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Maybe I'm misunderstanding what Kucoin Shares are. Are they not just shares in other bitcoin markets? It looks to me like it's just a "currency exchange", really. Or are you actually buying shares in some underlying company that provides value? If it's the latter, then sure, it's like buying shares on eTrade. But if there's no underlying company or product you're investing in, then I don't seem them as being similar at all.

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Hot take: It's an unregulated share of the company.

Kucoin collects fees.

Holders of Kucoin "shares" get 15% of the fees paid back in crypto (monthly?). I believe Cryptopia and other exchanges did something similar.

Wait, so it's just buying shares in the company Kucoin itself? Which itself is just a bitcoin exchange? By trading on Kucoin you are investing in Kucoin? I don't see how this is anything like buying stocks in real company. It almost sounds like a multi-level marketing scheme.

You could see it as a share with no voting rights but that entitles you to dividends based on the fees they make on the trading platform.

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