Token economics — the full parameter set
This page documents every economic parameter of ALKN in a form a fixed-income or private-credit analyst would expect. No figure here is rounded or approximated. Everything ties to the offering memorandum.
Supply structure
Total Supply
800,000,000
Fixed at launch · no future mint
Offering Cap
200,000,000
Available at USD 1.00
Locked Supply
600,000,000
5-year vesting · monthly release
Issue price & NAV
| Issue price | USD 1.00 |
| NAV per interest | USD 2.05 |
| Discount to NAV | 51.22% |
| Discount rationale | 5-year lockup · staged sales · liquidity discount |
| Minimum subscription | As stated in the offering memorandum (Site 1) |
Lockup & vesting
Of the 800M total supply:
- 200M is offered at issue, unrestricted from listing (Phase 2 launch window).
- 600M is locked for up to 60 months, released on a monthly linear vesting schedule of 10M per month.
- The locked tranche comprises sponsor interests, strategic partners, and reserve LP allocations.
Vesting release schedule (preview)
Month 0 · Listing
Month 12
Month 24
Month 36
Month 48
Month 60 · Fully vested
Distributions
Distributions arise from staged sales of the underlying nickel inventory into Class 1 industrial demand. They are executed by the issuer's transfer agent per the LP agreement's waterfall.
- Preferred return: 6% per annum on invested capital, paid before any GP participation.
- Frequency: Quarterly distributions, subject to realised sales.
- Return of capital: First-ranked claim before preferred return accrues.
The waterfall — 80 / 20
Above the preferred return and return of capital:
| Tier | Priority | LP | Sponsor |
|---|---|---|---|
| 1 | Return of capital to LPs | 100% | 0% |
| 2 | 6% preferred to LPs | 100% | 0% |
| 3 | Residual above preferred | 80% | 20% |
Registry & identifiers
| ISIN | LU3192257148 |
| CNAD Registration | EAD-0029 |
| Issuer entity | Alkemya Metacore SCSp |
| Governing law | Luxembourg · Loi sur les sociétés commerciales |
| Offering regime | Regulation S · non-US persons only |
| Listing date | 10 June 2026 |
◆ Next step
Ready to review the offering documents? The Regulation S memorandum, subscription agreement, and KYC/AML pathway live on Site 1.
Review offering documents →