This guide provides official clarification on the distinctions between A Shares and B Shares held within the BnkToTheFuture (BF) Platform ecosystem. Investors are advised to review these classifications to understand the liquidity, voting rights, and fee structures applicable to their holdings.

1. Trading and Liquidity (Secondary Market)

  • A Shares: These shares are liquid within the BF ecosystem and are eligible to be traded on the BF Secondary Market.

  • B Shares: These shares are strictly illiquid and cannot be traded directly on the Secondary Market. In order for an investor to trade A shares, they must first be converted into B shares. (Note: a platform feature facilitating the conversion of A shares to B shares is currently in development).

2. Voting Rights and Internal SPV Structure

  • Within BF's internal Special Purpose Vehicle (SPV) structure, the share classes are generally designated as follows:

    • A Shares: Represent the primary voting shares. 

    • B Shares: Generally act as non-voting shares. However, if the Investee Company does not permit split voting, and no A Shares are in issue or cast a vote, the SPV will vote its Investee Securities in accordance with the simple majority of the B Shares that voted. 

  • Important Disclaimer: This internal classification applies strictly to the BF SPV system. It does not necessarily reflect or dictate the voting rights or corporate structure of the underlying asset or the target company.

3. Custody Fees

  • In accordance with our current fee schedule and internal policies, custody fees are waived for A shares as long as no secondary market exists for them. Custody fees will only be applicable once a market for these assets becomes available.

4. Company-Specific Exceptions (Legacy Example: Exodus Movement Inc.) 

Investors holding shares in specific companies must be aware that the target company's distinct share class structures may differ completely from BF’s internal SPV naming conventions.

Legacy Example - Exodus Movement Inc.:

Please note that this is a historical example. Exodus is now publicly traded, meaning the A and B share distinctions no longer exist, as all shares are public.

Historical structure for context: 

  • Class A Shares: These were publicly tradable shares.

  • Class B Shares: These shares carried a 10:1 voting right but remained strictly illiquid unless converted. Upon conversion to Class A, these enhanced voting rights were immediately forfeited.

  • Conversion and Exit Fees: Converting Exodus Class B shares into Class A shares was classified as an official exit event and therefore incurred the standard BF exit fee.

  • Automatic Trigger: This conversion to Class A (and the subsequent exit fee) was triggered automatically upon any transfer of shares from BnkToTheFuture to an individual investor.



*last edited 18th June 2026