Why we invested in STOKR comes down to one observation: capital markets are being rebuilt on open networks, and STOKR is one of the few teams doing it with full regulatory grounding on Bitcoin infrastructure. Founded in 2018 in Luxembourg by Arnab Naskar, Tobias Seidl, and Lennart Ante, STOKR has spent years turning a complex EU framework into a working marketplace for tokenised securities.

The product is a regulated investment platform where asset managers can issue tokenised equity, debt, and fund structures and distribute them directly to retail and professional investors. Issuance happens on the Liquid Network, a Bitcoin sidechain, which means assets settle quickly, support confidential transactions, and remain composable with the wider Bitcoin ecosystem rather than living on a generic smart-contract chain.

This is squarely in the Fulgur thesis. We believe Bitcoin's layer-twos, especially Liquid for assets and Lightning for payments, are where regulated finance will increasingly meet open infrastructure. STOKR is already executing on that intersection, with live offerings spanning private equity, real estate, mining, and entertainment finance, all under MiFID-aligned rules and a Luxembourg license.

The market matters because private capital remains brutally illiquid and inaccessible to most investors. Tokenised securities on Bitcoin-aligned rails change that equation by lowering minimum tickets, automating compliance, and enabling secondary trading. STOKR is building the venue where European alternative assets can move from PDFs and wire transfers to programmable, internet-native instruments.

Backing Arnab, Tobias, Lennart, and the STOKR team is a bet that the future of alternative investing is regulated, retail-accessible, and built on Bitcoin. We are proud to support them as they scale Europe's tokenised marketplace.