BRRR, issued by Dinari, Inc., is a tokenized stock (a dShare) that tracks the economic performance of Coinshares Bitcoin ETF, a U.S.-listed equity acquired and held to back the token 1:1 [S1][S2].

BRRR gives the tokenholder economic exposure to Coinshares Bitcoin ETF (BRRR), mirroring its market price with stock splits reflected automatically on the token balance [S2]. If the underlying issues a dividend and eligibility requirements are met, distributions are paid in USD+ or other stablecoins to verified wallets, net of a 5% standard dividend fee [S2][S3][S4]. Issuance orders bear a fee of $1 plus 0.25% to 0.50% on Ethereum, or $0.20 plus 0.25% to 0.50% on Layer 2 networks, plus network fees [S4].

Dinari, Inc. is a U.S. company registered with the SEC as a transfer agent under Section 17A(c) [S5][S6]. Each dShare is a token backed 1:1 by the underlying security, conferring economic shareholder rights including dividends but not voting rights [S1][S2]. Backing securities are acquired and held in a third-party custodial brokerage account at Dinari's broker partner Alpaca, separate from the token layer [S1][S2][S7]. dShares are offered under Regulation S, are not available to U.S. persons, and may only be issued or redeemed from KYC-verified wallets across 85+ jurisdictions, subject to AML screening and an excluded-countries list [S2][S8]. Holders may exit at the underlying's market price [S2].

dShares are issued as ERC-20 tokens with compliance and transfer-restriction features [S9]. Supported networks include Ethereum, Arbitrum, Base, Avalanche, Hyperliquid, and Plume [S9]. Issuance escrows funds onchain and routes the order to Alpaca; on a confirmed fill the tokens are minted, and redemption escrows tokens, fills the order, and burns them, keeping the 1:1 ratio synchronized to completed brokerage orders [S1][S7].

<Sources
  retrievedAt="2026-06-19"
  items={[
    { id: "S1", url: "https://docs.dinari.com/docs/what-is-dshare" },
    { id: "S2", url: "https://dinari.com/dshares" },
    { id: "S3", url: "https://docs.dinari.com/docs/dividends" },
    { id: "S4", url: "https://docs.dinari.com/docs/fees" },
    { id: "S5", url: "https://dinari.com/privacy" },
    { id: "S6", url: "https://dinari.com/business" },
    { id: "S7", url: "https://dinari.com/api-terms" },
    { id: "S8", url: "https://docs.dinari.com/docs/restrictions" },
    { id: "S9", url: "https://docs.dinari.com/docs/blockchain" },
  ]}
/>


# Asset transfer count methodology

## 1. Overview

Asset transfer count is defined as the number of user transactions that move assets between addresses. It is utilized to reflect how frequently assets are used for payments, trading, or other onchain activity. The metric is calculated daily for each tracked asset across all supported blockchains. By aggregating these transfer events, a comprehensive view of onchain utility and transactional velocity is provided.

## 2. Data sources

- **EVM chain events**: ERC-20 token transfers, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: SPL token transfers
- **Other blockchain events**: Token transfers, withdrawals, and mint events across non-EVM chains (Solana, Aptos, Near, Polkadot Asset Hub, Stellar, and others)
- **Asset metadata**: Token addresses and decimal precision

## 3. Step-by-step calculation

### Component A: Extract and count raw transfer events

- **Purpose**: Identify and count individual token transfer events on a daily basis for each asset.
- **Logic**: On EVM-compatible chains, ERC-20 token transfers are parsed and counted. On Solana, SPL token transfers are parsed and counted. On Aptos, Near, and Ripple, token transfers and withdrawals are parsed and counted. On Stellar, classic token withdrawals and Soroban token transfers are aggregated. On Sui, token withdrawals and token mint events are aggregated. On Cardano, UTXO withdrawals and token mint events are aggregated. On Polkadot Asset Hub, `Transferred` events from the `assets` pallet are parsed.
- **Key fields**: `token_address`: The unique identifier of the token contract or asset. `block_timestamp`: The timestamp of the transaction block.

### Component B: Daily aggregation and zero-filling

- **Purpose**: Aggregate the daily transfer counts per asset and ensure continuous time-series data.
- **Logic**: The extracted transfer counts are aggregated daily for each token address on its respective chain. For days where no transfer activity is recorded for a tracked asset, the time series is filled with zero values to ensure a continuous daily record.
- **Key fields**: `timestamp`: The day of the activity. `asset_transfer_count`: The daily count of transfers per token on a specific chain.

### Component C: Final aggregation

- **Purpose**: Combine the daily transfer counts across all supported chains for each asset.
- **Logic**: The daily transfer counts from all individual chains are combined. Token addresses are mapped to unique asset identifiers using asset metadata. The final daily asset transfer count is then aggregated across all chains for each asset.
- **Key fields**: `timestamp`: The day of the activity. `asset_transfer_count`: The total aggregated daily transfer count for the asset.

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Number of transfer transactions involving the asset.

Asset transfer count

Tokenized stocks

Dinari earns revenue from transaction fees on dShare issuance and redemption, platform fees charged to partner integrators that consume its tokenization API, and the yield spread on the Treasury reserves backing USD+. Its go-to-market is B2B — third-party wallets, brokerages, and fintechs integrate Dinari as an infrastructure layer rather than end users interacting with Dinari directly.

Dinari issues dShares — ERC-20 tokens backed 1:1 by the underlying equity or ETF, held with licensed custodians. Each share is purchased on traditional markets before the corresponding token is minted, so token prices track real market pricing. The catalog covers 150+ tokenized stocks and ETFs (e.g. AAPL, NVDA, TSLA, SPY). Dinari also issues USD+, a Treasury-backed yield-bearing stablecoin. Products are available on Arbitrum, Base, Blast, Ethereum, Avalanche, and Plume.

Dinari is a US-based fintech that operates as an SEC-registered transfer agent, providing infrastructure for tokenizing publicly traded US equities and ETFs as onchain assets called dShares. Rather than serving end users directly, Dinari positions itself as a B2B infrastructure layer used by partner platforms (e.g. Gemini, Cadana, Fasset) to offer tokenized US securities across 80+ countries.

twitter

website

discord

github

Real-world asset (RWA) issuers

Dinari

Dinari Coinshares Bitcoin ETF (BRRR) is a token tracking the underlying shares, backed by dedicated collateral and issued by Dinari through Dinari, Inc. and distributed through Dinari, Inc. with Dinari Securities, LLC as broker.

Each token tracks one underlying share, entitles holders to dividends, which are distributed in cash, and carries no voting rights.

The collateral assets are held by Alpaca Securities LLC in accounts segregated from the issuer's own funds.

Residents of the United States, Canada, jurisdictions under applicable sanctions and other jurisdictions the issuer restricts cannot mint or redeem with Dinari.

Dinari, Inc. is incorporated in the United States and is offered under an SEC Regulation S exemption.

Holder terms are governed by the law of Delaware in the United States.

BRRR has been issued on public blockchains since January 2024 and is native to Arbitrum One, Base, Avalanche, Blast, and Ethereum.

Dinari Coinshares Bitcoin ETFBRRR