Buy Waymo without owning Alphabet
Daybreak lets you buy the part of a company you actually believe in.
Every company is a basket of businesses.
Alphabet reports Google Services, Google Cloud and Other Bets. Amazon and Microsoft report three segments each. Believe in one but not the rest? Public markets make you buy the whole conglomerate.
Daybreak splits the stock into partials: one token per reported segment, exactly as filed. Buy AWS without the stores.
Segments and figures as reported in Alphabet's Form 10-K, FY2025. Partials open at the ratio of segment cash flows, then trade on their own.
Four steps, all on-chain.
Every step is permissionless and every partial is a claim on the real stock.
Deposit the underlying
Bring a tokenized US equity on Solana, such as GOOG. Each token is a claim on the real share, held 1:1 by the token issuer.
Mint the complete set
Daybreak issues one partial per reported segment. One GOOG becomes Google Services, Google Cloud and Other Bets. The set always adds up to the stock.
Google ServicesGoogle CloudWVOther BetsGoogle ServicesGoogle CloudWVOther Bets
Trade each partial on its own market
Markets open at the ratio of segment cash flows. From there every partial trades on its own supply and demand: Google Cloud is priced separately from Search, in real time.
Redeem whenever you like
Gather the complete set and redeem it for the underlying, any time, permissionlessly.
Google ServicesGoogle CloudWVOther BetsGoogle ServicesGoogle CloudWVOther Bets
Prices anchored to something real.
Anyone can deposit the stock token and mint the complete set of its partials, or gather the set and redeem it for the stock. Every partial is part of a real, redeemable claim on the stock.
1 $GOOGTokenized Alphabet stockThe complete set is always worth exactly 1 $GOOG on redemption.
“I think the market undervalues YouTube inside Alphabet.”
FAQs
One token from a complete set. Each set is a fixed bundle of partials that, held together, redeems for one unit of the underlying tokenized stock at any time. Every partial in the set takes its name from one of the company's reported segments, such as Google Cloud inside Alphabet, and trades on its own market.
Segment reporting is the one breakdown every US-listed company publishes on a fixed schedule, audited and comparable quarter to quarter. Anchoring partials to it means each one maps to numbers the company itself files, rather than to a definition Daybreak chose. Those figures only set the prices markets open at; from then on, price discovery on each partial's market sets the price.
When a company goes live, opening weights follow each segment's reported fundamentals in the latest Form 10-K, primarily revenue and operating income, with a small minimum weight for segments that run at a loss; that floor is what gives Other Bets its opening weight. From then on the market decides: every partial trades on its own supply and demand.
Mint and redeem. Anyone can deposit the stock token and mint the complete set, or gather the set and redeem it for the stock, at any time. If the partials trade above the stock, anyone can mint and sell; if below, anyone can buy the set and redeem.
A Solana wallet and a little SOL for network fees. Buy individual partials on the market, or deposit the tokenized stock to mint a complete set. Availability depends on where you live; see the risk disclosure in the footer.