime abroad
100 × AWSCompute, storage, AI services
1 $MSFTTokenized Microsoft stock
Mint
Redeem
100 × Productivity and Business ProcessesMicrosoft 365, LinkedIn, Dynamics
100 × Intelligent CloudAzure, server products, GitHub
100 × More Personal ComputingWindows, Xbox, Search ads
Trades above?Mint and sell.Trades below?Buy and redeem.
Mint/redeem arbitrage encourages the combined price to stay near the equity token, similar to how an ETF stays pegged to the value of the stocks it holds. How price alignment works →
Mint and redeem
Prices anchored to something real.
One equity token mints tokens of each segment. Return the complete set to redeem the underlying token.
1 $GOOGLTokenized Alphabet stock
Mint
Redeem
100 × Google ServicesSearch, YouTube, Android, Play
100 × Google CloudGCP, Workspace
WV
100 × Other BetsWaymo, Verily, others
1 $AMZNTokenized Amazon stock
Mint
Redeem
100 × North AmericaStores, marketplace, ads
100 × InternationalStores, ads and Prime abroad
100 × AWSCompute, storage, AI services
1 $MSFTTokenized Microsoft stock
Mint
Redeem
100 × Productivity and Business ProcessesMicrosoft 365, LinkedIn, Dynamics
100 × Intelligent CloudAzure, server products, GitHub
100 × More Personal ComputingWindows, Xbox, Search ads
Trades above?Mint and sell.Trades below?Buy and redeem.
Cloud$58.7B15%
