Special purpose vehicle (SPV)

The vehicle may own the asset or owe obligations to holders. Represented rights require definition: debt, equity and contractual claims are different.

Vehicle documentation identifies assets, obligations, decision-making bodies and investor rights. Tokens can represent shares in the vehicle or claims against it, rather than direct co-ownership of an asset. Corporate records and external agreements remain relevant.

Asset segregation depends on structure and legislation. SPV as a legal vehicle should not be confused with Simplified Payment Verification, which uses the same abbreviation in Bitcoin. The document’s context determines the intended meaning.