Finance your company's growth with tokenized securities.
A new plant, machinery, opening a market or working capital. Your company issues the security that best suits it and the registry entity (ERIR) registers it in a digital registry. You prepare the issuance with your law firm and open it to your investors from a single account.
How this is financed.
Your company issues a traditional financial instrument, with its usual rights. Tokenizing it means recording it in a register based on distributed ledger technology (DLT) maintained by an authorized entity, the ERIR. A tokenized bond is still a bond.
To grow, the usual route is one of these:
- Multi-year debt with bonds and debentures, for an investment that pays off over time, such as a plant or a machinery line.
- Short-term debt with promissory notes, for working capital or a gap between payments and receipts.
- Equity with shares, if your company is a public limited company and you agree to bring in shareholders.
If your investors are people you already know and you prefer not to issue securities, there is a participatory loan. It also works for an S.L.
When it fits and when it doesn't.
It fits if
- You have an investment plan with an amount and a term.
- Your company is an S.A., or an S.L. that fits within its issuance limit.
- If you issue debt, you can pay on the dates you set.
- You have your own investors to invite.
It does not fit if
- You need the money in days. Preparing an issuance takes weeks.
- You want to issue shares with an S.L. Its ownership interests cannot be securities.
- Your S.L. needs debt greater than twice its equity and cannot provide guarantees. Look at the participatory loan or convert it into an S.A.
- You expect someone to find investors for you. HokenFi does not find them.
Which instrument to choose
| If you need… | What suits you | What you give up | Who can issue it |
|---|---|---|---|
| Invest and repay over several years | Bonds and debentures | Neither equity nor voting rights. You pay interest and repay at maturity | S.A., and S.L. with a cap |
| Financing working capital for less than a year | Promissory notes | Neither equity nor voting rights | S.A., and S.L. with a cap |
| Add long-term partners | Shares | Equity and voting rights | S.A. only |
| Debt that can convert into equity | Convertibles and warrants, ask us about your case | Future entry into equity | S.A. only |
| Get financing from investors you already know | Participating loan | Part of the interest depends on how things go for you | S.L. o S.A. |
On each instrument's page you can see what you decide and the milestones of each step.
How it's done with HokenFi.
You tell us what you want to issue and the platform prepares the milestones for you.
- 01
Your company
A corporate law firm creates the issuing company or transforms yours into a public limited company, if needed. You choose it from offers without leaving the account.
- 02
Your issuance document
A law firm specialized in securities or an investment services firm (ESI) drafts the issuance document. You also choose it from offers.
- 03
Your issuance
You activate your plan and create the tokens for your issuance.
- 04
Go to market
The ESI validates the offer when required by law and the ERIR registers the securities. You open the collection account for the issuance, with its own IBAN. That account is the automated IBAN plugin, at 150 € per month, or it is included in the Scale and Institutional plans.
- 05
You open to your investors
Your investors are verified, subscribe and pay by transfer to that account. The ERIR records them as holders and you see the list on your dashboard.
The milestones of each step are in bonds and debentures, promissory notes and shares.
What beginners usually ask.
Can my S.L. issue?
Yes, but an S.A. is better. An S.L. cannot tokenize its ownership interests. In bonds and promissory notes, the total of its issuances cannot exceed twice its equity, unless the issuance is secured by a mortgage, pledge of securities, public guarantee or joint and several guarantee from a credit institution. With a guarantee from a mutual guarantee company (SGR), the limit is set by its guarantee capacity. Converting it requires a shareholders' resolution, deed, registration and 60,000 € in capital.
Do I need a prospectus?
In general no, if you are below 8 million in twelve months. From June 2026 the European regulation sets that figure at 12, unless a country opts for 5, but Spanish law still says 8, so your law firm confirms the one in force. Yes, you need the issuance document.
When is an ESI required?
When the issuance is without a prospectus and you offer it to the general public with advertising. The ESI validates the information your investors receive and supervises the marketing.
Has any company in Spain already done this?
Yes. As of 1 October 2026, the register of the National Securities Market Commission (CNMV) includes 21 tokenized issuances for 77,925,715 €. Of these, 17 are debt and 4 are shares, and all have Ursus-3 Capital as their ERIR.
How much does it cost?
You pay a one-time access fee of 249 € when creating the account. The plan, from 249 € per month, you do not pay until you launch the issuance. The fees for the law firm, the ERIR and the ESI are separate and you see them in each offer before signing. Add the notary and the Commercial Registry. Prices exclude VAT.
Do you have a plan to grow? Tell us about your issuance.
Create your account, activate access and you will receive offers from law firms.
