Clarification on current capital structure and relationship with Anemoy

Centrifuge Governance Governance discussion
1

Hi everyone,

At Inflecta, we’re independently documenting tokenholder rights, governance structures and economic alignment across major protocols. While reviewing Centrifuge, there are two areas where we weren’t able to reconcile the available information.

1. Current capital structure

CP-171 states:

“Every action by CNF will be aligned toward growing adoption of the Centrifuge protocol and increasing CFG value. Centrifuge Labs is a wholly-owned subsidiary of the Centrifuge Network Foundation. There is a single value accrual mechanism: CFG.”

At the same time, we also came across:

  • Coinbase’s announced equity investment in Centrifuge, which was subsequently reposted by Bhaji (CEO) on LinkedIn.
  • Earlier financing announcements describing Centrifuge as raising a $15M Series A as a company.

Could someone clarify what the current capital structure looks like?

Specifically:

  • Does any external equity remain outstanding today?
  • If so, which entity issued that equity?
  • How should the Coinbase investment be interpreted following CP-171?

2. Relationship with Anemoy

Historically Anemoy has repeatedly been described as Centrifuge’s asset-management arm.

At the same time, current documentation doesn’t appear to establish any direct CFG-holder rights over Anemoy.

Could someone clarify:

  • Does CNF (or another CFG-aligned entity) own any equity or economic interest in Anemoy?
  • Do CFG holders have any indirect claim on Anemoy’s economics?
  • Or should Anemoy be viewed as an affiliated but economically separate business with no established CFG-holder rights?

Appreciate any clarification. We’re trying to accurately represent the current tokenholder rights and ownership structure before publishing.

2

With regard to your interest in CFG token holders rights, you should also review CP-171 (November 2025), by which direct on chain voting by CFG holders was suspended, so that the CNF could make major protocol architectural shifts, allegedly in favor of CFG value accrual. But now less than a year later, with governance reduced to mere theatre, CP-172 (August 2026) will clearly depreciate the publicly traded CFG token in favor of private equity.