Shares, claims and other models

A token can represent very different types of rights. It may be connected to shares, a claim, an agreement or another economic instrument. For the investor, the most important question is therefore not what the token is called, but which legal and economic position it actually represents.

Publisher

Tokenisera

Published

2026-09-17

Updated

Reading time

11 min

A token is not, in itself, an investment model. Nor does it become a separate legal asset class simply because it exists in a digital system. It is a representation of something else.

What is represented may be shares, a claim, a debt instrument, a contract-based economic right or another legally defined position. Two tokens may therefore look technically similar while giving the investor completely different rights.

That is the core of this chapter. The first question is not what the token is called. The question is: which legal and economic right sits behind the digital representation?

Chapter 1 explained what tokenisation is. Chapter 2 distinguished between asset, right and digital representation. Chapter 3 showed the difference between the property, the company and the investor. Here we move on to the instrument: which position has the investor actually received?