Dinari

Dinari sells tokenized US stocks under one brand, dShares, through two legally different products. Since August 4, 2026, US investors buy them through Dinari Securities, LLC, an introducing broker-dealer registered with the SEC and a FINRA member since June 20, 2025, that clears through Alpaca Securities: the shares sit in a brokerage account, and the token is, in the app's words, 'not a separate investment'. Outside the US, dShares are separate contractual tokens Dinari, Inc. offers and sells in reliance on Regulation S, and its own terms say the holder's repurchase is 'a contractual put right' that confers no 'equity, redemption, or ownership interest' in the underlying shares. The broker-dealer's first audited statement, at December 31, 2025, before the US launch, shows $251,516 of total assets, $80,187 of member's equity and no customer accounts yet; US purchases are capped at $5,000 a day; and no public commission schedule or reserve attestation was located.