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 unbundle the share's value along the segments the company itself reports, so each business gets its own price.
Cloud$58.7B15%Partials follow company-reported business breakdowns and may include several brands. What does a partial include?
Prices anchored to something real.
One equity token mints tokens of each segment. Return the complete set to redeem the underlying token.
The complete set anchors the combined value. How arbitrage works →
Four steps, all on-chain.
Trade individual partials or move between a complete set and its underlying equity token.
Deposit the underlying
Deposit the underlying equity token specified by the set. Its issuer determines the backing, holder rights, and provider redemption terms.
Mint the complete set
One underlying equity token mints 100 tokens of every defined segment, before fees. Each segment follows a business breakdown grounded in company reporting.
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Trade each partial on its own market
Opening prices are seeded from a sum-of-the-parts estimate informed by the company's reported segment figures. 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
Return 100 tokens of every segment for one underlying equity token, subject to fees. Assisted redemption (coming soon) will assemble the missing segments within a flash-loan transaction.
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“I think the market undervalues YouTube inside Alphabet.”