The wedge
Per NAV event
Shadow books do not survive an audit. This only ships if the admin signs.
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
NETP
Screened
SCREENEDFund booksNettle Holt
They killed 15 sentences to get listed. That is the product you are about to miss.
Seats of attention are not infinite. 10 counterparties are in the live thread. You are not — yet.
Nettle 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
0days
Heat
0/99
Inbound / wk
0asks
Asking now
0live
Named pilots
0
Redacted on the public page
Live nodes
0
Permissioned ledger
Counsel hours
0
Not offering — locked
Sentences killed
0
Before listing
Claims live
1/5
Sprint
Our cut
0%
Of any proceeds
Plate Vault · 5053
NETP
The plate
Vault. Edition 5053.
A unique plate for Nettle Holt. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
NETP · Liverpool · Fund books
Score
0
Desk diligence
Pilots
0
Named, redacted
Stage
upcoming
upcoming
HQ
Liverpool
Fund administrators
Sells
Per
Per NAV event
Markets
0
Liverpool
Years
0
Founded 2024
Surfaces
0
Permissioned ledger
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 2024, headquartered in Liverpool. One named pilot on file (redacted in public). 3 nodes or connected surfaces reported. Desk diligence score 76/100. A treasurer at a bank that already settles — not a crypto-native desk. 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.
A public tokenised fund is a different file — and usually the wrong house. They win if they are cheaper than the internal build, not cheaper than a protocol.
The brief
How a serious reader should hold this.
Before the waitlist, before the window, there was a refusal. Nettle Holt would not let a public sale sit on this page. That is why a company in Fund books is listed here at all — and why the people who wanted a coin left, and the people who wanted the product stayed.
What you can verify today is smaller than the slide. What you cannot verify is named as a question, not a promise. That is the difference between this company and a pad listing — and why the waitlist is not a coin queue.
On a Tuesday in Liverpool, an exception posts back into the customer’s existing case system. Nobody opens a side spreadsheet. That is the product: the night someone in ops does not stay late.
From the founder
We will not describe this as Reg CA-compliant, MiCA-stickered, or FCA-authorised. Issuers retain their own counsel in every relevant jurisdiction.
From ops
The legal source of truth stays with the incumbent register, admin, or custodian. Nettle Holt does not attest to its own facts.
From the pilot
US persons are outside the audience. A form that asks “are you accredited?” without verification is not an exemption.
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.
Switching cost is the auditor conversation. Once it happens, you are late.
The scarce thing is not the company. It is the next 18 days of a live conversation.
Window remaining
0days
When this window closes, the campaign is archive.
- Sentences killed
- 15
- Counsel hours on file
- 9
- Asks / week
- 8
- Our cut
- 0% of proceeds
US came off the site in the first session. We did not argue. We are not children.
This company
Nettle Holt
Services firms hide in ‘platform’ language. Nettle Holt sells a seat plus an event. Named.
In the same conversation
- SS&C
- Apex
- Citi TA
- Not a public tokenised fund
The bet
Why this company exists.
Shadow books do not survive an audit. This only ships if the admin signs.
Shadow books do not survive an audit. This only ships if the admin signs.
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. Nettle Holt 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.
Named operators
33%
Dual-control drills, key ceremonies, and the person who owns them.
Second market
23%
A counsel memo that can survive a later reader.
Counsel & perimeter
15%
Keeping the public story from running ahead of the claims register.
Control environment
29%
Hiring the operator who already does this job at a licensed firm.
Operating week
What “in market” actually looks like.
- ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
- SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
- FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
- 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
- Per NAV event
- Who pays
- A treasurer at a bank that already settles — not a crypto-native desk.
- 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
- A public tokenised fund is a different file — and usually the wrong house.
- 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.
A round, if any, sits with their providers. This pad does not take the order.
Traction
What you can verify today.
Founded 2024, headquartered in Liverpool. One named pilot on file (redacted in public). 3 nodes or connected surfaces reported. Desk diligence score 76/100. A treasurer at a bank that already settles — not a crypto-native desk. 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
- Liverpool 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.”
- Product24
- Customers40
- Legal path62
- Tech maturity37
- Demand10
- Market access44
Risks
What can kill it.
The one that actually kills it
The founder wants a public book
The moment Nettle Holt asks this pad to allocate, sell, or complete funding, the listing ends. That is not a moral project. It is how a services firm stays a services firm.
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, Nettle 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
- 01Where do keys, title, or NAV liability sit — and is that person licensed?
- 02Who can unpublish a public sentence in 24 hours, by name?
- 03Which incumbent can copy this in a quarter, and what would they have to migrate?
- 04Who is the first named paying customer — not a letter of intent?
- 05What does renewal look like if no round ever happens?
- 06Is the waitlist demand for a product, or a queue for a coin?
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
- Nettle Holt 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.
- Liverpoolnamed
- United States retailrestricted
- United Statesrestricted
Team
Who runs it.
- Aisha SatoChief executive
Stack
- Permissioned ledger
- Fund books
- Approval trail
- Disclosure templates
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.
If the first customer renews, the adapter work pays for itself. If they do not, Nettle Holt is a services firm with a slide. The twelve-month test is renewal, not waitlist.
Claims with evidence
Statements with evidence.
| Statement | Evidence | Status |
|---|---|---|
| Nettle 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 | No board minute | draft |
| No public token is sold on this pad | Engagement terms + posture lock | live |
| Customers contemplated: Liverpool | Named markets on the file | draft |
On the record
- Application APP-4746ScreenSep
- Counsel questionPathSep
Operating log
01 Sep 18:00
Application scored. Nettle Holt is not a calendar slot.
10 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.