Author
WisdomTree
Summary
This proposal focuses on a potential allocation of assets by Elixir into the WisdomTree Private Credit and Alternative Income Digital Fund (token ticker: CRDT; fund ticker: CRDYX), while also describing potential future initiatives of WisdomTree related to the Elixir ecosystem. CRDT offers a potentially attractive return/risk profile for Elixir, increasing real-world asset exposure while providing daily liquidity (T+0 on subscriptions and T+2 on redemptions) and maintaining treasury flexibility. As a follow up to this initial allocation, WisdomTree plans to explore operational compatibility with deUSD across supported chains, which Elixir could use in its own workflows for potentially faster minting and redemption capabilities, to the extent consistent with applicable regulatory considerations. 24/7 Peer-to-peer transferability is enabled by WisdomTree’s soulbound NFT identity feature - further differentiating CRDT from traditional private credit funds with 30-60+ day redemption timelines. By allocating to the fund, Elixir gets access to higher yield potential through a diversified exposure to private credit with daily liquidity, while investors in CRDT could potentially benefit over time from greater DeFi interoperability and redemption proceeds conversion options (i.e., liquidity) through deUSD.
Background and Motivation
Expanding beyond traditional treasury-backed stablecoin reserves, WisdomTree brings alternative credit exposure onchain, a fast-growing asset class valued for income and risk diversification. WisdomTree’s launch in September 2025 of the CRDT tokenized fund democratizes access to private credit strategies directly onchain. The Fund provides access to private credit through diversified exposure to alternative credit sectors with investments in underlying closed-end investment companies (“CEFs”), including those that have elected to be regulated as business development companies (“BDCs”), and real estate investment trusts (“REITs”). The Fund can be used as a source of high income potential within portfolio allocations.
The Fund supports unlimited primary market minting and redemptions while enabling permissioned peer-to-peer transfers, unlocking decentralized use cases.
In addition to product and platform features, WisdomTree maintains a robust governance framework to oversee Fund activities, which seeks to ensure compliance with applicable laws, rules, and regulations. As a publicly traded company (NYSE: WT), WisdomTree, Inc., adheres to rigorous financial reporting and auditing standards which aim to provide transparency and accountability. WisdomTree, Inc. is also the parent company of a few of the Fund’s service providers. Our SEC-registered investment adviser and transfer agent operate under robust regulatory oversight. These highly regulated entities, combined with cutting-edge compliance technology such as blockchain-based controls and digital fund oversight, seek to ensure that WisdomTree remains a leader in regulated digital finance.
By investing in WisdomTree tokenized funds, Elixir gains access to a scalable tokenization platform with low minimums, API-capabilities, and institutional-grade infrastructure. WisdomTree is committed to developing new features, functionality, and products that align with the evolving needs of Elixir and its community. We are working towards future enhancements for additional DeFi integrations, while exploring mint and redemption capabilities with deUSD (and a deeper compatibility with the Elixir network for increased RWA participation).
WisdomTree Bio:
WisdomTree, Inc., through its subsidiaries, is a global financial innovator, offering a well-diversified suite of exchange-traded products (ETPs), models, solutions and products leveraging blockchain technology. As of September 12th, 2025, WisdomTree had $133.8 billion in global assets under management, making the company one of the world’s largest ETF sponsors. Building on our heritage of innovation, we are developing and have launched next-generation digital products, services and structures, including a suite of 14 digital funds, ranging from a money market fund, equities, fixed income, private credit and asset allocation funds, in addition to tokenized assets, such as gold. WisdomTree provides access to their assets through our blockchain-native digital wallet, WisdomTree Prime®, for U.S. Retail investors and their institutional platform WisdomTree Connect™. WisdomTree leverages the latest financial infrastructure to create products that provide access, transparency and an enhanced user experience.
Proposal Details
General Overview:
Elixir invests in WisdomTree’s CRDT as a reserve asset backing deUSD. After the initial allocation, WisdomTree will evaluate and work towards integrating deUSD as an asset for our Stablecoin Conversion Service for subscriptions and redemptions, which already accepts USDC and PYUSD for on/off ramps. Elixir allocating into CRDT as a reserve investment, followed by potential compatibility enhancements for Elixir’s stablecoin, deUSD, is seeking enhanced mint and redemption conversion optionality for shareholders of the tokenized fund, which may unlock liquidity and greater lend/borrow compatibility in the Elixir ecosystem. By allocating a portion of deUSD’s reserves to CRDT, the potential for a strong return profile could also exist for staked deUSD holders.
Future Roadmap:
WisdomTree has actively engaged with the Elixir team to fully understand the priorities and any concerns of large deUSD holders. We have the capability to build enhancements and integrations to support Elixir’s overall ecosystem including:
1. We are focused on expanding mint and redeem optionality for our institutional platform via our Stablecoin Conversion Service. We are working with the Elixir team to explore scoping a deUSD integration for on/off ramps for our tokenized funds.
2. We are also currently exploring future solutions to enhance the ability of CRDT’s shareholders to potential interact with DeFi, such as through Elixir’s: (1) Protocol for mint and redeem capabilities via deUSD for CRDT token holders (2) 24/7 funding and redemption request processing through deUSD (subject to stablecoin conversion and applicable order/settlement times).
3. To enhance our order flow process, we are launching “On Receipt,” a new way to purchase and redeem shares of our tokenized funds. After establishing standing instructions in WisdomTree Connect, investors can initiate activity directly onchain by sending stablecoins or fund tokens from their whitelisted wallets to a designated WisdomTree wallet. The corresponding order is then executed through WisdomTree Connect, ensuring the same order execution process while delivering a smoother onchain experience. This enhancement enables more seamless integrations for onchain order flows.
4. In addition to the solutions and products detailed above, WisdomTree, through applicable global subsidiaries, has the ability to deliver customized asset allocation guidance and direct access to our research and expertise to meet the community’s specific investment objectives. Our Global Research Team and Chief Investment Office focus on four areas: product development, investment research, model portfolio management across various asset classes (equities, fixed income, alternatives, crypto), and strategic asset allocation. We can design and actively manage investment strategies that align with the community’s specific needs.
Key Parties:
WisdomTree, Inc is the ultimate parent company of the WisdomTree-named entities below.
● Investment Adviser:** WisdomTree Digital Management, Inc. (“Adviser”)**
The Adviser serves as the investment adviser to the Fund. The Adviser is a Delaware corporation registered with the SEC as an investment adviser under the Investment Advisers Act of 1940 “Advisers Act”). The Adviser is responsible for the overall general management and administration of the Fund.
WisdomTree Digital Management provides an investment program for the Fund. The Adviser also provides proactive oversight of the Sub-Adviser, daily monitoring of the Sub-Adviser’s buying and selling of securities for the Fund, and regular review of the Sub-Adviser’s performance. In addition, the Adviser arranges for, and oversees, sub-advisory, transfer agency, custody, fund administration, securities lending, and all other non-distribution-related services necessary for the Fund to operate.
● Sub-Adviser:** Mellon Investments Corporation (“Mellon” or the “Sub-Adviser”)**
Mellon Investments Corporation (“Mellon” or the “Sub-Adviser”) is responsible for the day-to-day management of the Fund. The Sub-Adviser, registered with the SEC as an investment adviser under the Advisers Act, is a leading innovator in the investment industry and manages global quantitative-based investment strategies for institutional and private investors. Its principal office is located at 500 Ross Street, Pittsburgh, Pennsylvania 15258. As of March 31, 2025, the Sub-Adviser had assets under management totaling approximately $902 billion. The Sub-Adviser is an independently operated indirect subsidiary of The Bank of New York Mellon Corporation, a publicly traded financial holding company. The Sub-Adviser chooses the Fund’s portfolio investments and places orders to buy and sell the portfolio investments. WisdomTree Digital Management pays the Sub-Adviser for providing sub-advisory services to the Fund.
● Administrator and Custodian:** Bank of New York Mellon (“BNY”)**
BNY provides certain administrative, legal, tax, and financial reporting services for the maintenance and operations of the Fund as well as acts as custodian of the assets of the Fund. BNY is required, upon the order of the Fund, to deliver securities held by BNY and to make payments for securities purchased for the Fund.
● Transfer Agent:** WisdomTree Transfers, Inc. (“Transfer Agent”)**
WisdomTree Transfers acts as transfer agent for the authorized and issued shares of beneficial interest for the Fund and as dividend disbursing agent of the Fund. The Transfer Agent is SEC-registered and maintains the official record of share ownership in book-entry form. Under WisdomTree Transfer’s integrated recordkeeping system, the on-chain record is aligned with book-entry records maintained by WisdomTree Transfers.
● Auditor:** Ernst & Young LLP (“EY”)**
EY is one of the world’s largest accounting firms, providing global tax, audit, and advisory services to thousands of clients. EY services as the independent registered public accounting firm for the Fund.
● Distributor in the U.S.: Foreside Fund Services, LLC (the “Distributor”)
The Distributor has entered into a Distribution Agreement with the Trust pursuant to which it distributes shares of the Fund.
Supplementary documents:
- Fund Details: CRDYX - Private Credit and Alternative Income Digital Fund | WisdomTree
- Prospectus: Link
- Token Addresses
- Ethereum: 0x9E5621b5Da05435F9931e5CCD01c3c24476155a7
- Stellar: GBWMQUGPPLSC62YPGD5CEHATOQRQMNLNAV2TMEXJ4ZYOTY4TJD6J2P45
Voting
- For: Invest in CRDT as a reserve (backing) asset for deUSD; begin Elixir’s efforts to explore 24/7 deUSD-based funding and redemption request workflows, consistent with applicable order, settlement and regulatory requirements
- Against: Do nothing
IMPORTANT INFORMATION
Investors should carefully consider the investment objectives, risks, charges and expenses of the Fund before investing. To obtain a prospectus containing this and other important information, please call 866.909.9473, or visit WisdomTree.com/investments to view or download a prospectus online. Read the prospectus carefully before you invest. There are risks involved with investing, including the possible loss of principal. Past performance does not guarantee future results .
PRODUCTS AND SERVICES AVAILABLE VIA WISDOMTREE CONNECT: NOT FDIC INSURED | NO BANK GUARANTEE | NOT A BANK DEPOSIT | MAY LOSE VALUE | NOT SIPC PROTECTED | NOT INSURED BY ANY GOVERNMENT AGENCY
WisdomTree Digital Funds are distributed by Foreside Fund Services, LLC. Foreside Fund Services, LLC is not affiliated with the other entities.
The products and services available through the WisdomTree Connect portal are not endorsed, indemnified or guaranteed by any regulatory agency.
The WisdomTree Connect portal and certain related services described herein are made available through WisdomTree Digital Movement, Inc., a federally registered money services business, state-licensed money transmitter and financial technology company (NMLS ID: 2372500).
WisdomTree Transfers, Inc., the Fund’s transfer agent, maintains the official record of share ownership through an integrated recordkeeping system with records in book-entry form and records that are recorded – or digitized – on the Ethereum blockchain. In order to facilitate the use of blockchain technology, a potential institutional shareholder must have a blockchain wallet. A blockchain is an open, distributed ledger that digitally records transactions in a verifiable and immutable (i.e., permanent) way using cryptography. A distributed ledger is a database in which data is stored in a decentralized manner. Cryptography is a method of storing and transmitting data in a particular form so that only those for whom it is intended can read and process it. A blockchain stores transaction data in “blocks” that are linked together to form a “chain”, and hence the name blockchain. Blockchain technology is a relatively new and untested technology, with little regulation. Blockchain systems could be vulnerable to fraud, particularly if a significant minority of participants colluded to defraud the rest. Potential risks also include vulnerability to theft, or inaccessibility, and future regulatory developments could affect its viability.
The information provided is for informational purposes only and intended solely for institutions. The information is a summary of steps and not a complete or comprehensive guide to all steps or actions related to shareholder onboarding, transactions, settlement and related matters.
The information is not intended to serve as a recommendation to buy, hold or sell any asset or to engage in any investment or trading strategy or to use any service. The information herein should not be relied on and is not a substitute for the skill, judgment and experience of the user when making investment and other business decisions. All information is impersonal and not tailored to the needs of any person, entity or group of persons. None of the information constitutes an offer to sell or a solicitation of an offer to buy, any security or other asset, financial product or other investment vehicle or any trading strategy, or service, and should not be viewed as trading or investment advice. Potential products and services, as well as applicable launch timing and associated fees, are in development, will require third party relationships, actions by Elixir and may change or may never become available, including due to regulatory considerations, constraints, necessary relief or otherwise. Any information provided and/or plans associated herewith are subject to change without notice and WisdomTree is under no obligation to act on any potential plans or provide additional information.
