zeekay c7dc46ca94 Add vehicle: choosing the wrapper for an on-chain AI equity strategy ...

States the constraint the two live precedents demonstrate — a token cannot both
enforce holder restrictions and compose permissionlessly — and works out the
consequence for a strategy that already exists as model output.

Concludes three instruments rather than one: a fund that takes capital and is
restricted, a network token that is plainly transferable and is not a claim on
the fund, and a foundation treasury that makes assets demonstrable without
creating a redeemable interest. Carries vehicle cost ranges, the filing map, and
the valuation problem across closed markets.

The affiliate-transaction prohibition in the registered path is the sentence that
terminates any "our token is backed by our fund" structure.

2026-08-26 13:40:37 -07:00

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