Treasury and NAV

Composition, NAV per share, the standing bid, reporting

Composition

Each machine settles into its own treasury contract, and each treasury keeps two buckets. The backing bucket receives 20.00% of every funding and may be drawn only by redemptions. The allocation bucket receives the remainder and is the capital the fund deploys. Reserve fund value is both treasuries added together, bucket by bucket, plus the Liquidity Desk at market.

NAV per share

The backing bucket divided by circulating supply, as the live treasury computes it. It counts the backing bucket alone, never the allocation bucket and never the desk. It is the figure the standing bid is quoted from, and it is distinct from the reserve fund value the terminal leads with.

The standing bid

Any holder may sell HOOK to the treasury at NAV per share less 2.00%, at any time, paid pro rata from the backing bucket. Everything the bid purchases is burned, so each fill raises NAV per share for every holder who remains. Selling to the bid is rational only when the market trades beneath it. The buyback page states the quote as the treasury gives it.

Reporting

The reports page is the disclosure of record: reserve fund value, its buckets, the desk and the fee inflow, each figure with the block number and time at which it was read. Nothing on it is estimated and nothing is a forecast.