Settle the investor rules before issue
Who may hold the security, from which countries and in what amounts has to be decided before the first investor signs. Changing it afterwards means re-issuing and onboarding investors again.
Track record
We did it for our own business first, twice.
Before offering this work to anyone else, Treesury d.o.o. funded its own hazelnut orchards in Čoka, Serbia, by opening them to many investors in many countries. Two offerings went through the Securities Commission of the Republic of Serbia. Both run on our platform today.
- Issuer
- Treesury d.o.o., Belgrade
- Offerings
- 2 approved
- First live deployment
- 2024
- Investors in STO1
- 140+ in 9 countries
The two offerings
Each case study explains the asset, what investors hold, how it was approved and what is running now.
Closed
STO1: 53 hectares of hazelnut orchards
The first offering. Approved on 6 September 2024, more than €1.5M raised from 140+ investors in 9 countries, declared successful on 10 April 2025.
Read more
Open until allocated
STO2: one offering, end to end
The second offering, traced through all seven of our services. Offering size up to €3M over a 40-year term, declared successful on 22 January 2026.
Read moreSide by side
Only facts we can document. We do not publish projections or performance figures for either offering on this site.
| STO1 | STO2 | |
|---|---|---|
| Issuer | Treesury d.o.o. | Treesury d.o.o. |
| Asset | Hazelnut orchards, Čoka, Serbia (53 ha) | Hazelnut orchards, Čoka, Serbia |
| Regulator | Securities Commission of the Republic of Serbia | Securities Commission of the Republic of Serbia |
| Decision | 9/2-101-1900/13-24, 6 September 2024 | 9/2-101-2288/5-25 |
| Tokens | 28,301 issued | 20,408 |
| Size | More than €1.5M raised | Offering size up to €3M |
| Investors | 140+ in 9 countries | Offering still open |
| Term | Set out in the approved whitepaper | 40 years, matching the commercial life of the trees |
| Declared successful | 10 April 2025 | 22 January 2026 |
| Status | Closed | Open until fully allocated, until 31 May 2027 |
| Runs on | Our platform, ERC-3643 security tokens on the Polygon network | Our platform, ERC-3643 security tokens on the Polygon network |
Both offerings were issued by Treesury d.o.o. under its own approvals. They are shown to illustrate capability, not as an offer.
Lessons
What two offerings taught us
None of this is theory. It is how we now run every engagement.
Plan around the regulator, not against it
Review time is outside anyone's control. We build the plan so that documents, platform and onboarding are ready while the regulator works, and we exclude review time from our timelines.
Onboarding is where the offering is won
Investors in nine countries bring different documents, languages and questions. Clear steps to register, verify identity, sign and pay matter as much as the terms.
Match the term to the asset
A hazelnut orchard has a long commercial life. STO2 runs for 40 years so the security lasts as long as the trees, not as long as a typical fund.
Build once, reuse for the next round
The second offering ran on the same platform, register and processes as the first. Follow-on offerings should reuse what already works.
Label every number
We separate actual and verified figures from comparables and forecasts. Investors and regulators both read the label before the number.
What these approvals do and do not cover
The approvals from the Securities Commission of the Republic of Serbia were granted to Treesury d.o.o. for its own offerings only. They do not carry over to any client project, and they do not make Asset Tokenization an issuer, offeror, broker or investment firm for anyone else.
For other asset owners, Asset Tokenization acts as a technology and advisory provider. The issuer is always the client. Legal advice, offering documents and regulatory filings come from qualified counsel, and regulated activities are carried out by the issuer or licensed partners.
See how the same work would apply to your asset
The feasibility review takes one week and ends with a written Go, Conditional Go or No-Go from the team.
STO1 and STO2 were issued by Treesury d.o.o. under its own approvals from the Securities Commission of the Republic of Serbia and are shown to illustrate capability, not as an offer. Nothing on this page is an offer or solicitation to buy any security. Asset Tokenization is a technology and advisory provider and does not act as issuer, offeror, broker or investment adviser for clients.
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