SPX3S, issued by SHIFT DAO LLC, is a tokenized stock product providing leveraged inverse economic exposure to a listed exchange-traded fund, structured as a membership interest in a segregated series rather than a registered securities investment [S1][S2][S3].

SPX3S tracks the Direxion Daily S&P 500 Bear 3X Shares (SPXS), a fund targeting daily three times inverse exposure to the S&P 500 Index, and delivers economic exposure only to the value of that leveraged Series Asset [S4][S2]. Tokenholders receive no dividend pass-through, no voting power, and no legal title to the underlying [S1][S3]. Pricing follows a strict formula equal to the executed market price of one underlying asset plus a 0.1% transaction fee, with an additional treasury-based service fee [S5].

The issuer is SHIFT DAO LLC, a Limited Liability Company formed in the Republic of the Marshall Islands under its LLC Act (1996) and the Decentralized Autonomous Organizations Act of 2022, operating under that statutory framework rather than a securities regulator [S4][S1][S2]. The token is issued by Series 18 as a membership interest and is explicitly not a registered securities investment opportunity [S1][S2][S3]. It is not offered to U.S. or U.K. persons and is restricted to qualified or professional investors under KYC and AML procedures [S4][S1][S3]. Redemption occurs as an internal membership-interest repurchase settled from the Series treasury, with underlying assets custodied at ALPACADB LTD and DekaBank [S5][S3].

The token is issued as a Solana Program Library (SPL) token, live on Solana with BNB Chain support forthcoming, and held non-custodially in the holder's wallet [S4][S6]. Minting and burning run on 24/5 mint-and-burn rails via Alpaca Markets, with Chainlink proof-of-reserves planned and third-party oracles referenced for valuation [S4][S3].

<Sources
  retrievedAt="2026-06-19"
  items={[
    { id: "S1", url: "https://www.shiftrwa.xyz/terms" },
    { id: "S2", url: "https://www.shiftrwa.xyz/legal-hub" },
    { id: "S3", url: "https://www.shiftrwa.xyz/risk-disclosure" },
    { id: "S4", url: "https://www.shiftrwa.xyz/" },
    { id: "S5", url: "https://www.shiftrwa.xyz/faq" },
    { id: "S6", url: "https://lp.shiftrwa.xyz/" },
  ]}
/>


# Asset holders methodology

## 1. Overview

Asset holders is measured as the number of unique addresses that hold a non-zero balance of a project’s assets. This metric is used by investors to track the expansion or contraction of the asset holder base over time. Data is aggregated daily for each tracked asset across all supported blockchain networks.

## 2. Data sources

- **EVM chain data**: Ledger state and ERC-20 `Transfer` events, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others).
- **Solana instructions**: SPL token account data and transfer instructions.
- **Other chain types**: Account and balance data from Aptos, Near, and Polkadot Asset Hub.
- **Asset metadata**: Token contract addresses and decimal precision retrieved from asset metadata.

## 3. Step-by-step calculation

### Component A: Address balance identification

- **Purpose**: Identify all unique addresses associated with a specific token and determine their current holdings.
- **Logic**: For EVM-compatible chains, balances are derived by parsing ERC-20 `Transfer` events or by querying the ledger state for all addresses that have interacted with the token contract. On Solana, account balances are retrieved from the SPL token program. Similar account-based balance records are extracted for Aptos, Near, and Polkadot Asset Hub to identify the population of potential holders.
- **Key fields**: `token_address` (the contract address of the asset), `address` (the unique identifier of the holder), `timestamp` (the time of the state record).

### Component B: Normalization and non-zero filtering

- **Purpose**: Ensure token amounts are accurate and exclude addresses that no longer hold the asset.
- **Logic**: Decimal precision is retrieved from token metadata for each asset. All raw amounts are normalized by decimal precision. A filter is applied to exclude any address where the resulting balance is zero. Only addresses with a positive balance are retained for the final count.
- **Key fields**: `amount` (the normalized quantity of tokens held), `decimals` (the precision factor for the asset).

### Component C: Daily aggregation and gap filling

- **Purpose**: Calculate the final daily count and ensure continuity in the time series.
- **Logic**: Unique addresses are counted for each asset per chain on a daily grain. The data is combined across all chains to provide a total holder count per asset. For days where no new balance changes are recorded, the metric is filled with zero values or the previous known state is maintained to ensure a continuous daily record.
- **Key fields**: `asset_holders` (the count of unique addresses), `timestamp` (the day of the observation).

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

Unique addresses holding a non-zero balance of the asset.

Asset holders

Tokenized stocks

Each SHIFT Series token is minted on deposit and burned on redemption through 24/5 mint-and-burn rails, backed 1:1 by the underlying ETF units custodied at Alpaca Markets.

Shift tokenizes US-listed leveraged and inverse ETFs — Direxion Daily Semiconductor, Tesla, and S&P 500 bull/bear funds — as Solana SPL tokens, giving on-chain users price exposure to these regulated fund products. BNB Chain support is coming soon.

Shift (SHIFT DAO LLC) is a Marshall Islands-based platform that issues tokenized versions of leveraged and inverse Direxion ETFs on-chain.

website

twitter

Real-world asset (RWA) issuers

Shift

Shift S&P500 3x Short (SPX3S) is a token tracking the underlying shares, backed by dedicated collateral and issued by Shift through SHIFT DAO LLC and distributed through SHIFT with ALPACADB LTD as broker.

Each token carries no dividend entitlement and carries no voting rights.

The collateral assets are held by ALPACADB LTD (Alpaca Markets) and DekaBank in segregated accounts within a bankruptcy-remote structure.

Qualified investors and professional investors worldwide can mint and redeem directly with Shift in USDC, and holders have a right to redeem at net asset value with instant settlement.

Residents of the United States, the United Kingdom, Burundi and other jurisdictions the issuer restricts cannot mint or redeem with Shift.

SHIFT DAO LLC is incorporated in the Marshall Islands and is offered under an SEC Regulation S exemption.

Holder terms are governed by the law of the Marshall Islands.

SPX3S has been issued on Solana as a SPL Token-2022 token since May 2026.

Shift S&P500 3x ShortSPX3S