The wedge
Share-class seat
Maple Hold sells a 15-day lag down to a day, without turning the unit into a coin.
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
MAPF
Screened
SCREENEDNAV opsMaple Hold
a short list already asked. The window is a few days. After that, archive.
They killed 3 public sentences before we listed them. Thin files do not get that far.
Maple Hold — 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.
Archive is free. Live access is timed. Maple Hold is timed.
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
0
Still a question
Live nodes
0
Internal NAV oracles
Counsel hours
0
Not offering — locked
Sentences killed
0
Before listing
Claims live
1/6
Sprint
Our cut
0%
Of any proceeds
Plate Meridian · 9952
MAPF
The plate
Meridian. Edition 9952.
A unique plate for Maple Hold. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
MAPF · Tokyo · NAV ops
Score
0
Desk diligence
Pilots
0
None on file
Stage
upcoming
upcoming
HQ
Tokyo
Fund administrators
Sells
Share-class
Share-class seat
Markets
0
Tokyo
Years
0
Founded 2025
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
No paying pilot on the public file.
Founded 2025, headquartered in Tokyo. No named paying pilot on the file yet — that is the first question. Desk diligence score 56/100. Four origination desks posting into a closed tape. They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.
Next 12 months
Daily NAV in one live fund.
SS&C and Apex are the admin. This is the event layer they can defend. They win if they are cheaper than the internal build, not cheaper than a protocol.
The brief
How a serious reader should hold this.
Someone in Tokyo already renewed a slower vendor this year. Maple Hold is the conversation that happens before they do it again. Miss this cycle and you explain the next one.
Maple Hold 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 dual-control drill sits on paper. Keys, title, or NAV liability sit with a named licensed party — not Maple Hold. The architecture says so. We have not watched the drill live. That is the next ask, not a slogan.
From the pilot
The legal source of truth stays with the incumbent register, admin, or custodian. Maple Hold does not attest to its own facts.
From the screen
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 counsel
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.
If the window closes you still have the pack — as history. Not as a live conversation.
Budget exists on a line the board can see. That is why the window is this quarter.
Open the diligence or watch it close. There is not a third option that still counts as early.
Window
Closed
Closed. History only — not a place to buy.
- Sentences killed
- 3
- Counsel hours on file
- 9
- Asks / week
- 2
- Our cut
- 0% of proceeds
We would rather be archive-clean than live-loud. The waitlist showed up anyway.
This company
Maple Hold
The protocol pitch is the thing this company has already refused.
In the same conversation
- SS&C
- Apex
- Citi TA
- Not a public tokenised fund
The bet
Why this company exists.
Maple Hold sells a 15-day lag down to a day, without turning the unit into a coin.
Maple Hold 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
L2 wrappers are cheaper. They are also a different perimeter — and declined here. Maple Hold is priced as software against an invoice that already exists.
The live path is Not offering — locked. Proposed Regulation Crypto Assets is not treated as a calendar slot. Build as if it never opens.
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
- 06Exceptions post back into the customer’s existing case system — no side spreadsheet.
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.
Counsel & perimeter
28%
A counsel memo that can survive a later reader.
Certifications & adapters
22%
Keeping the public story from running ahead of the claims register.
Second market
16%
Adapter work against the incumbent register, admin, or custodian.
Claims & campaign ops
34%
The remaining certifications and the second named market.
Operating week
What “in market” actually looks like.
- SatDarkNo creators. No threads. Restricted geos stay dark.
- MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
- SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
- TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
The wedge
Why this one, not the other one.
- They sell
- Share-class seat
- Who pays
- Four origination desks posting into a closed tape.
- 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
- Scheme maps, ISO, LMA language, registry adapters — eighteen months of unglamorous work.
- Vs the comps
- SS&C and Apex are the admin. This is the event layer they can defend.
- 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.
Capital would fund the adapter work and a named counsel memo, not a public sale.
Traction
What you can verify today.
Founded 2025, headquartered in Tokyo. No named paying pilot on the file yet — that is the first question. Desk diligence score 56/100. Four origination desks posting into a closed tape. They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.
- Architecture paper — no production customer on the public file
- No token contract listed as a public sale
- Pilot letters on file, identities redacted
- Tokyo 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.”
- Product17
- Customers18
- Legal path62
- Tech maturity28
- Demand10
- Market access44
Risks
What can kill it.
The one that actually kills it
A second geography without a lock
Extending the record into a market that is still restricted is how a clean Tokyo story becomes a fact pattern. The restricted list exists for a reason: Global public.
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, Maple Hold 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
- 01Where do keys, title, or NAV liability sit — and is that person licensed?
- 02Which geography is actually locked, and which is a hope?
- 03Who can unpublish a public sentence in 24 hours, by name?
- 04What does renewal look like if no round ever happens?
- 05Is the waitlist demand for a product, or a queue for a coin?
- 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
- Maple Hold Ltd
- Path on file
- Not offering — locked
- Posture
- No public sale
- 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.
- Tokyonamed
- Global publicrestricted
Team
Who runs it.
- Jonah MbekiChief executive
Stack
- Internal NAV oracles
- NAV ops
- Approval trail
Named with them
- Clearline
Who can decide
Jonah Mbeki (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.
A second counterparty writing into the record is the only network effect that counts. One customer is a consultancy. Two is a market.
Claims with evidence
Statements with evidence.
| Statement | Evidence | Status |
|---|---|---|
| Maple Hold 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: Tokyo | Named markets on the file | draft |
On the record
- Application APP-4222ScreenSep
- Counsel questionPathSep
Operating log
03 Sep 9:00
Application scored. Maple Hold 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.