Frequently asked questions.
Clear answers about heartstocks.

heartstocks is a B2B partner for the digital issuance and settlement of alternative capital-market products, from first idea to secondary market. heartstocks GmbH bundles structuring, regulation, platform and payment behind a single interface. Issuers and asset managers bring the asset or idea, heartstocks takes care of structuring, documentation and technical implementation.

heartstocks is based in Hamburg: heartstocks GmbH is located at Neuer Wall 54, 20354 Hamburg, Germany. The company is registered with the commercial register of the Local Court of Hamburg under HRB 182191.

heartstocks is run by heartstocks GmbH, based in Hamburg. heartstocks emerged in 2021. Its managing director is Enno Johann Henke, CEO and co-founder. The team also includes Benjamin Goj (CFO), Alex Bepple (CTO) and Vivien Borgschulte (COO).

heartstocks GmbH is a tied agent within the meaning of § 3 (2) WpIG and acts exclusively for the account and under the liability of CONCEDUS GmbH, Nuremberg. heartstocks GmbH has been notified to the Federal Financial Supervisory Authority (BaFin) as a tied agent of CONCEDUS GmbH and is entered in the register of contractually tied agents of BaFin. The tied-agent registration number of heartstocks GmbH is 80176062.

heartstocks serves issuers and asset managers who issue capital-market products digitally, investors who invest in tokenised securities, and stakeholders such as banks, family offices, wealth managers, tax advisors and distribution partners. Companies that want to run their own investment platform under their brand use the heartstocks white-label solution.

According to its own figures (as of 2026), heartstocks has supported more than 15 tokenisation projects and structured more than €200m in volume. In addition, it has completed more than 5 regulatory approval processes, i.e. securities prospectuses or subscription documents. The first production platform under a client brand went live in 2023.

At heartstocks, tokenisation means that securities such as bonds or shares are issued as digital securities under the eWpG and kept in an electronic securities register. Every transaction, every change of holder and every distribution is documented there. Tokenisation allows fractional units, which makes investments from small denominations possible. For heartstocks, tokenisation is a means, not an end.

The eWpG is the German Electronic Securities Act and, alongside the KAGB and AktG, one of the legal bases on which heartstocks structures digital securities. On this basis, bonds are issued as eWpG crypto securities and common shares as shares tokenised under the eWpG, for example. Holdings are kept in the regulated electronic securities register, separate from third-party assets.

No, with heartstocks neither issuer nor investor needs a wallet or crypto experience. Payment is made by SEPA transfer in euro. The tokens are held for the investor by a regulated custodian, and investors see their holding in the dashboard.

heartstocks offers issuers and asset managers structuring, regulation, platform and IR infrastructure from one hand. This includes structuring tokenised securities, subscription documents, BaFin filing, documentation and technical settlement, plus a white-label platform under the issuer's brand. Reporting, investor communication and document distribution are automated.

An issuance with heartstocks runs in seven steps: first call and product selection, structuring, documentation, regulatory filing, technical implementation, go-live with subscription phase, and ongoing administration. In the first call, asset, target volume, investor audience and legal form are clarified. The subscription documents are submitted to BaFin for filing or approval, the tokens are issued in the Nyala register and held in custody via Tangany. Investors then subscribe via the platform in euro, and interest payments and reporting run automatically.

heartstocks structures fixed-rate bonds, bonus-interest bonds, profit-participation certificates, preferred shares and common shares as digital securities, as well as tokenised units in KAGB structures (AIF or InvAG). The legal bases are the eWpG, KAGB and AktG. Whether an SPV or a direct issuance is used is decided jointly in the first call, depending on asset, volume and investor audience.

heartstocks covers five asset classes: private equity, venture capital, ESG infrastructure, feeder structures and special assets. These include co-investments via deal syndicates and SPVs, early-stage participations, tokenised bonds for sustainable infrastructure such as energy and mobility, as well as tangible-asset portfolios and on-chain treasury.

A simple digital bond with subscription documents and a standard structure takes around 6 weeks with heartstocks, provided the client documentation is complete at kick-off. Prospectus-bound issuances or KAGB structures with individual special terms take around 3 months. Possible delays are incomplete client documentation, BaFin processing times for prospectuses and KYC/AML processes on the investor side.

heartstocks charges the issuer a one-off structuring fee of 1% on the issuance volume and ongoing costs of 0.35% p.a. on the outstanding volume throughout the term. Investors bear a one-off transaction fee of 1% per subscription, which does not burden the issuer. Bundling several tranches, e.g. a bond and a preferred share, can create cost advantages because structuring and documentation are set up jointly; regulatory fees are charged separately for each WIB or prospectus.

Yes, distribution is with the issuer. heartstocks provides the infrastructure and owes no placement success, but supports placement and investor access with reporting and closing. Issuers see pipeline and subscription status in real time.

Investors subscribe to tokenised securities directly with the issuer, on the issuer's platform, which runs on heartstocks infrastructure. After a one-off digital onboarding with video ident, subscription is digital and payment is made by SEPA transfer in euro. The holding is automatically booked in the eWpG register and visible in the investor dashboard, and any interest and distributions are paid in euro to the investor's account. For each subscription, the investor bears a one-off transaction fee of 1%. Acquiring tokenised securities involves considerable risks, up to and including the total loss of the capital invested.

On its offers page, heartstocks shows the current pipeline with projects that are live, in preparation or closed. The projects come from sectors such as strategic raw materials, luxury real assets, digital assets, sustainable construction, and impact and venture building. Subscription takes place on the respective issuer's platform, where you also find subscription documents, risk disclosures and terms.

Acquiring tokenised securities, as offered via platforms based on heartstocks, involves considerable risks, up to and including the total loss of the capital invested. If the issuer becomes insolvent, partial or total loss is possible (issuer risk), value development can fluctuate (market risk), and there is no guaranteed secondary market, so an early sale is not always possible (liquidity risk). Read the subscription documents and risk disclosures of each offer carefully.

The heartstocks white-label solution is a ready-made platform for digital investment processing under the client's brand and logo, with heartstocks running invisibly in the background. Logo, colours, typography, voice and custom domain can be adapted, while platform logic, compliance and register-keeping remain unchanged. The platform consists of eight combinable building blocks, including onboarding and KYC, subscription flow, register-keeping, investor dashboard, reporting and distributions. Onboarding, customisation and go-live take 6 to 10 weeks, including training and API integration.

heartstocks offers stakeholders such as banks, family offices, wealth managers, tax advisors and distribution partners three cooperation models: tipster, distribution partner and platform integration via API. As a tipster, you recommend investments or structuring solutions to your clients and heartstocks handles execution; as a distribution partner, you manage the investor contact with a white-label subscription flow; with API integration, heartstocks vehicles are integrated into your existing systems. Tipsters work without a licence, distribution partners generally need their own permit, and this is assessed in the first call. There are no minimum turnovers and no exclusivity clauses, and the models can be combined.

Yes, heartstocks works with a connected registered capital management company (KVG) as its partner. Through this connected registered KVG, the first special AIF under the German Capital Investment Code (KAGB) is being structured in 2026.

Custody runs through licensed crypto custodians with a BaFin permit, with key management to industry standard. Holdings are kept in the regulated electronic securities register and ring-fenced from third-party assets against insolvency. Investors can see their holding in the investor dashboard at any time.

For complaints, please use the email address enno.henke@heartstocks.com. Insofar as your complaint concerns investment brokerage, heartstocks GmbH forwards it directly to CONCEDUS GmbH; in that case you may also contact CONCEDUS GmbH, Nuremberg, directly. Due to statutory obligation, CONCEDUS GmbH and heartstocks GmbH participate in the dispute-resolution proceedings of the competent conciliation body for disputes arising from or concerning consumer contracts with CONCEDUS GmbH or heartstocks GmbH respectively. As conciliation body, the imprint names the conciliation body at the Deutsche Bundesbank.

You can reach heartstocks by email at info@heartstocks.com or via the “Evaluate project” function on the website. heartstocks GmbH can be reached by phone at +49 40 239692572. Every white-label client and every stakeholder has a fixed contact, no hotline and no tickets.