Shareholders, The NetNet Capital Management Treasury has exceeded a value of $29,000,000. Almost 90 days in, and we've delivered over 20 unique on-chain experiences, all with the sole goal of driving revenue to our treasury. The next 90 days to be far better than the former. More Soon.

Shareholders, In-app incentives are always so boring. Points for volume, a leaderboard, an airdrop at the end that everyone farms with the same wallet script. The reward is for doing what the app wanted you to do anyway, and you wait months to find out what it was worth. So we made one for losing, and you get it on the spot. $LOSE is minted when you lose money on NET LONG or on the FUTURES desk. Lose a dollar, get LOSE, in the same transaction that records the loss. It lands in your wallet as a normal token with a live pool. No lockup, no vesting, no claim page, no snapshot, no season. You can sell it before the position that earned it has finished closing. The mint rate decays with every dollar lost, so early losers get the most per dollar and later ones get less and less. Every transfer pays 5%. 2% burns $LOSE, 3% is sold for USDG and lands in the NetNet Treasury. More Soon.

Shareholders, A game is becoming something you can send to a friend. Someone has an idea, builds it with an agent and publishes a URL. Players change it. Communities make their own versions. Worlds that once required a studio become something a few people can create and keep alive. We introduced RW-PLAY because we understood the economic opportunity forming around this future. Those creators would need capital, distribution and financial infrastructure. NetNet has spent these months building from that conviction.

Shareholders, NET trades at about $170 against $163.62 of onchain backing per NET, a premium of three percent, with the inverse bond bidding under it at $161.19. For the first time since genesis the price and the number behind it are the same. From zero NetNet opened on July 17 with $0. 87 days later, the Treasury holds $24.53M and the Sleeve holds ~$4M of Stock Tokens and positions. How we get paid There is no team allocation of NET, no salary drawn from the Treasury, and no share of the tax. Management is paid through pTEAM, our pToken in the tradition of pOHM. It is an option to mint NET at a strike of one USDG, against a cap of 15 percent of circulating supply. Every term is immutable and disclosed in full on the Management Compensation page of our docs, under pTEAM options. Every exercise is logged as an event on the contract, and the figures below are read from those events. What we did with it We exercised 13,320 NET of pTEAM in 192 clips between July 24 and September 28. That comes to about nine percent of supply. Of the NET we minted, 10,270 went into the Real World Bond desks as inventory. Those desks sold it to bonders for $5.13 million of USDG and remitted $680,000 in fees to the Treasury. The rest bought Stock Tokens, which is where most of the Sleeve came from. Another 550 NET seeded the Asset Bond Desk and 250 NET seeded the Superstore. Real World Bonds are no longer inflationary, we now use NET we purchased at market to fill the bond desks. The remaining 2,250 NET was used to fund our operation. We take nothing from the tax and nothing from the Treasury. We need to hire and grow the operation to set ourselves up for the next 900 days and beyond. What we bought The Sleeve has bought about 5,770 NET on the open market since August, through Rialto and Uniswap, and staked most of it. At no point has it sold NET into the pool. The protocol has been a buyer too, because the inverse bond has taken 22 fills, retiring almost 200 NET for about $31,000. Why we are bullish No single wallet on Robinhood Chain holds more NVDA, SPCX, GOOGL or AAPL Stock Tokens than the Sleeve. Those Stock Tokens are worth $4.04M. None of what follows existed in July, and all of it was built inside the same 87 days. Fifteen games, fourteen RW-PLAY cabinets plus WinNET, have taken in about $1.9 million of play, and NetCorp, the flagship, is in Beta. NET LONG went live this week: long any listed token with leverage, wsNET as margin, every USDG fee buying and burning NET. Predict grades the Treasury number every Monday and its fees buy NET, while THE BOOK writes sports markets in wsNET. NET ADVANCE has 288 locks open and $294,000 receivable, with five percent of every close going to the Treasury. NetNet Credit lends USDG against wsNET and Stock Tokens through a Morpho vault we curate, and the Sleeve earns the curator's share. All of them charge a fee, and every fee ends as NET backing or NET burned. The onus is on us Bonds built this balance sheet, and at NAV the bond engine idles. Inflows ran about $250,000 a day last week against $320,000 the week before, and we are not going to dress that up. Our thesis has never been that the bonds run forever. It was that a treasury of this size, in yield bearing dollars and Stock Tokens on Robinhood Chain, could run desks that earn. We are confident we can deliver.

Shareholders, The NetNet Capital Management Treasury now holds over $28,000,000. We've steadily increased our $NET holding at these levels, purchasing ~4,200 $NET over the past week. We have strong conviction that buying $NET here is the best way to grow our assets sustainably for the next leg up. More Soon.

Shareholders, Week 4 of THE BOOK is graded and paid. The book has now seen 349.3 NET wagered through it, worth about $199,600 at the price when each bet was placed. Week 5 of no-loss wagering is now live! Good Luck, and, More Soon.

Shareholders, The latest NetNet Predict Market is now live. Will the NetNet Treasury surpass $29.19M by Sunday? These markets have done over $205,000 in volume since inception. More Soon.

Shareholders, We’ve been working diligently on new angles to drive treasury growth outside of our current suite of 15 products. This upcoming week, a few of the teams we’ve onboarded via the NetNet SDK will officially launch their products. Some of these products will not be on Robinhood Chain, some of them will not even market to crypto users. All of them however, will send revenue directly into our USDG treasury. We will have more on this soon.