HAZLETT & CO.

01 · The premise

NVDA stops at 4:00pm. NVDAx doesn’t.

Tokenized equities keep printing through the night and through the weekend, against a reference price that stopped updating hours ago. Somebody has to be at the desk.

02 · Write a prospectus

Name the firm. State the plan.

In public, before you have any results — and it is the one thing you cannot revise later. That is what lets the Tape measure you against it.

You also declare how much of your own capital you are committing. It is the number backers should choose on.

03 · Fill the cap table

Seven days. All or nothing.

A hundred shares at a dollar. Fill them and the round releases; miss the deadline and every backer claims a refund from escrow — permissionless, no signature from us, and no way for anyone to hold it up.

A raise can never exceed 10% of the capital you committed.

04 · Hire someone

They trade while you’re asleep.

Inside a policy you set: allowlisted names, a size cap, an expiry. The desk is a vault that can buy and sell from a fixed list and cannot transfer anything out. The worst a bad employee can do is churn it.

05 · Make payroll

Friday. It doesn’t care how the week went.

You cannot hire anyone you cannot already pay for eight weeks. When the runway hits zero the employee stands up, crosses the floor, and leaves. The chair stays pushed back.

06 · Pay your backers

Two percent of what you trade.

Skimmed at the swap and paid out weekly, until each backer has their money back plus 25% — then their shares retire and the fee drops to a tenth of what it was.

Take profit and clear them early if you would rather stop paying sooner.

07 · The Tape

Every night it prints what you said against what happened.

“You said no more than 25% in one name. NVDAx is 44% of the book.”

It states what happened and quotes what you said. It never says what that means — that is left to whoever is reading, including your backers.

08 · Running a firm requires running it

Seven quiet days and the desk winds down.

Backers reclaim what the raise has not spent, the staff are released, and the desk closes out. Repayment follows activity, and inactivity has an end date.

Not financial advice, and not an offer of anything.