The wedge
Share-class seat
The wedge is staffing: administrators cannot hire the close they promised allocators.
VELMVellum Protocol8,420 waitlistKITEKite Ledger2,190 waitlistPLSDPalisade ID1,640 waitlistNRTLNorthlineDay 8 of 14SABLSable RailDay 5 of 14QULLQuill MarketsDay 11 of 14CDWLCinder Well6,947 waitlistHRTNHartline8,787 waitlistOBSNObsidian Rail4,416 waitlistFENLFen Clearing1,060 waitlistLUMNLumen Books5,510 waitlistRDCTRedact ID6,485 waitlistHRBNHarbor NAV6,973 waitlistQLTDQuilt1,876 waitlistNMBMNimbus Match7,864 waitlistBRASBrass4,166 waitlistSLSTSolstice Credit9,342 waitlistWLTRWillow Transfer7,031 waitlistEMBREmber Registry2,487 waitlistNQAYNorth Quay2,013 waitlistKLNSKiln4,412 waitlistGLSHGlass HouseDay 8 of 14IRNPIron PierDay 1 of 14PLFRPale FireDay 3 of 14VELMVellum Protocol8,420 waitlistKITEKite Ledger2,190 waitlistPLSDPalisade ID1,640 waitlistNRTLNorthlineDay 8 of 14SABLSable RailDay 5 of 14QULLQuill MarketsDay 11 of 14CDWLCinder Well6,947 waitlistHRTNHartline8,787 waitlistOBSNObsidian Rail4,416 waitlistFENLFen Clearing1,060 waitlistLUMNLumen Books5,510 waitlistRDCTRedact ID6,485 waitlistHRBNHarbor NAV6,973 waitlistQLTDQuilt1,876 waitlistNMBMNimbus Match7,864 waitlistBRASBrass4,166 waitlistSLSTSolstice Credit9,342 waitlistWLTRWillow Transfer7,031 waitlistEMBREmber Registry2,487 waitlistNQAYNorth Quay2,013 waitlistKLNSKiln4,412 waitlistGLSHGlass HouseDay 8 of 14IRNPIron PierDay 1 of 14PLFRPale FireDay 3 of 14
Board
GOR4
Screened
SCREENEDNAV opsGorse Stack
Pilots named (redacted). Waitlist not. a short list names. Your move.
US was taken off the public stack on day one. Adult companies do that. Then the waitlist filled anyway.
Gorse Stack — 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.
A year from now this will be an obvious company or a missed one. The window decides which.
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
0days
Heat
0/99
Inbound / wk
0asks
Asking now
0live
Named pilots
0
Still a question
Live nodes
0
Internal NAV oracles
Counsel hours
0
Not offering — locked
Sentences killed
0
Before listing
Claims live
1/5
Sprint
Our cut
0%
Of any proceeds
Plate Vault · 2576
GOR4
The plate
Vault. Edition 2576.
A unique plate for Gorse Stack. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
GOR4 · Taipei · NAV ops
Score
0
Desk diligence
Pilots
0
Named, redacted
Stage
upcoming
upcoming
HQ
Taipei
Fund administrators
Sells
Share-class
Share-class seat
Markets
0
Taipei
Years
0
Founded 2021
Surfaces
0
Internal NAV oracles
Complete
0
File readiness
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 2021, headquartered in Taipei. One named pilot on file (redacted in public). 2 nodes or connected surfaces reported. Desk diligence score 69/100. A coverholder or carrier running one binder on this record. A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.
Next 12 months
Daily NAV in one live fund.
Citi TA will not be replaced. It might consume this. They win if they are cheaper than the internal build, not cheaper than a protocol.
The brief
How a serious reader should hold this.
The first sentence Rafa Petrov would not let us publish was the exciting one. What remains is slower — and scarcer: Gorse Stack Ltd selling NAV ops as software, from Taipei, to a buyer who already pays someone else to do this badly. That buyer is named. You are not, yet.
Gorse Stack exists because the incumbent brand will not staff the unglamorous middle of NAV ops. The product is that middle. The token, if it ever exists, is not the product — and is not for sale here. The people in the queue already understood the difference.
A sentence went public and came down in under an hour. Rafa Petrov treated the kill as an operating skill, not a PR event. Files that cannot do this do not stay listed.
From the founder
Fixed fee. Deposit to start. 0% of proceeds. Token-only pay is declined. Percentage of raise is declined.
From ops
The legal source of truth stays with the incumbent register, admin, or custodian. Gorse Stack does not attest to its own facts.
From the screen
We will not describe this as Reg CA-compliant, MiCA-stickered, or FCA-authorised. Issuers retain their own counsel in every relevant jurisdiction.
The window
Miss this and you read the archive.
Founders who want a pack this tight apply. Readers who wait get a closed stamp.
The incumbent copy takes a year. The named customer is already writing into this record.
The scarce thing is not the company. It is the next 17 days of a live conversation.
Window remaining
0days
When this window closes, the campaign is archive.
- Sentences killed
- 10
- Counsel hours on file
- 8
- Asks / week
- 9
- Our cut
- 0% of proceeds
We did not come here to sell a token. We came here so a named customer could read a pack that survives counsel.
This company
Gorse Stack
Twelve NAV ops decks look the same. One of them has a Taipei customer on the record.
In the same conversation
- SS&C
- Apex
- Citi TA
- Not a public tokenised fund
The bet
Why this company exists.
The wedge is staffing: administrators cannot hire the close they promised allocators.
The wedge is staffing: administrators cannot hire the close they promised allocators.
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: Global public. 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
- 06Kill of a public sentence is an hour, not a committee.
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.
Second market
37%
The remaining certifications and the second named market.
Control environment
24%
Keeping the public story from running ahead of the claims register.
Counsel & perimeter
16%
Hiring the operator who already does this job at a licensed firm.
Claims & campaign ops
23%
Dual-control drills, key ceremonies, and the person who owns them.
Operating week
What “in market” actually looks like.
- MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
- SatDarkNo creators. No threads. Restricted geos stay dark.
- SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
- ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
The wedge
Why this one, not the other one.
- They sell
- Share-class seat
- Who pays
- A coverholder or carrier running one binder on this record.
- Unit economics
- They win if they are cheaper than the internal build, not cheaper than a protocol.
- Moat on file
- A live NAV event in a real fund, not a demo clock.
- Switching cost
- Once the record is the record, the incumbent copy has to migrate history. That is the year.
- 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.
A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.
They have not asked us to run a sale. That ask would close the file.
Traction
What you can verify today.
Founded 2021, headquartered in Taipei. One named pilot on file (redacted in public). 2 nodes or connected surfaces reported. Desk diligence score 69/100. A coverholder or carrier running one binder on this record. A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.
- Architecture paper — no production customer on the public file
- No token contract listed as a public sale
- Named founder; customer still a conversation
- 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.”
- Product25
- Customers40
- Legal path62
- Tech maturity34
- Demand10
- Market access44
Risks
What can kill it.
The one that actually kills it
Counsel is a slide
Unnamed counsel is how companies die in diligence. Not offering — locked has to be a memo you can file, not a slogan on the hero.
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, Gorse Stack is a copy of a spreadsheet. Copies do not survive the audit.
Token relapse
A later round that wants a public token puts Gorse Stack in a different perimeter. The file treats that as a hard stop.
Ask these next
- 01Who can unpublish a public sentence in 24 hours, by name?
- 02What happens if a founder later wants a public token?
- 03Is the waitlist demand for a product, or a queue for a coin?
- 04Where do keys, title, or NAV liability sit — and is that person licensed?
- 05Who is the first named paying customer — not a letter of intent?
- 06Which incumbent can copy this in a quarter, and what would they have to migrate?
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
- Gorse Stack 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
- Global publicrestricted
Team
Who runs it.
- Rafa PetrovChief executive
Stack
- Internal NAV oracles
- NAV ops
- Disclosure templates
Named with them
- Northbridge Counsel
Who can decide
Rafa Petrov (Chief executive) will take a 30-minute call and decide budget. If the only person who can accept “we are not opening a sale” is a silent co-founder in another time zone, this company would not be on the board.
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 |
|---|---|---|
| Gorse Stack does not sell a token to the public on this pad | Posture lock | live |
| The product is nav ops sold to institutions | Architecture + customer type | draft |
| Internal NAV oracles 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-4244ScreenSep
- Counsel questionPathSep
Operating log
05 Sep 10:00
Application scored. Gorse Stack 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.
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.