VELMVellum Protocol8,420 waitlist KITEKite Ledger2,190 waitlist PLSDPalisade ID1,640 waitlist NRTLNorthlineDay 8 of 14 SABLSable RailDay 5 of 14 QULLQuill MarketsDay 11 of 14 CDWLCinder Well6,947 waitlist HRTNHartline8,787 waitlist OBSNObsidian Rail4,416 waitlist FENLFen Clearing1,060 waitlist LUMNLumen Books5,510 waitlist RDCTRedact ID6,485 waitlist HRBNHarbor NAV6,973 waitlist QLTDQuilt1,876 waitlist NMBMNimbus Match7,864 waitlist BRASBrass4,166 waitlist SLSTSolstice Credit9,342 waitlist WLTRWillow Transfer7,031 waitlist EMBREmber Registry2,487 waitlist NQAYNorth Quay2,013 waitlist KLNSKiln4,412 waitlist GLSHGlass HouseDay 8 of 14 IRNPIron PierDay 1 of 14 PLFRPale FireDay 3 of 14 VELMVellum Protocol8,420 waitlist KITEKite Ledger2,190 waitlist PLSDPalisade ID1,640 waitlist NRTLNorthlineDay 8 of 14 SABLSable RailDay 5 of 14 QULLQuill MarketsDay 11 of 14 CDWLCinder Well6,947 waitlist HRTNHartline8,787 waitlist OBSNObsidian Rail4,416 waitlist FENLFen Clearing1,060 waitlist LUMNLumen Books5,510 waitlist RDCTRedact ID6,485 waitlist HRBNHarbor NAV6,973 waitlist QLTDQuilt1,876 waitlist NMBMNimbus Match7,864 waitlist BRASBrass4,166 waitlist SLSTSolstice Credit9,342 waitlist WLTRWillow Transfer7,031 waitlist EMBREmber Registry2,487 waitlist NQAYNorth Quay2,013 waitlist KLNSKiln4,412 waitlist GLSHGlass HouseDay 8 of 14 IRNPIron PierDay 1 of 14 PLFRPale FireDay 3 of 14

BRAQ

Screened

SCREENEDFund books

Bramble Holt

Pilots named (redacted). Waitlist not. a short list names. Your move.

The first buyer already has a vendor. Bramble Holt is taking that invoice. The queue is a short list deep.

Bramble Holt — An operational layer for funds: NAV events, share-class records, books an AIFM can defend. The administrator remains the administrator. This is co-sourced infrastructure, not a tokenised fund on a public board.

Screened, not yet in sprint. Treat every number as provisional. Calendar access is not automatic.

Most Fund books applications this quarter were declined. You are looking at one that was not.

Diligence, not a prospectus. RCA Pad does not allocate, take orders, or close funding. If this company raises, it raises with its own counsel.

Stage

upcoming

Window

Closed

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

Redacted on the public page

Live nodes

Permissioned ledger

Counsel hours

Not offering — locked

Sentences killed

Before listing

Claims live

0/5

Sprint

Our cut

Of any proceeds

Plate Ledger · 6762

BRAQ

The plate

Ledger. Edition 6762.

A unique plate for Bramble Holt. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.

BRAQ · Taipei · Fund books

Score

Desk diligence

Pilots

Named, redacted

Stage

upcoming

Taipei

Fund administrators

Sells

Bps

Bps of AUM on the books

Markets

Taipei

Years

Founded 2025

Surfaces

Permissioned ledger

Complete

File readiness

The wedge

Bps of AUM on the books

Bramble Holt sells a 15-day lag down to a day, without turning the unit into a coin.

Why the desk took it

Early — still a question.

The admin of record is named, even if redacted here.

Traction

One named pilot (redacted).

Founded 2025, headquartered in Taipei. One named pilot on file (redacted in public). Desk diligence score 60/100. A qualified custodian reconciling against this book. They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.

Next 12 months

Daily NAV in one live fund.

Citi TA will not be replaced. It might consume this. Seat plus event. If they ever attach a token as the unit of account, the file stops.

The brief

How a serious reader should hold this.

The decline pile in Fund books is not a rumour. It is how this board stays readable. Bramble Holt is what survived. That is the sell.

If you leave this page without opening the claims table, you have read marketing. The scarce version of Bramble Holt is the version that survives counsel. It is on a clock.

US traffic was taken off the public surfaces in the first working session. Bramble Holt did not argue. Adult companies do not costume a US offering.

From the founder

Fixed fee. Deposit to start. 0% of proceeds. Token-only pay is declined. Percentage of raise is declined.

From ops

This communication is not an offer. Participation mechanics do not exist on this pad. If a later reader treats the public stack as the offer, the stack was already wrong.

From the pilot

The legal source of truth stays with the incumbent register, admin, or custodian. Bramble Holt does not attest to its own facts.

The window

Miss this and you read the archive.

The next Fund books company on this board will not have this waitlist, this HQ, or this counsel posture.

Budget exists on a line the board can see. That is why the window is this quarter.

If you are a founder who wants a pack like this: apply. If you are a buyer: call them — not us.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 5
Counsel hours on file: 7
Asks / week: 7
Our cut: 0% of proceeds

We would rather be archive-clean than live-loud. The waitlist showed up anyway.
Zara Adeyemi, Chief executive

This company

Bramble Holt

The copycats will arrive after certification. That is why the window is now.

In the same conversation

SS&C
Apex
Citi TA
Not a public tokenised fund

The bet

Why this company exists.

Bramble Holt sells a 15-day lag down to a day, without turning the unit into a coin.

Allocators want faster marks. Administrators cannot staff that with people. A dual-record (their books + this event) is how they sleep.

Fund administration is a fee business measured in basis points of AUM. A faster close is retained business.

Versus the field

A generalist vendor can copy the slide in a quarter. They cannot copy the named record, the scheme map, or the auditor conversation. That is the year they would have to buy.

Named: Taipei. Off-limits: United States retail. A US person hearing an offering communication is a US problem even if the company sits in Taipei. Blocking an IP and taking a US Telegram admin is not a block.

How it works

01Administrator remains source of truth
02Events (NAV, subscription, share-class) are signed and timestamped
03Investors and auditors query what they are allowed to see
04The fund unit is not listed here as a token you can buy
05Investors and auditors query only what they are allowed to see
06Retail and unnamed geographies are structurally off the form, not only in the footer.

In the same conversation as

SS&C
Apex
Citi TA
Not a public tokenised fund

If they raise

Where the money would actually go.

Not a token float. A budget against work. RCA Pad still takes 0% of proceeds.

Named operators
38%
A counsel memo that can survive a later reader.
Certifications & adapters
24%
Dual-control drills, key ceremonies, and the person who owns them.
Control environment
15%
The remaining certifications and the second named market.
Counsel & perimeter
23%
Adapter work against the incumbent register, admin, or custodian.

Operating week

What “in market” actually looks like.

SatDarkNo creators. No threads. Restricted geos stay dark.
FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.

The wedge

Why this one, not the other one.

They sell: Bps of AUM on the books
Who pays: A qualified custodian reconciling against this book.
Unit economics: Seat plus event. If they ever attach a token as the unit of account, the file stops.
Moat on file: Named administrator on the engagement letter.
Switching cost: The customer’s auditor has seen this book. Switching means a new auditor conversation.
Vs the comps: Citi TA will not be replaced. It might consume this.
Why we listed it: The admin of record is named, even if redacted here.

Next twelve months

What has to be true.

Daily NAV in one live fund.

They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.

Growth money would extend the record to a second geography, still permissioned.

Traction

What you can verify today.

Architecture paper — no production customer on the public file
No token contract listed as a public sale
Pilot letters on file, identities redacted
Taipei is the operating centre
The waitlist, if any, is a product list — not a book
RCA Pad does not take a cut of proceeds

Readiness

Six things a serious buyer asks. 100 is “ready to take to counsel and a customer.”

Product23
Customers40
Legal path62
Tech maturity28
Demand10
Market access44

Risks

What can kill it.

The one that actually kills it

The unit of account becomes a token

Seat plus event. If they attach a token as the unit of account, this company is a different company — and not one we will operate a campaign for.

Unit token

A share-class token sold to the public is a securities offering. This pad will not run that as a sale.

Admin of record

If the admin has not signed, this is a shadow book. Shadow books do not survive an audit.

NAV liability

Who is wrong when the number is wrong? That sentence has to exist.

Distribution

Using this layer as a public subscription journey is a different file — and usually the wrong house.

Shadow book

If the administrator has not signed, Bramble Holt is a copy of a spreadsheet. Copies do not survive the audit.

Path silence

If counsel will not name a path and not-offering is not locked, heated waitlist copy is an accidental offering.

Ask these next

01What does renewal look like if no round ever happens?
02Which geography is actually locked, and which is a hope?
03Which incumbent can copy this in a quarter, and what would they have to migrate?
04Has counsel written the perimeter in a memo you can file?
05Who is the first named paying customer — not a letter of intent?
06If RCA Pad disappeared tomorrow, could the customer still run the job?

Structure

How money would actually move.

Too early to talk about a round on this pad. Screen first. A path has to be named by counsel before anyone should wire.

Entity: Bramble Holt Ltd
Path on file: Not offering — locked
Posture: Private only
Pack: Sprint

Where they can operate

Named vs off-limits.

Named markets are where a sentence is allowed. Restricted is where it is not. This is not a worldwide offering.

Taipeinamed
United States retailrestricted

Team

Who runs it.

Zara AdeyemiChief executive

Stack

Permissioned ledger
Fund books
Audit log
Takedown SLA

Named with them

Northbridge Counsel

Who can decide

The technical founder is on the record as engineering. Contractors in undisclosed jurisdictions are written down as a fact, not hidden. Facts can be managed. Hiding them is how companies die in diligence.

Year two is a second named market and the remaining certifications — still permissioned. It is not a public book. A public book would be a different company.

Claims with evidence

Statements with evidence.

Statement	Evidence	Status
Bramble Holt does not sell a token to the public on this pad	Posture lock	live
The product is fund books sold to institutions	Architecture + customer type	draft
Permissioned ledger is the method — not a listed asset	Paper only	draft
Retail buyers are out of scope	Named markets lock	live
Any raise completes with the issuer’s counsel and providers — not on RCA Pad	Fixed-fee terms	live
Production date for the chain layer is not committed	Desk file	draft
No public token is sold on this pad	Engagement terms + posture lock	live
Customers contemplated: Taipei	Named markets on the file	draft

On the record

Application APP-4965ScreenSep
Counsel questionPathSep

Operating log

08 Sep 16:00
Application scored. Bramble Holt is not a calendar slot.
11 Sep 10:12
Counsel question sent. Name a path or lock not-offering.

Path to now

Now
Screen
Calendar is never automatic.
Next
Counsel or close
A named path, or a locked not-offering.

Not a subscription

This is not a sale page.

Too early to talk about a round on this pad. Screen first. A path has to be named by counsel before anyone should wire. Founders who want a pack like this one apply. Readers who want the company talk to the company — not to this pad.

Launch your own How an RCAICO works

Other companies

VELMVellum ProtocolSettlement rails for private credit funds. Campaign live. No public token sale.KITEKite LedgerTrade-finance records on a permissioned L2. Live waitlist. Allocation is not on this pad.PLSDPalisade IDPermissioned identity for funds. Live in the EEA professional lane. No token, no sale.NRTLNorthlineOn-chain fund admin. Day 8 of 14. The pack is the product. Pathway locked: not offering.