Northfield Equity

What the token is

According to the product page, each NFEQ token tracks one share of a listed US company, and the shares sit with an unnamed broker. We have not been able to confirm any part of that sentence, which is why the diligence status on this record says Not filled.

Everything below was gathered from outside. Read it as a starting picture, not as an answer.

What we could establish on our own

The program account on Solana is upgradeable, and the upgrade authority is a single key rather than a multisig. Mint and freeze authority sit with the same key. Supply has grown from 1.9M to 14.3M tokens since launch, in steps that do not correspond to any published subscription schedule.

The terms of service describe the token as “economic exposure to the reference share” and state plainly that holders have no voting rights and no claim on any underlying security. That is a different product from the one the marketing page describes, and the gap is the most important thing on this record.

What we asked for and did not get

We wrote twice, in April and June 2026. We asked for the broker’s name, the jurisdiction of the issuing entity, and any statement showing shares held against the tokens outstanding. Neither message was answered.

There is nothing improper about declining to answer a research request. It does mean you are underwriting a product whose custody arrangement nobody outside the company has seen.

What is still open

All of it. Custody, the identity of the broker, the entity’s jurisdiction, whether the reference shares exist in the quantity implied, and who controls the upgrade key.