# kaal:claim:3227933-031

**Claim.** The DAO raised more than 150 million dollars from approximately 10,000 investors through a crowdfunding campaign in May 2016, with DAO Tokens designed to be fully transferable and tradable on peer-to-peer exchanges like shares in a listed corporation.

**Type.** empirical  **Support.** evidenced

**Holds when.**

- the DAO token sale, May 2016

**Source quote.**

> The DAO raised more than $150 million from approximately 10,000 "investors." Like shares in a traditional listed corporation, DAO Tokens were designed to be fully transferable and tradable on "peer-to-peer" exchanges.

**From.** Mark Fenwick, Wulf A. Kaal, Erik P.M. Vermeulen, *Why 'Blockchain' Will Disrupt Corporate Organizations* (2018), 7. Decentralized Autonomous Organizations, page 16

**Cite as.** Mark Fenwick, Wulf A. Kaal, Erik P.M. Vermeulen, Why 'Blockchain' Will Disrupt Corporate Organizations (2018). SSRN: https://ssrn.com/abstract=3227933

**Verify.** sha256 of source PDF `a9e9660c4dc25a2202f1da4e762f5885256e05f68c53ca51942f5833a7a4c108` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Fenwick%20et%20al.%20-%202018%20-%20Why%20%27Blockchain%27%20Will%20Disrupt%20Corporate%20Organizations.pdf

**Topics.** dao, securities-law, tokenomics

**Keywords.** dao, token-sale, crowdfunding, transferability

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