STO Refinancing Structure Model

An STO is a blockchain-enabled financial instrument that allows developers to issue digital tokens, representing ownership stakes or rights in a project, which facilitates early inclusion of future cash flows into the financing structure. By democratizing investment, this approach increases liquidity and widens access to capital through digital platforms.By integrating STOs with a multi-real option valuation model, the study aims to provide a flexible and adaptive framework that incorporates market uncertainties and strategic decision-making capabilities. The multi-real option model extends beyond traditional single-option analysis by evaluating multiple investment stages and providing the flexibility to defer, expand, or abandon investments as conditions change. Particularly relevant to digital construction technologies, this model accounts for cost variability and risks arising from technological implementation and project progress, predicting future value step-by-step.