CEF, issued by Dinari, Inc., is a tokenized stock (a dShare) that tracks the economic performance of Sprott Physical Gold and Silver Trust, a U.S.-listed equity acquired and held to back the token 1:1 [S1][S2].

CEF gives the tokenholder economic exposure to Sprott Physical Gold and Silver Trust (CEF), 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" },
  ]}
/>


Tokenized commodities

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.

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Real-world asset (RWA) issuers

Dinari

Dinari Sprott Physical Gold and Silver Trust (CEF) is a precious metals basket-backed token issued by Dinari through Dinari, Inc.

Each token is a direct claim on the issuer.

The backing metal is held in vaults operated by Alpaca Securities LLC on a segregated basis.

Retail investors, professional investors, accredited investors, qualified investors, qualified purchasers, and institutions can mint and redeem directly with Dinari after completing KYC, and holders have a contractual right to redeem for the metal's cash value.

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.

CEF has been issued on public blockchains since March 2026 and is native to Arbitrum One, Base, Avalanche, and Ethereum.

Dinari Sprott Physical Gold and Silver TrustCEF

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