Token holders keep their rights.
The SEC's exemption requires tokenized stocks to carry full shareholder rights. Fletchery pays dividends and runs proxy votes from exact record-date balances, including shares sitting in a trading pool.
Why rights are hard on-chain
- Tokens change hands every second, so "who owned it on the record date" needs an exact answer.
- Shares sitting in a liquidity pool belong to liquidity providers, not to the pool.
- Offshore stock tokens have typically carried no voting rights at all.
- Paying thousands of small holders by hand doesn't scale.
Pay a dividend from a record date
● Illustrative holdersThe record date fixes balances. Anything that happens afterwards doesn't change who gets paid.
| Holder | On record date | Today | Paid |
|---|
What Fletchery does
Record-date snapshots for exact dividends and proxy votes, pool-held shares included.
Snapshots at the record date
The transfer agent fixes a record date. Every balance at that moment is preserved exactly, however many trades happen afterwards.
Dividends claimed, not chased
The dividend is funded once and each holder claims their amount, calculated from their record-date balance. Nobody can claim twice.
Pool shares passed through
Shares held by a trading pool are paid to a designated pass-through account that forwards them to the pool's liquidity providers.
Votes weighted the same way
Proxy votes (for, against, abstain) are weighted by record-date balances, so shares bought after the record date can't vote twice.
The details
These are the values the Fletchery prototype enforces today.
| Action | How it works |
|---|---|
| Record date | Transfer agent takes a snapshot; balances at that point are kept for every holder |
| Dividend | Funded in full up front, paid per share on record-date balance, claimable once |
| Pool-held shares | Paid to a pass-through beneficiary for liquidity providers |
| Proxy vote | For, against or abstain, weighted by record-date balance, one vote per holder |
| Who can hold | Only verified holders and approved system contracts can receive the token |
Common questions
Who decides the dividend?
The issuer and its transfer agent, exactly as today. Fletchery provides the on-chain mechanics to pay token holders correctly.
Can an unverified wallet receive the token?
No. Transfers to wallets without a valid credential are refused, which keeps the holder list clean for record dates.
More of Fletchery
Audit trail
Every quote, route and refusal chained together and stamped on-chain daily.
Explore →Best-price routing
Splits each order across venues for the best all-in price, inside every cap and band.
Explore →The rulebook
Volume caps, symbol limits, issuer notices and halts enforced in code before settlement.
Explore →Let's build the first integrations together.
If you run a broker, a trading app or a tokenized-stock venue, we'd like to hear from you.