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

THIB

Screened

SCREENEDWarehouse receipts

Thistle Ledger

Window 17d · waitlist a short list · our cut 0%. Do the maths.

A dual-control drill is on paper. A named licensed party holds the liability. That is rarer than a waitlist.

Thistle Ledger — A permissioned record of title, invoices, warehouse receipts or port documents for houses that already finance or move goods. The event is the product. The bill of lading does not get replaced by a meme.

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

Archive is free. Live access is timed. Thistle Ledger 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

0days

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

Redacted on the public page

Live nodes

Receipt registry

Counsel hours

Undetermined — not a path

Sentences killed

Before listing

Claims live

1/6

Sprint

Our cut

Of any proceeds

Plate Orbit · 8585

THIB

The plate

Orbit. Edition 8585.

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

THIB · Chicago · Warehouse receipts

Score

Desk diligence

Pilots

None on file

Stage

upcoming

Chicago

Trade-finance banks

Sells

Warehouse

Warehouse seat

Markets

United States professional

Years

Founded 2024

Surfaces

Receipt registry

Complete

File readiness

The wedge

Warehouse seat

Thistle Ledger digitises a hold, not a commodity.

Why the desk took it

Early — still a question.

Legal title jurisdiction was in the application. Unusual, and good.

Traction

No paying pilot on the public file.

Founded 2024, headquartered in Chicago. No named paying pilot on the file yet — that is the first question. 1 nodes or connected surfaces reported. Desk diligence score 64/100. An AIFM whose auditor has seen the dual-record. A redacted engagement letter landed in week one. That is why the desk took the meeting.

Next 12 months

A second warehouse, or the network is a customer.

A commodity NFT is the thing this file will not be. They sell a fee the customer already pays a slower vendor for. TAM is that invoice, not a token float.

The brief

How a serious reader should hold this.

The decline pile in Warehouse receipts is not a rumour. It is how this board stays readable. Thistle Ledger 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 Thistle Ledger is the version that survives counsel. It is on a clock.

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 ops

A dual-control drill exists on paper. Production evidence is the next artefact, not a tweet.

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.

A later reader gets the same PDF. They do not get the same access.

The incumbent copy takes a year. The named customer is already writing into this record.

We do not allocate. We do not take a cut. We will not hold the window open for you.

Window remaining

0days

When this window closes, the campaign is archive.

Sentences killed: 8
Counsel hours on file: 9
Asks / week: 5
Our cut: 0% of proceeds

If RCA Pad ever asked for a cut of a raise, we would walk. That is in the first email.
Jonah Novak, Chief executive

This company

Thistle Ledger

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

In the same conversation

Contour / we.trade (history)
CargoX
Bank trade portals
Not a commodity NFT

The bet

Why this company exists.

Thistle Ledger digitises a hold, not a commodity.

Banks want to digitise without putting a commodity on a public chain. Warehouses will not be first movers. A permissioned title event they already recognise is the on-ramp.

Documentary trade is a trillion-scale flow. Software that shortens a hold by two days is a spread.

Versus the field

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

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

How it works

01A document that already exists is hashed and evented
02Title changes when the parties that already can change it say so
03Financiers see the state they are underwriting
04No public listing of the cargo as an asset
05Title changes only when the parties that already can change it say so
06Kill of a public sentence is an hour, not a committee.

In the same conversation as

Contour / we.trade (history)
CargoX
Bank trade portals
Not a commodity NFT

If they raise

Where the money would actually go.

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

Control environment
36%
The remaining certifications and the second named market.
Counsel & perimeter
25%
Keeping the public story from running ahead of the claims register.
Second market
21%
Dual-control drills, key ceremonies, and the person who owns them.
Claims & campaign ops
18%
A counsel memo that can survive a later reader.

Operating week

What “in market” actually looks like.

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.
WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.

The wedge

Why this one, not the other one.

They sell: Warehouse seat
Who pays: An AIFM whose auditor has seen the dual-record.
Unit economics: They sell a fee the customer already pays a slower vendor for. TAM is that invoice, not a token float.
Moat on file: A bank has funded against this record on at least one shipment.
Switching cost: Permissioned connectivity is the moat. Public endpoints would erase it.
Vs the comps: A commodity NFT is the thing this file will not be.
Why we listed it: Legal title jurisdiction was in the application. Unusual, and good.

Next twelve months

What has to be true.

A second warehouse, or the network is a customer.

A redacted engagement letter landed in week one. That is why the desk took the meeting.

A round, if any, sits with their providers. This pad does not take the order.

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
Chicago 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.”

Product20
Customers18
Legal path24
Tech maturity31
Demand10
Market access44

Risks

What can kill it.

The one that actually kills it

The founder wants a public book

The moment Thistle Ledger 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.

Legal title

If the court still wants the paper, the chain is a copy. Ask which jurisdiction has said otherwise.

Warehouse adoption

One bank is not a network. The warehouse has to write the event.

Public token

Tokenising the cargo for a crowd is a different, usually worse, company.

Fraud

Digitising a fake bill faster is not progress. Dual-control is the feature.

Paper still wins in court

If the court wants the original, the chain is a copy. Ask which jurisdiction has said otherwise.

Facts vs theatre

A proof of a fake book is still a fake book. Thistle Ledger has to attach to the real one, in Chicago.

Ask these next

01Has counsel written the perimeter in a memo you can file?
02Who can unpublish a public sentence in 24 hours, by name?
03Is the waitlist demand for a product, or a queue for a coin?
04If RCA Pad disappeared tomorrow, could the customer still run the job?
05Where do keys, title, or NAV liability sit — and is that person licensed?
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: Thistle Ledger LLC
Path on file: Undetermined — not a path
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.

United States professionalnamed
Public residual claimsrestricted

Team

Who runs it.

Jonah NovakChief executive
Anja ShahChief executive

Stack

Receipt registry
Warehouse receipts
Disclosure templates
Takedown SLA

Who can decide

Jonah Novak (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
Thistle Ledger does not sell a token to the public on this pad	Posture lock	live
The product is warehouse receipts sold to institutions	Architecture + customer type	draft
Receipt registry 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: United States professional	Named markets on the file	draft

On the record

Application APP-4875ScreenSep
Counsel questionPathSep

Operating log

07 Sep 9:00
Application scored. Thistle Ledger 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.

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.