Vault tokens - what they represent

MST Vault Tokens are issued by the MST SAC as ERC-3643 compliant digital tokens on a permissioned blockchain. Each token represents a tokenised unit of economic participation in a specific segregated account within the Bermuda SAC structure.

Vault Tokens are not shares and do not confer voting rights over the SAC or over individual portfolio companies. What they provide is a precisely defined bundle of economic, contractual and statutory rights.