Skip to main content
An internet round token is backed by two structures that work together: Bedrock, which ties the token to real company equity, and decision markets, which govern how the project’s treasury is spent. Bedrock gives holders exposure to the upside; decision markets protect that capital.

Bedrock

Equity-backed tokens. An enforceable, legal claim on real company value.

Decision markets

Market-based treasury governance - backers get a board-like say over how funds are spent.

​
Bedrock

Bedrock is a standardized legal infrastructure layer that connects tokens to real-world equity. It gives founders a fast path to launch and gives token holders enforceable protections - without taking control away from the founder. Each project carries an explicit equity figure (e.g. 10% equity) that the token is backed by.

​
The structure

Project Company (BVI)

The founder’s company. Holds IP, signs contracts, and runs operations.

Bedrock SPC (Cayman)

Holds ~10% equity in each project via preference shares.

Bedrock Foundation

An independent entity that enforces token-holder rights when needed.
The standard structure is a BVI project company paired with a Cayman SPC. It can also be set up as a Delaware C Corp or another structure on request.
Bedrock enforces a strict sequence so funds are never at risk before the company legally exists:
1

Fundraise

Run your internet round. Funds are held securely during the raise.
2

KYC + incorporation (after a successful raise)

Once your raise succeeds, complete the KYC and incorporation form from your founder dashboard. The company is then incorporated (a BVI project company with a Cayman SPC). If incorporation fails, funds are refunded and the token never goes live.
3

Token goes live

The equity-backed token goes live and starts trading.

​
Ownership and control

  • Founders keep ≥90% equity and full operational control.
  • Bedrock holds minority preference shares with no day-to-day control.
Bedrock only intervenes in cases of fraud, misuse of funds, or unauthorized value extraction. It does not intervene in failed startups, token price drops, or normal business decisions.
  • A real legal counterparty behind the token
  • IP legally owned by the company (not the founder personally)
  • Enforceable protections via the Foundation
  • A funded litigation mechanism, at no cost to holders
If a founder commits fraud, there is recourse. If the company is acquired, value flows through equity. If the project simply fails, there are no guarantees - it’s still a startup.
Bedrock aligns tokens with equity through a built-in acquisition path:
  • Acquire 30%+ of tokens, then buy the remaining supply at a premium, then receive equity.
  • Acquire 100% of tokens, then receive the full Bedrock equity stake.
Any acquisition flows through the token, so holders benefit from buyout premiums - and founders can cleanly exit the structure if needed.
Founders must assign all IP to the company, keep company and personal funds separate, avoid regulated activities (e.g. custody or exchange) without licenses, and stay compliant with local tax obligations.

​
Decision markets

Decision markets govern how a project’s treasury is spent - raised funds, trading fees, and revenues. For founders, think of them as a way to align your investors with the business, much like a board: backers get a structured, market-mediated say over major decisions, rather than relying on founder discretion alone. Day-to-day operations stay with the founding team. Decision markets are scoped to high-impact choices like treasury allocation and structural changes.

​
How they work

1

A holder opens a proposal

Token holders with at least 5% of supply can create a proposal.
2

The market prices it

The proposal runs as a market on combinator.trade. Participants put capital behind outcomes, producing a real-time signal on which decisions are expected to maximize long-term value.
3

The outcome executes

The market outcome determines whether the treasury action is carried out.

​
Founders can propose too

As a holder, you can create proposals as well - for example, to increase your weekly allowance to a larger amount, or to shift to a different funding structure. Like any treasury decision, these go to the market rather than being changed unilaterally.

​
What this gives investors

  • Restricted founder control - funds can’t be unilaterally extracted or major decisions forced through.
  • Transparent capital flows - treasury usage is visible and governed by predefined mechanisms.
  • Continuous signal - backers can react as information changes, not just at periodic governance windows.
For projects that haven’t launched their token yet, treasury and IP are governed by decision markets in a slightly different way - see Curated raises.

​
Talk to us

Book a call with Adam

Have questions? Grab 15 minutes to talk through your raise.