Commonwealth vs Wasabi Ventures Stables vs MyRacehorse 2026

Commonwealth sells $50 units in an LLC that owns part of one horse, under Regulation Crowdfunding, with a reserve for roughly two years of estimated training costs included in the share price and fees at closing and on distributions. Wasabi sells club members a percentage of a horse at the price it paid plus a one-time $99 fee; AltStreet located no SEC filings for the club, and on standard racing interests there are no further bills and the agreement says Wasabi absorbs any loss beyond the payment.

The agreement calls members 'owners of undivided Club interests in the Thoroughbred', but the rights it gives work like a contract: Wasabi has sole authority, may sell without members' agreement, races in its own silks, needs to approve any transfer, and can end a member's interest on 10 days' notice at a value it proposes; members waive any right to partition. AltStreet does not decide how a court would classify it.

On a first $500 purchase, $376 goes to Wasabi's purchase price at cost (after the $25 membership and the $99 fee, assuming an interest can be bought in that amount), against $236.90 at Commonwealth's current Imply offering and $201 to $261 across MyRacehorse's series. The horses' purchase prices differ widely, so a larger slice does not by itself mean better value, and Commonwealth and MyRacehorse put a reserve for about two years of estimated training into the rest; at Wasabi, running costs come out of the horse's income and the member's share at settlement.

On Commonwealth and MyRacehorse, a reserve for estimated costs is included in the share price; if it runs short, the vehicle covers the gap (see the next question). At Wasabi it depends on the program: racing horses, foals and groups have no further bills, with costs netted at settlement; weanlings add six quarterly bills and yearlings four.

None of the three provides for billing investors when costs run over (Wasabi's weanling and yearling bills are scheduled in advance); the difference is how the vehicle funds the gap. Commonwealth's manager may lend to the LLC at interest or issue more units, diluting holders. MyRacehorse's manager advances the money and the series repays it before distributing. On the standard racing interest, Wasabi's agreement says it absorbs any loss beyond a member's payment; that is a contractual promise, no public financial statements show its capacity to keep it, and the agreement allows program addenda with different terms.

Commonwealth: portal fee of 10% to 18% of acquisition and working-capital proceeds plus 2% of units, a monthly administration fee and 10% of distributions. MyRacehorse: 15% management, up to 12.5% organizational and experiential, a 5% to 7.5% bloodstock fee, then 20% of gross sale proceeds (5% on a loss) and 10% of gross stakes purses. Wasabi: $99 per horse once, with no stated share of sale or purses beyond its own 20%-plus stake.

On all three you choose which horse to join; someone else chooses everything after that. Commonwealth: the LLC's manager, who is the horse's seller or co-owner. MyRacehorse: its manager, Experiential Squared. Wasabi: Wasabi, with sole authority including claiming races.

MyRacehorse's Reg A issuer files audited annual reports with the SEC. Commonwealth's Reg CF LLCs file annual reports with unaudited, unreviewed financials, some late or not located. Wasabi sends an unaudited cash-flow statement at least annually; AltStreet located no SEC filings for the club.

Commonwealth distributes sale proceeds, retained earnings and unused reserves, less its 10% fee on everything but returned reserves. MyRacehorse repays manager advances, takes its 20% (or 5%) of the gross sale, then distributes. Wasabi nets all expenses against income and pays each member their percentage of any profit; on standard racing interests the agreement says Wasabi absorbs losses beyond the payment.

On all three, a horse is sold, claimed or retired, and a stallion or broodmare can keep earning breeding income. Commonwealth's share prices include an aftercare donation chosen by the manager; MyRacehorse sends memorabilia proceeds to aftercare; Wasabi suggests a donation to its own nonprofit, the Wasabi Aftercare Fund, which tracks every horse it has raced or bred.

No. Microshares (MyRacehorse, Commonwealth) are securities in a company that owns the horse, with a cost reserve in the price and filed disclosure. A traditional syndicate or partnership gives larger stakes and sends ongoing bills. Wasabi's club sits between them: a percentage of the horse at cost, a one-time fee and, on most programs, no bills.

For a beginner the questions are the same on every platform: can you lose more than you paid, are there bills later, who decides when the horse is sold, and what reports you will get. Wasabi's standard racing interest has no further bills and a contractual cap on additional funding, while its weanling and yearling programs bill quarterly; Commonwealth and MyRacehorse are SEC-filed securities with a cost reserve in the price and heavier fees. On all three, plan to lose the stake on any one horse.