Dinari dShares

Last Updated Jun 21, 2026

IndependentCash redemption

Quick answers

On the Hyperliquid spot order book and on-chain DEX venues across Arbitrum, Base, and Ethereum. You can also mint and redeem through Dinari's own app and API.

An ERC-20 token that is a claim on the backing securities, carrying their economic rights: dividends, splits, and redemption for the underlying's value. Dinari is the holder of record of the real shares. You have no shareholder voting rights.

Yes. Snapshotted at 4:00 AM ET on the ex-dividend date, $0.10 minimum, KYC-verified wallet required. A native dShare pays dividends in stablecoin (USD+) through a claim contract. A wrapped dShare reinvests the dividend as underlying dShares into your position.

Alpaca Securities LLC holds the real shares for clearing and custody. The issuer is Dinari, Inc., an SEC-registered transfer agent, with Dinari Securities LLC as the SEC-registered introducing broker routing the orders behind every mint and burn.

Sell the token on Hyperliquid or on-chain, or redeem from a KYC-verified wallet for the current value of the underlying at NBBO (the best market price at that moment). Redemption escrows the token, routes a brokerage sell at Alpaca, and burns the token on fill.

⚠ Economic rights attach to a KYC-verified wallet. A dShare carries dividend and redemption flow only while it sits in a wallet that has passed Dinari's KYC verification. When the token moves to an unverified wallet, those rights suspend until it returns to a verified one.

⚠ Reserves are not third-party attested. Reserve figures are self-reported on a transparency surface, with no named third-party attestor and no on-chain-readable reserve figure.

Where it trades

Live market data for every listing carrying the dShares brand, read from the registry at request time.

24h Volume by Exchange

Hyperliquid$78.6K1 Listings

Ownership structure

You

Hold a dShare token

Dinari, Inc.

Issuer · transfer agent · USA

Dinari Securities, LLC

Introducing broker · USA

Alpaca Securities LLC

Clearing & custody · USA

The real share

US-listed stock, ETF, REIT, or BDC

Other companies involved

Hyperliquid

Listing venue (spot DEX) · Global

Trust profile

Verification

Self-reported

A transparency surface reports real-time order activity and vault balances. The vault accounts are audited at random times by a third party, with no named attestor, no published cadence, and no on-chain-readable reserve figure.

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Backing

1:1 backed

Each token is backed 1:1 by real shares held at Alpaca. Issuance is order-gated: a token is minted or burned only on a completed brokerage fill, so supply cannot outrun custody.

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Custody isolation

Segregated custody

Backing sits in brokerage vault accounts at Alpaca under SEC Rule 15c3-3 customer protection, with Dinari as holder of record. No bankruptcy-remote SPV or trust is disclosed, so the legal isolation beyond customer protection is undisclosed.

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Conflict / independence

Independent

The clearing and custody broker Alpaca is independent of Dinari. The issuer, transfer agent, and introducing broker are all Dinari-group entities.

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Redemptions & transfers

Cash redemption

Redeem from a KYC-verified wallet for the current value of the underlying at NBBO; sell on Hyperliquid or on-chain. Retail-eligible with a $0.10 dividend minimum.

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What you own

You own an ERC-20 dShare: a claim on the backing securities, not a share held in your name.

The token carries the economic rights of the backing securities. Dinari holds the underlying shares in brokerage vault accounts at its custody broker and is the holder of record of those shares.

You Get

Economic exposure to the share

Dividends paid in stablecoin, and splits applied on-chain

Redemption for the current value of the underlying at NBBO

You Don't Get

Shareholder voting rights

Holder-of-record status (Dinari holds the shares)

A bankruptcy-remote SPV or trust: backing sits in customer-protected brokerage accounts at the custody broker

Key Risks

Dividend and redemption rights attach only while the token is held in a KYC-verified wallet. A dShare in an unverified wallet is rights-suspended until it returns to a verified wallet.

The legal isolation of the vault accounts beyond standard customer protection is undisclosed.

Source: Dinari whitepaper

Dinari docs · What is a dShare

Key risks

Dinari becomes insolvent and the brokerage vault accounts fail to deliver the underlying. You hold a claim on backing securities held at the custody broker; the legal isolation of those vault accounts beyond Rule 15c3-3 customer protection is undisclosed, with no bankruptcy-remote SPV or trust disclosed. Source: Dinari whitepaper

Your wallet lacks KYC verification, so redemption is suspended until the token returns to a verified wallet. Source: Dinari dShares

Backing and attestation

Backing: each token is backed 1:1 by real shares held at Alpaca Securities under SEC Rule 15c3-3 customer protection, with Dinari as holder of record. Backing is maintained continuously at 100% or more, and the order processor buys the underlying for every order before issuing the token.
Order-gated issuance: a token is minted or burned only on a completed brokerage fill at Alpaca, so issuance cannot outrun custody.
Reserve reporting: a public transparency surface reports real-time order activity and vault balances, published at intervals.
Attestation: the reserve figures are self-reported. The vault accounts are audited at random times by a third party, with no named attestor, no published cadence, and no on-chain-readable reserve figure.

Source: Dinari whitepaper

Dinari transparency page

Dividends and corporate actions

Eligibility: snapshotted at 4:00 AM ET on the ex-dividend date for a registered, verified account, with a $0.10 minimum.
Native dShare: pays dividends in stablecoin (USD+ or another stablecoin) through a claim contract.
Wrapped dShare: reinvests the dividend as underlying dShares into the position.
Withholding (ex-US): Dinari applies 30% non-resident alien withholding under IRC §§1441/1442 from 2026-03-26, with W-8BEN/W-8BEN-E treaty relief where applicable.
US reporting: US customers receive 1099-DIV reporting through Dinari Securities LLC.
Stock splits: applied by an automatic on-chain rebase of every holder's token balance to the new share count at the end of trading the day before the split, preserving 1:1 backing.
Voting: Dinari holds back shareholder voting on the underlying shares and does not pass votes through to token holders, as noted above.

Source: Dinari docs · Dividends

Dinari docs · Taxes & Reporting

Dinari docs · Stock Splits

Dinari whitepaper

Redemptions and transfers

Sell: on Hyperliquid or on-chain.
Redeem: from a KYC-verified wallet for the current value of the underlying at NBBO. You escrow the token on-chain, Dinari's order processor emits the order, the introducing broker routes a brokerage sell to the custody broker, and the token is burned on fill. Market and limit orders are supported.
Mint: likewise permissioned to KYC-verified wallets, as described above.

Source: Dinari dShares

Dinari whitepaper

Trading hours

Time	Tradable
Regular hours9:30am–4:00pm ET	Yes
Extended hours4:00am–9:30am & 4:00pm–8:00pm ET	Yes
Overnight8:00pm–4:00am ET	Yes
Weekend	Yes

The token trades 24/7 on Hyperliquid and on-chain. Minting and redemption route to a brokerage fill at the custody broker, which follows US market business days.

Source: Dinari SPCXD launch announcement

Fees

Item	Detail
Per-order fee	A flat per-order fee plus a percentage fee on the order amount, taken in the payment token on fill
Management or custody fee	None documented
Network gas	Charged on on-chain trading
Secondary-market trading	Fees set by each venue

Transferability and DeFi. dShares are standard ERC-20 tokens that move only among KYC-verified wallets. Wrapped dShare is the DeFi-composable leg, usable across DeFi protocols. Its dividends are reinvested as underlying dShares into the position rather than paid in stablecoin. Cross-chain movement uses LayerZero V2 omnichain transfers, burning the token on the source chain and minting it on the destination. Using a dShare in a DeFi protocol adds that protocol's liquidation and smart-contract risk on top of the token's own risks.

Source: Dinari whitepaper

Dinari docs · dShare Bridging Guide

Geographic eligibility

This product is for non-US persons in jurisdictions not listed below.

Region	Detail
Restrictedcannot use	United States & US persons: the open dShare token is offered under Regulation S to non-US persons, and Dinari refuses to effect or transfer a dShare to any US person in violation of Regulation S. Sanctioned and excluded jurisdictions: Afghanistan, Belarus, Bosnia & Herzegovina, Central African Republic, Croatia, Cuba, DR Congo, Ethiopia, Guinea-Bissau, Iran, Iraq, Kosovo, Lebanon, Libya, North Macedonia, Mali, Montenegro, Myanmar, Nicaragua, North Korea, Russia, Serbia, Slovenia, Somalia, South Sudan, Sudan, Syria, Ukraine, Venezuela, Yemen, Zimbabwe. Canada is in process.
Allowedcan use	Non-US persons in jurisdictions not listed above. Dinari distributes across a network of partners in 85+ jurisdictions.

Region

Detail

Restrictedcannot use

United States & US persons: the open dShare token is offered under Regulation S to non-US persons, and Dinari refuses to effect or transfer a dShare to any US person in violation of Regulation S.

Sanctioned and excluded jurisdictions: Afghanistan, Belarus, Bosnia & Herzegovina, Central African Republic, Croatia, Cuba, DR Congo, Ethiopia, Guinea-Bissau, Iran, Iraq, Kosovo, Lebanon, Libya, North Macedonia, Mali, Montenegro, Myanmar, Nicaragua, North Korea, Russia, Serbia, Slovenia, Somalia, South Sudan, Sudan, Syria, Ukraine, Venezuela, Yemen, Zimbabwe. Canada is in process.

Allowedcan use

Non-US persons in jurisdictions not listed above. Dinari distributes across a network of partners in 85+ jurisdictions.

Also required: US accredited investors are served through a separate regulated broker-dealer channel under a 506(c) exemption rather than the open token.

The binding restrictions are those in Dinari's documentation and each distributor's terms, which may be amended.

Source: Dinari docs · Restrictions

Dinari dShares