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

THIT

In diligence

IN MOTIONRoyalty admin

Thistle Dock

Budget exists on a board line. This is this quarter, not ‘when the rule opens’.

Heat 43. Window a fewd. If you are going to read one Royalty admin company, this is the one.

Thistle Dock — A ledger of energy certificates (GOs, RECs) for producers and offtakers who already sit in a national registry. It moves the event faster. It does not invent a green token for Twitter.

In a 14-day diligence sprint (day 10). This is when the story, the customers and the legal path get written down — or the file stops.

Archive is free. Live access is timed. Thistle Dock 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.

Sprint day

0/14

Window

Closed

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

Redacted on the public page

Live nodes

Rights ledger

Counsel hours

Not offering — locked

Sentences killed

Before listing

Claims live

5/8

Sprint

Our cut

Of any proceeds

Plate Vault · 5850

THIT

The plate

Vault. Edition 5850.

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

THIT · Tel Aviv · Royalty admin

Score

Desk diligence

Pilots

Named, redacted

Sprint

Day 10 of 14

Tel Aviv

Producers

Sells

Producer

Producer seat

Markets

Tel Aviv

Years

Founded 2023

Surfaces

Rights ledger

Complete

File readiness

The wedge

Producer seat

A national registry as counterpart is the whole company.

Why the desk took it

A real job, not a ticker.

Registry cooperation is in writing, even if early.

Traction

2 named pilots (redacted).

Founded 2023, headquartered in Tel Aviv. 2 named pilots on file (identities redacted in public). 9 nodes or connected surfaces reported. Desk diligence score 87/100. Sprint day 10 of 14. A national registry counterpart, not a scrape. Architecture says keys / title / NAV liability sit with a named licensed party — not Thistle Dock.

Next 12 months

One retirement an offtaker will show their auditor.

National GO registries are slow. That slowness is the budget. Per-event pricing so a pilot can start without a transformation programme.

The brief

How a serious reader should hold this.

Tel Aviv is not a backdrop. It is the jurisdiction where a named customer can be sued, called, and asked a question on a recorded line. Thistle Dock chose it for that reason. Counterparties who still think this is a ‘global’ story are already late.

The bet is narrow. A named Tel Aviv buyer already has budget for this invoice. Thistle Dock wins if it is cheaper than the internal build and cleaner than the protocol pitch. It loses if a founder later wants a public book. The window is the time you have to decide which it is.

The auditor of a redacted pilot has seen a dual-record. Switching away now means a new auditor conversation. That is the switching cost — not the logo.

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.

From the founder

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

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.

Skip it and you read the archive. Counterparties who matter will have already asked.

The comment period is not a path. This company is priced as if that is already true.

Read it once, properly, while the number is still green. Then decide.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 16
Counsel hours on file: 84
Asks / week: 31
Our cut: 0% of proceeds

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

This company

Thistle Dock

A generalist vendor copies the slide. They cannot copy the named record.

In the same conversation

National GO registries
Xpansiv
Not a public carbon coin

The bet

Why this company exists.

A national registry as counterpart is the whole company.

Corporate offtakers are being asked to prove what they bought. Registries lag. A dual record that the registry still owns is sellable.

GO and REC markets are measured in tens of billions. Ops software is a thin slice with high switching costs.

Versus the field

L2 wrappers are cheaper. They are also a different perimeter — and declined here. Thistle Dock is priced as software against an invoice that already exists.

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

How it works

01A certificate that exists in a registry is evented here
02Delivery and retirement are visible to the offtaker
03The registry remains the legal source
04No public ‘carbon token’ sale on this pad
05Delivery and retirement are visible to the offtaker; the registry remains source
06Exceptions post back into the customer’s existing case system — no side spreadsheet.

In the same conversation as

National GO registries
Xpansiv
Not a public carbon coin

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
39%
A counsel memo that can survive a later reader.
Claims & campaign ops
22%
Keeping the public story from running ahead of the claims register.
Named operators
14%
Adapter work against the incumbent register, admin, or custodian.
Counsel & perimeter
25%
Hiring the operator who already does this job at a licensed firm.

Operating week

What “in market” actually looks like.

SatDarkNo creators. No threads. Restricted geos stay dark.
WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.

The wedge

Why this one, not the other one.

They sell: Producer seat
Who pays: A national registry counterpart, not a scrape.
Unit economics: Per-event pricing so a pilot can start without a transformation programme.
Moat on file: Dual-record: the registry still owns the legal fact.
Switching cost: Scheme maps, ISO, LMA language, registry adapters — eighteen months of unglamorous work.
Vs the comps: National GO registries are slow. That slowness is the budget.
Why we listed it: Registry cooperation is in writing, even if early.

Next twelve months

What has to be true.

One retirement an offtaker will show their auditor.

Architecture says keys / title / NAV liability sit with a named licensed party — not Thistle Dock.

Capital would fund the adapter work and a named counsel memo, not a public sale.

Traction

What you can verify today.

Operating notes for Rights ledger
No token contract listed as a public sale
Pilot letters on file, identities redacted
Tel Aviv 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.”

Product74
Customers62
Legal path62
Tech maturity63
Demand58
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.

Double count

If the registry and this ledger can both be sold, the product is a liability.

Green token

A freely traded climate token is usually a commodity or a security. This pad will not sell it.

Registry cooperation

Without the registry, this is a shadow certificate.

Policy

GO rules move. The product has to move with them, not ahead of them.

Double count

If the registry and this ledger can both be sold, Thistle Dock is a liability. Dual-record or nothing.

Incumbent feature

The administrator, CCP, scheme or custodian can ship this as a checkbox. Thistle Dock has to be cheaper or faster before that happens.

Ask these next

01Is the waitlist demand for a product, or a queue for a coin?
02Where do keys, title, or NAV liability sit — and is that person licensed?
03Has counsel written the perimeter in a memo you can file?
04What happens if a founder later wants a public token?
05Which geography is actually locked, and which is a hope?
06Who can unpublish a public sentence in 24 hours, by name?

Structure

How money would actually move.

Sprint is diligence, not a raise. A pack at the end is a file the company can take to its own lawyers and investors. RCA Pad does not complete funding.

Entity: Thistle Dock 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.

Tel Avivnamed
Global publicrestricted
United Statesrestricted

Team

Who runs it.

Oskar CostaChief executive
Marcus HolmHead of product

Stack

Rights ledger
Royalty admin
Audit log
Approval trail

Named with them

Helix Audit

Who can decide

Oskar Costa (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
Thistle Dock does not sell a token to the public on this pad	Posture lock	live
The product is royalty admin sold to institutions	Architecture + customer type	live
Rights ledger is the method — not a listed asset	Desk snapshot	live
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: Tel Aviv	Named markets on the file	live

On the record

Day 0 lockKick-offSep
Claim inventoryPackSep
Audience matrix draftPackSep

Operating log

11 Sep 13:20
Workshop. Funnel has no purchase step.
08 Sep 09:00
Kick-off. Exclusions recorded.
09 Sep 16:20
A claim killed for missing evidence.

Path to now

D0
Kick-off
Geographies, owners, SLA, exclusions.
D14
Read-out
Accept the pack or stop.

Not a subscription

This is not a sale page.

Sprint is diligence, not a raise. A pack at the end is a file the company can take to its own lawyers and investors. RCA Pad does not complete funding. 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

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