On July 1, 2026, BSP became a Nasdaq share. In the same day's legal paperwork, that share became the reference point for a second instrument: BSPx. The first belongs to a company's shareholders; the second belongs to creditors of a Jersey certificate issuer.
Bending Spoons was a privately held software acquirer when it submitted confidential IPO paperwork. Its ordinary shares began Nasdaq trading as BSP on July 1, 2026. The offering price was $29; that figure is not a verified opening-market quotation.
That date is the identity checkpoint. BSPx is not a frozen claim on an old private round. Its Final Terms point to the newly public ordinary share, ISIN IT0005717696.
The Final Terms dated July 1 identify Product No. 206, ISIN CH1580497001, and designate Ethereum, TON and Solana securities ledgers. They give an expected issue date one day after publication, which is a schedule rather than proof of the first completed issuance.
Backed Assets (JE) Limited is the issuer. The schedule also names Bending Spoons S.p.A. as the underlying company, while a contact field calls Bending Spoons US Inc. the 'Issuer of Underlying.' The share ISIN and exchange listing resolve the economic asset to the S.p.A. ordinary share.
One public share and one tracker certificate can follow the same quotation without becoming the same legal property.
Subscription money is used to acquire BSP shares through named brokers and custodians. The certificates are then activated onchain, including fractional amounts.
The holder owns BSPx. The collateral account, rather than the wallet address, occupies the shareholding layer. That is why BSPx carries no Bending Spoons vote, meeting attendance, information, pre-emption or liquidation-surplus right.
If Bending Spoons pays a dividend, the structure receives it as shareholder and reinvests it after tax. The holder sees an adjusted BSPx amount, not a corporate cash payment.
EVM implementations can change the balance reported by balanceOf. Solana keeps raw token units while a Scaled UI multiplier changes the display. A wallet or DeFi protocol that ignores the multiplier can show the wrong exposure.
A share split travels through the same arithmetic. Corporate action is translated by the issuer's machinery rather than exercised by token holders.
The Final Terms call BSP ordinary shares Standard Collateral and name Security Agent Services AG to act for holders. Segregated product accounts are meant to keep this collateral distinct.
The same schedule permits lending of the underlying. A borrower, substitute collateral and realization costs can therefore enter a sentence that marketing often shortens to 'one-to-one backed.'
Nasdaq sets one clock; onchain venues may trade on another. Secondary BSPx prices can move during a U.S. market closure even though primary collateral purchases and redemptions normally wait for business-day access.
Direct issuance is for Qualified Professional Investors, with a $5,000 minimum subscription. Redemption depends on KYC/AML and settlement procedures; its pricing includes an investor fee up to 0.50%, with at least $100. The restrictions cover the defined U.S. Person category of persons or entities and separately persons or addresses in the United States; nationality alone is not the test. The subscription minimum is not a separately established redemption minimum.
Code adds another gate. The Ethereum proxy can be upgraded; privileged roles can mint, burn, pause, change sanctions screening and update the multiplier. If collateral enforcement still leaves a shortfall, the certificate grants no second claim on the issuer's remaining assets.
The issuer’s closing announcement states that the registration statement became effective on June 30, before trading began.
Bending Spoons ordinary shares begin Nasdaq trading as BSP. The IPO offering price is $29.
Backed fixes Product No. 206, two ISINs and three securities ledgers in the product schedule.
Bending Spoons and selling shareholders complete the 57,971,015-share offering.
Underwriters exercise the option reported in the company's second-quarter exhibit.
The broader certificate, collateral, termination and limited-recourse terms are republished.
Last evidence review: 2026-09-05
BSPx is Backed Product No. 206, an open-ended bearer debt tracker certificate with ISIN CH1580497001. Its reference asset is the ordinary share of Bending Spoons S.p.A., ISIN IT0005717696, which began Nasdaq trading under BSP on July 1, 2026. The token ledgers named in the Final Terms are Ethereum 0x7796f4e23a62ef3653829c21032a9e24beaf4cf5, TON EQDc3kRBwjDtV_KSm3FbgGNqU9OAPw03DsA13OWnWcThacjd and Solana XsYMHtwJcWon5GkPHzdDbCCztKtKzEurJnbydxgjsqS.
Two legal objects share one price story. Bending Spoons issues the public ordinary share; Backed Assets (JE) Limited issues BSPx from Jersey. A BSPx balance records title to the certificate. It does not enter its holder on Bending Spoons' shareholder register.
BSPx was documented as Bending Spoons crossed from private ownership into the public market. It lets eligible users move fractional economic exposure on supported chains and trade through venues whose hours need not match Nasdaq. That convenience matters for a newly listed stock with limited trading history.
The wrapper adds dependencies that the BSP ticker does not have. Price tracking passes through a Jersey SPV, brokers, custodians, a security agent, calculations, multipliers, smart-contract administrators and venue liquidity. Reading BSPx as a digital share erases the institutions that stand between the wallet and the company.
For primary issuance, the issuer receives funds, obtains corresponding BSP collateral and activates certificate units on a securities ledger. The Final Terms permit fractional units and set a $5,000 minimum subscription and an initial $500 million volume that the issuer may extend. Issue and redemption pricing include investor fees up to 0.50%, with at least $100, plus the adjustments specified in the terms. Direct issuance is restricted to Qualified Professional Investors and redemption requires compliance checks. The product page currently lists no management fee, while the terms permit up to 0.25% a year, calculated daily.
BSP distributions received by the collateral structure are reinvested after tax. A multiplier then changes the economic amount: EVM contracts can alter the reported balance, while Solana's scaled display leaves raw units unchanged. Splits use the same translation layer. None of this grants the certificate holder a Bending Spoons vote or a direct claim on its dividend.
Collateral is product-specific and enforcement runs through Security Agent Services AG, yet lending of BSP shares is permitted. If the structure fails, holders recover only net proceeds from allocated collateral and have no residual shortfall claim. The Ethereum proxy can also be upgraded, paused and sanctions-screened through privileged roles.
No. Bending Spoons ordinary shares began Nasdaq trading on July 1, 2026, and the BSPx Final Terms are dated that day. BSPx references the public BSP share, though it remains a separate certificate.
No. It makes you the holder of a Jersey issuer's bearer debt certificate. You receive economic tracking but no direct vote, company-information right or liquidation claim.
The Final Terms name Ethereum, TON and Solana ledger addresses. Users should match the full address and network because the ticker alone is not proof of identity.
The collateral structure reinvests dividends net of tax and updates a multiplier. Splits also change the multiplier. EVM and Solana wallets may display that adjustment differently.
No. Direct issuance is limited to Qualified Professional Investors and has a $5,000 minimum subscription. Redemption requires KYC/AML and the relevant fees and settlement procedures. The subscription threshold does not establish a separate redemption minimum.
Ordinary transfers can occur onchain, but the verified Ethereum design includes pause, sanctions, mint, burn, delegate and upgrade controls. Legal and venue restrictions also continue to apply.
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