Vancouver-based fractional real estate investment platform Addy told users this week that it is restructuring its business.
Co-founders Stephen Jagger and Michael Stephenson broke the news with an apology in an email sent to users on Wednesday. In it, they said the company is “unable to continue operating in its current structure” and that professional advisors Dentons and Crowe MacKay have been engaged to work through the next steps “in an orderly way.”
Whether the restructuring means formal insolvency proceedings, layoffs, or something else is not clear from the email. BetaKit has reached out to Addy, Jagger, and Crowe MacKay for more details. An automated reply from Addy’s support email said that a response may take more than seven business days.
Whether the restructuring means formal insolvency proceedings, layoffs, or something else is not clear
Founded in 2018, Addy allowed retail investors to purchase a share of real estate on its platform for as little as one dollar. The crowdfunding approach aimed to democratize access to real estate investments, which are traditionally limited to high-net-worth or institutional investors due to the high capital requirements. At one point, the company’s website claimed it held a total asset value of more than $1.3 billion from more than 50,000 Canadians. Vancouver Mayor Ken Sim had publicly touted his investment in the platform.
Addy’s website now only directs to its app dashboard, while other pages (such as its blog or about page) deliver 404 errors, though its help centre is still live. When signed into the Addy platform, only two properties from Atlas One Digital Securities are listed, and attempts to interact with the listings deliver errors.
Jagger and Stephenson’s email to users said that Atlas One is continuing to licence the Addy platform for its issuances going forward, and that any funds users deposited related to Atlas One’s issuances are in Atlas One’s segregated trust account.
Registered dealer status lasted less than a year
Addy’s restructuring comes just under a year after the company became an exempt market dealer (EMD), a registered dealer permitted to trade private securities not subject to the same rules as a publicly traded company, but still accountable to regulation. Addy said the regulatory status would make its transactions faster and more efficient, as well as help it expand its offerings to include equity, debt, and real estate funds.
It took a hard lesson for Addy to become an EMD, however. The startup had to pay a $100,000 fine from the British Columbia Securities Commission for trading approximately $26 million of securities without being registered as an EMD between 2018 and 2025.
The company does not appear to have gotten much use out of its EMD designation. According to the email’s fine print, as of Dec. 31, 2025, Addy suspended its operations as a registered exempt market dealer in all Canadian jurisdictions.
RELATED: Fractional real estate investment platform Addy becomes exempt market dealer after BCSC fine
In the weeks leading up to Addy’s restructuring notice, multiple users in the company’s Discord server for real estate investors noted the company’s communication had dwindled in the new year, that the website had gone down, and that Stephenson’s LinkedIn profile had been updated to show he left Addy in December 2025.
“I think we all know that addy as we know it is done,” one user on the server said.
The Wednesday email sent to users said updates on individual properties and special-purpose investment vehicles will continue to come through the platform.
“Thank you for your patience and for the trust you placed in what we built,” the email concludes.
Feature image courtesy Unsplash. Photo by Tierra Mallorca.