James Watt, the founder of Brewdog, is starting a new beer brand. And he wants to give shares in it to people who already invested in his previous crowdfunding scheme, Equity for Punks. The announcement this week revives a familiar model – but notably, Watt is sticking with old-fashioned legal shares, not blockchain tokens.
Equity for Punks gets a sequel
Equity for Punks was Brewdog's way of turning drinkers into shareholders. Over several rounds, it raised millions from tens of thousands of small investors. Now Watt plans to extend similar benefits to those same holders in his new venture. Details are thin – he hasn't named the brand or set a launch date – but the structure echoes what worked before: give loyal fans a direct stake in the business.
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No tokens here
In a crypto market that's been betting on tokenized real-world assets, this feels like a step backward. The new brand could have issued a digital token to represent equity. It could have used a blockchain for transparent ownership records. Instead, Watt is using standard corporate shares. That's a bearish signal for the security token offering (STO) narrative. It shows that a high-profile entrepreneur with a built-in, crypto-curious audience chose the traditional route. If the model succeeds, it'll weaken the argument that blockchain is necessary for community ownership – especially when the market is fearful and investors prefer familiar structures.
Brewdog's crypto history
Brewdog has flirted with crypto before. It started accepting Bitcoin as payment in 2018 and even launched a 'Bitcoin Beer'. Its customer base overlaps with crypto enthusiasts. So the new brand was a natural candidate for crypto integration – maybe a branded token, or at least Bitcoin payments. Watt hasn't hinted at any of that. The absence is notable. It suggests that even a brand with a punk ethos and a crypto-friendly history sees little need to adopt blockchain for equity distribution right now.
Watt hasn't revealed a timeline for the new beer brand. He hasn't said how shares will be allocated to Equity for Punks investors, or whether they'll need to pay extra. For now, the crypto world can watch a real-world test of community ownership unfold without the blockchain. If it works, tokenization advocates will have a harder case to make.
