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A Luxembourg-regulated marketplace where mid-sized companies issue bonds and equity as blockchain tokens — one Bitcoin-mining bond has pulled over 40 million through the platform.
5–10M tranches subscribed within hours · three-year target of 2–3B in assets processed
"If we have good quality companies and projects raising capital on STOKR, and those companies are nowhere else, the investor has to come to participate in those offerings." The scarce asset is the acquisition channel.
Fewer bars = easier, cheaper, or faster for an AI-assisted solo builder. Editorial judgments based on the case details.
STOKR started in 2018 from a question its founders could not shake: if Bitcoin proved you can move money without a state, could you also issue a stock or a bond without the stack of intermediaries sitting between an investor and the asset they think they own? Arnab Naskar came at it from the legal side — capital-markets transactions and corporate financing deals, not code. Tobias Seidl took product and regulation; Lucas Cramer, a blockchain developer with fifteen years in tech, took the build. They spent the early period talking to issuers rather than shipping software: a founder running a parking business, gaming companies based in Shanghai, mostly pre-IPO and growth-stage firms with no realistic route to a public market. The demand was there; the job was making the regulation survivable. They set up in Luxembourg on purpose — it is where PayPal and Amazon run their European operations, and a strong financial jurisdiction was worth more than proximity. The company bootstrapped first and took outside money only once the direction was clear. Today a company can issue a debt or equity instrument as a digital security on a blockchain, fully regulated under European law, while STOKR supplies the investment structure, the compliance and regulatory support, the payment gateway and the back office. The founder's remaining job is talking to investors. The anchor case is a Bitcoin-mining bond built with Blockstream, a client with operations in Canada and the US: over 40 million raised through STOKR to date, with 5 to 10 million tranches of that bond fully subscribed within hours of going live. Europe came first, retail and professional; from 2021 they opened to professional investors only in Hong Kong, Taiwan and Singapore, and are scouting the US through partnership or acquisition. The three-year aim is two to three billion in assets processed, and the next build is secondary-market liquidity.
A marketplace has two cold starts, and STOKR attacked them in a deliberate order.
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Data credibility: Founder interview on the SaaS Founders Show (Insivia), recorded March 2022, 145 views. Every figure is Arnab Naskar's own and none is audited or evidenced on screen: the 40 million raised through the Blockstream mining bond, the 5 to 10 million tranches clearing in hours, and the two-to-three-billion three-year target are all self-reported. Two transcription cautions. The auto-caption renders the investor count as "over 80 people", which is implausibly low against a 40 million raise and may be a dropped digit — we quote it as transcribed rather than guess. And no currency is attached to the 40 million anywhere in the interview; the company operates out of Luxembourg, but we do not infer euros. The company name is mangled throughout the captions as "stoker" and "stockholm"; the video title and the founder spelling out his email address (hello at s-t-o-k-r dot io) confirm STOKR. Fee structure, revenue and headcount were never stated — sections 07 and 08 are marked as our inference.
The first real money event was an issuance, not a signup. STOKR structured a debt instrument with Blockstream that paid investors exposure to Bitcoin mining, put it on the platform, and watched tranches of 5 to 10 million clear within hours.
Curation is the flywheel here. Good offerings pull investors; an investor base that absorbs 5 to 10 million in hours pulls the next issuer; each completed raise becomes the reference that makes the following mandate easier to win.
The gap between 2018 and a working regulated platform ran for years, and the founders built for it deliberately.
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