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NATS Token × Equity Integrated IPO / DPO Structural White Paper

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日期:2026/02/14   

NATS Token × Equity Integrated IPO / DPO Structural White Paper

An Institutional Pathway for Civilization-Based Digital Assets to Enter Mainstream Capital Markets

Executive Summary

This White Paper proposes a globally pioneering “Token–Equity Integrated Structure” for public listing, designed to carry NATS (National Treasure Coin) as a BTC 2.0 × Civilization RWA 2.0 × Digital Gold 2.0 civilizational strategic sustainability asset.

The core objectives of this structure are:

  • To grant civilization-based digital assets a regulatory-compliant, publicly listable, auditable, and intergenerationally transferable institutional status

  • To integrate on-chain civilizational consensus (Token) with off-chain legal personhood (Equity)

  • To connect with mainstream capital markets including Toronto, Nasdaq, and Hong Kong

  • To implement a long-term governance model grounded in Charity Economicism × Civilization-Utility Asset Design

Chapter I — First Principles: Why Civilization-Based Assets Must Adopt a Token × Equity Structure

1.1 Structural Limitations of a Pure Token Model

Pure token projects face four institutional constraints:

  • Inability to absorb pension funds, sovereign wealth funds, and insurance capital

  • Difficulty establishing intergenerational governance stability

  • Unclear legal liability and audit accountability

  • Inaccessibility to regulated public listing systems

Conclusion: A civilization-level asset cannot exist solely on-chain.

1.2 Civilizational Limitations of a Pure Equity Model

Traditional publicly listed corporations possess legal personality but suffer from structural limitations:

  • Operate primarily under shareholder profit maximization

  • Unable to embody transnational civilizational consensus

  • Incapable of embedding civilizational values and governance logic natively

Conclusion: A civilization-level asset cannot exist solely within equity structures.

1.3 The First-Principles Necessity of Token × Equity Integration

Component Functional Role
Token (NATS) Civilizational consensus, transnational nature, decentralization, civilizational reserve
Equity (Listed Entity) Legal personhood, regulatory compliance, capital absorption, audit governance

Token × Equity Integration = The minimum complete structure for civilization-based assets to enter modern institutional systems.

Chapter II — Overall Structure of the NATS Token × Equity Framework

2.1 Conceptual Architecture

Civilizational Value Layer
↓
NATS Token (Civilizational Reserve, Governance, Lock Mechanism)
↓
Listed Holding Company (IPO / DPO)
↓
Subsidiaries / Trusts / Foundations
↓
Earth-Level Civilizational Projects
(Net-Zero / Energy / Education / Peace)

2.2 Core Design Principles

  • Token ≠ Security (functional civilizational reserve asset)

  • Equity ≠ Speculative instrument (civilizational governance carrier)

  • The two are institutionally mapped, not legally conflated

Chapter III — Institutional Role of NATS Token (Non-Security Positioning)

3.1 Four Core Functions of NATS

  1. Civilizational Reserve Asset

  2. Value anchor for Civilization-Based RWA

  3. Governance credential and civilizational consensus mechanism

  4. Long-term locked Earth-level strategic asset

3.2 Key Structural Design

  • Fixed total supply: 100,000,000 NATS

  • 50% permanently locked within the “Earth-Level Civilizational Strategic Sustainability Reserve”

  • No dividend commitments

  • No direct linkage to corporate cash flow

  • Not a substitute for corporate equity

Conclusion:
NATS is a functional civilizational asset, not an investment contract.

Chapter IV — Legal and Economic Positioning of the Listed Entity (Equity)

4.1 Role of the Public Company

The listed company does not “own civilization.” Instead, it functions as:

  • A civilizational governance and asset management platform

  • The institutional operator of the NATS ecosystem

  • The legal personality carrier of Charity Economicism

4.2 Corporate Revenue and Value Sources (Independent from Token Price)

  • Civilization-based RWA management and service fees

  • Long-term project returns from energy, education, and civilizational infrastructure

  • Licensing, consulting, and institutional exports

  • Management fees from philanthropic funds and transnational collaborations

Corporate valuation derives from governance and service capacity, not token price.

Chapter V — IPO / DPO Pathway Design

5.1 IPO (Traditional Public Offering)

Target markets:

  • 🇨🇦 Toronto (ESG-friendly, resource-focused, long-term capital)

  • 🇺🇸 Nasdaq (technology-driven, digital asset institutionalization leader)

Advantages:

  • High institutional credibility

  • Deep capital markets

5.2 DPO (Direct Public Offering)

Target markets:

  • 🇭🇰 Hong Kong

  • Selected Web3 / ESG-friendly jurisdictions

Advantages:

  • No underwriting requirement

  • Reduced short-term speculative pressure

Chapter VI — Regulatory and Compliance Framework

6.1 Key Regulatory Clarifications

  • Token ≠ Equity

  • Token provides no guaranteed returns

  • Shareholders invest in a governance company, not token price

  • Civilizational Strategic Reserve remains independently locked and non-divertible

6.2 Core Compliance Instruments

  • Legal Opinion Letter (Token classified as non-security)

  • Independent audit of Civilizational Strategic Reserve

  • Civilizational Impact Report aligned with SDGs

Chapter VII — Charity Economicism × Civilization-Utility Capital Model

7.1 Comparison with Traditional Capitalism

Traditional Listed Company NATS Listing Structure
Profit Maximization Civilization Utility Maximization
Shareholder Primacy Intergenerational Public Interest
Short-term EPS Long-term Civilizational Metrics

7.2 Civilizational Utility Function (Conceptual Model)

 

 

max⁡∫Ucivilization(t) dt\max \int U_{civilization}(t)\, dt

Where utility derives from:

  • Earth habitability

  • Energy stability

  • Educational and cultural continuity

  • Peace and governance resilience

Chapter VIII — Final Value Proposition to Investors

Investing in the NATS Token × Equity structure is not a bet on price volatility.

It is participation in the institutional engineering of whether civilization itself can be governed sustainably over the long term.

Chapter IX — Risk Disclosure (Regulatory & Structural)

  • Market understanding of civilization-based assets remains at an early stage

  • Requires patient, long-term capital

  • Not suitable for short-term trading-oriented investors

Closing Statement

This is not merely a public listing.

It represents the first formal integration of a civilization-based asset into mainstream capital markets.