Confidential — AQ Capital

AQ CAPITAL

Tokenised Fund Platform

March 2026 · Institutional Overview
Institutional Yield. On-Chain Access.

Tokenised exposure to active multi-strategy portfolios — treasury basis, commodity curves, volatility premium, rates carry. Maintain BTC exposure. Earn USD yield.

Target Net Yield
12.8%
AQ-YIELD flagship
RWA Market
$26.6B
tokenised assets
Strategies
10
active portfolios
Securities Exp.
~2%
crypto exposure
Chains
4
multi-chain

Product Catalogue — Token Line

Seven distinct tokenised products spanning the risk/return spectrum — from near-zero-vol T-Bill yield to leveraged junior tranches.

Token Strategy Target Yield Risk Vol Status
AQ-YIELD Full BTC Bond v2 multi-strategy 12.8% Moderate ~3.5% Launch
AQ-TBASIS Treasury Basis Trade ~15% Low ~5% Phase 2
AQ-CMDTY Commodity Curves ~10% Moderate-High ~8% Phase 2
AQ-RATES Rates / FX Carry ~8% Moderate ~7% Phase 3
AQ-STABLE T-Bill Yield ~4.3% Near-Zero ~0% Phase 2
AQ-SENIOR Tranched Senior — lower yield, lower risk ~6% Low ~2% Phase 3
AQ-JUNIOR Tranched Junior — higher yield, higher risk ~20% High ~8% Phase 3

Yield Comparison vs Competitors

AQ-YIELD targets a structural premium over passive T-Bill tokenisation through active multi-strategy deployment.

AQ-YIELD targets approximately 3× the yield of passive tokenised treasury products — enabled by BTC-collateralised access to diversified active strategies with minimal securities exposure.
AQ-YIELD
Launch
12.8%
Hashnote USYC
$868M
4.5%
Ondo USDY
$592M
4.5%
Franklin BENJI
$689M
4.3%
BlackRock BUIDL
$2.85B
4.3%
Superstate USTB
$832M
4.2%

How It Works — Investor Flow

End-to-end lifecycle from onboarding through yield accrual and redemption.

Investorqualified
KYC / AMLSecuritize
Whitelistwallet addr
Send BTC/USDCdeposit
Mint at NAVsmart contract
Yield AccruesNAV ↑
Redeem at NAVT+1 to T+3
BTC Collateral Path
BTC held, not sold Borrow USDC at ~2% Convert to USD Deploy into strategies

Fund Structure — Cayman SPC

Segregated Portfolio Company providing full legal isolation between token products.

AQ Capital Platform Investment Manager
AQ Yield Fund SPC Cayman Segregated Portfolio Company
↓ ↓ ↓ ↓
SP1 AQ-YIELD
SP2 AQ-TBASIS
SP3 AQ-CMDTY
SP4 AQ-RATES
SP5 AQ-STABLE
Execution IBKR · PB · CME · ICE
Distribution Portal · On-Chain · CeFi
Admin NAV · Audit · Custody

Token Architecture

ERC-3643 T-REX Protocol — institutional-grade permissioned security tokens
Permissioned transfers
Forced transfers (compliance)
On-chain identity (ONCHAINID)
DeFi composable
Multi-chain deployment
Freeze / pause capability
NAV Mechanics
  • Accumulating NAV per token
  • Optional USDC drip for retail
  • Daily NAV publication on-chain
  • Independent NAV calc agent
Mint / Redeem
  • T+1 to T+3 settlement
  • Mint at forward NAV
  • Redeem at strike NAV
  • Gate: 10% quarterly cap
Supported Chains
Ethereum
Primary · L1
Base
L2 · Low fees
Avalanche
C-Chain · Subnets
Polygon
PoS · Low cost

Distribution Strategy

Three-phase rollout from crypto-native direct access to traditional fund platform distribution.

Phase 1 Months 1–6

  • AQ Portal — direct subscription
  • On-chain minting (whitelisted)
  • Securitize investor management
  • Seed investors + anchor capital

Phase 2 Months 6–12

  • CeFi exchange listings
  • Coinbase Prime custody
  • MERJ Exchange (Seychelles)
  • INX / tZERO secondary market

Phase 3 Months 12–24

  • EU MiCA-regulated entity
  • Traditional fund platforms
  • Bloomberg terminal listing
  • Wealth management distribution

Regulatory Framework

Multi-jurisdiction compliance strategy with phased market access.

Cayman Islands

CIMA Mutual Fund · Reg S (Non-US) · SPC vehicle

Launch

European Union

MiCA compliant · DLT Pilot Regime · EU entity required

Phase 2

United States

Reg D 506(c) accredited · Reg A+ retail pathway

Phase 2–3

UAE

ADGM / DIFC VASP licence · Regional hub

Phase 2

Singapore

MAS Capital Markets Licence · APAC distribution

Phase 2

Roadmap

Phase 1 Foundation — Months 1–3
Legal setup & CIMA registration · Securitize onboarding · ERC-3643 smart contracts · Investor portal MVP · Seed capital commitments
Phase 2 Launch — Months 3–6
Smart contract audit (Quantstamp) · Mainnet deployment · Seed round close · Marketing & PR launch · MERJ exchange listing application
Phase 3 Scale — Months 6–12
CeFi exchange distribution · EU entity incorporation · US Reg D 506(c) filing · DeFi integrations (Aave, Morpho) · Additional SP launches
Phase 4 Platform — Months 12–24
Third-party manager onboarding · Traditional fund platform distribution · Bloomberg terminal listing · Full multi-chain deployment · Institutional custody partners

Cost & Revenue Summary

Setup Costs
Legal & Regulatory (Cayman SPC, CIMA) $150K–$200K
Securitize Platform Fee $75K–$100K
Smart Contract Audit $80K–$120K
Portal & Tech Build $50K–$80K
Marketing & Launch $75K–$100K
Working Capital & Buffer $70K–$130K
Insurance & D&O $25K–$50K
Total Estimated $500K–$830K
Revenue Model
Management Fee 1.0%–1.5%
Performance Fee (above hurdle) 15%–20%
Mint / Redeem Fee 0.10%–0.25%
Platform Fee (3rd-party mgrs) 0.15%–0.25%
Breakeven Example
At $25M AUM with 1.25% management fee = $312.5K annual recurring revenue, covering operating costs within 12 months.