Bedrock's first two incorporations: Trace and Aeon

Bedrock now has its first two projects fully incorporated. One had no token at all. The other was already trading before it filed a single document. Both ended up incorporated under the same structure, which tells you more about Bedrock than either case would alone.

Two paths to the same place

Trace (@remindmetrace) is the standard path. It came in without a token, raised $15K through Star.fun (@stardotfun) against 25% of its equity, and incorporated as a new BVI company through the default flow. There was nothing pre-existing to accommodate and no prior structure to reconcile. It's the case the framework was designed around.

Aeon (@aeonframework) was slightly different. By the time incorporation was initiated, $aeon was already trading on Base, launched through Bankr, with holders and a functioning market. That's the position most teams are actually in: a token already shipped, and no appetite for unwinding it to fit a legal wrapper. Aeon didn't have to. It incorporated as a BVI company and left the token where it was, on the chain it already lived on. Its foundation stake came in at 20%, against Trace's 25%. Same framework, two different histories, and neither required a bespoke arrangement.

The takeaway for any project weighing this: Bedrock works whether you're starting from scratch or already have a token in the market.

How the structure works

Each project is an ordinary operating company. For Trace and Aeon that means a BVI company with the founder as director, holding at least 70% of the equity as voting ordinary shares and keeping full operational control. Nothing about the day-to-day changes.

What's different is who sits in the remaining slice. An independent entity, the Bedrock Foundation, takes between 10% and 30% of the equity, with the exact figure elected by the founder at onboarding. Trace placed 25% there, Aeon 20%. The Foundation is a single Cayman entity that serves every Bedrock project, and it holds each project's equity through a separate segregated portfolio, so a dispute inside one project can't reach the others. It holds its stake as preference shares plus one golden share, and it takes no part in running the business.

Bedrock Foundation's position is protective, and it rests on three mechanisms.

• Reserved matters: the Foundation's consent is required for M&A, a change of control, related-party transactions, winding the company up, or amending the constitution.

• Anti-dilution: if the company issues new shares, the Foundation automatically receives enough additional preference shares to hold its percentage steady.

• Golden Share: carries those same vetoes at the constitutional level plus step-in rights, removing directors, freezing transfers, forcing inspection. These step-in powers activate only on a defined enforcement event, such as fraud or unapproved value extraction.

Short of that, the Foundation stays out of the way. A falling token price or a struggling product is not its concern, and not its trigger.

The token, and how it reaches the equity

The token carries no equity, no dividend, and no vote. None of those rights attach to it, by design. What the constitution does instead is make the token the only route to the company's equity.

The mechanism is modelled on public-market takeover codes. Once a buyer controls at least 30% of the token supply, they can file a buyout notice and move to acquire the rest. They surrender their own tokens, pay the Foundation for the remaining supply at its 7-day time-weighted average price plus a 30% premium, and complete within 120 days. A buyer holding 30% pays for the other 70% at that premium; a buyer at 80% pays for the final 20%. Once they've consolidated the full supply, or paid out every remaining holder, the Foundation transfers all of its preference shares and the golden share is cancelled. Acquire the tokens, and the equity follows.

A few guardrails sit around this. The Foundation can suspend a buyout for up to 90 days if it has reason to believe the tokens were gathered through manipulation or wash trading, or that the buyer is sanctioned. This mechanism can't be amended without the golden share holder's consent, so a founder can't quietly vote the mechanism away once it's in place.

Today, the constitutional buyout process is manual, requiring intervention by the Bedrock Foundation at multiple steps. In the future, this will develop into a programmatic buyout feature that will allow onchain actions to enact offchain transactions in a trustless manner.

What Bedrock is for

For most of crypto's history, a token and its issuing company have led separate lives. A team raises through a token, the token trades on its own, and when the company is eventually acquired, the equity changes hands while token holders learn about it after the fact. The token was a bet on the team and never a claim on what they built.

Bedrock gives the token an enforceable tie to the company beneath it. Real equity sits with the Foundation, and the framework establishes that consolidating the token supply is the path to reaching it. It is one approach among several. Other teams are pursuing different routes to a similar end, with their own tradeoffs in how token and equity relate. Bedrock is the version a project can adopt when it wants its token to hold durable meaning rather than trade purely on sentiment.

Trace and Aeon are the first to do so. One arrived with a plan and no token, the other with a token already running, and both emerged incorporated under the same structure.

Reach out today (@pranave) to incorporate your company through Bedrock.