The IPO, rebuilt as software.
$NPKN is rolling up 10,000 real, profitable companies into a single token, the biggest Napkin deal of all time. Real businesses, real cash flow, on-chain, so the founders Wall Street forgot finally get their exit, and you can hold a piece of the whole machine.
TGE target: October 1, 2026
A target, not a promise, gated, not dated. TGE happens when all four gates pass: the court order, the attestation, the approval, and the published numbers. If the gates slip, the date slips, and this page will say so.
The four TGE gates →Issued, custodied, and settled on the rails institutions already use
EthereumCanonical hub · ERC-3643
BaseRetail spoke · Coinbase L2
XRPLInstitutional spoke
ChainlinkNAV oracle · CCIPWhat is $NPKN?
$NPKN is a tokenized common share of Napkin 2.0 ("NewCo"). The company that owns the Napkin acquisition machine: 15 acquisitions completed since 2021, the NapkinDeals.com marketplace (22,369+ live deals, $49.9B on platform), 62 AI employees, and a EUR 500M Vienna-listed bond program. The token is the share; the chain is the share register; the holders own the machine. Supply is fixed at 1,000,000,000 with a published terminal target of 500,000,000 through buyback-and-cancel, funded exclusively by attested free cash flow.
Built for the founders Wall Street left behind.
Two billion people work for companies with no path to an exit. Napkin buys the best of them, pays the founders, and turns ten thousand of those wins into one thing anyone can hold.
377,000,000 companies. 50,000 tickers.
Public markets are the greatest wealth-creation technology ever built, and they only serve the world's most fortunate companies, the top 0.001%. Everyone else (the other 99.999%) runs on bank debt, luck, and a handshake exit. No exit liquidity. No working capital. No way in.
The IPO isn't broken. It was never built for 99.98% of the world's companies. We're rebuilding it as software.
One machine. Four engines.
Napkin is an acquisition company, live today. Strip away the token and this is what is actually here. Built since 2021, published number by number.
15 acquisitions since 2021
22,369+ live deals · $49.9B on platform
62 AI employees · 8 departments
EUR 500M senior secured ETN program
$49.9B in deal flow. Right now. Go look.
This isn't a rendering of a product we plan to build. These are screenshots of the marketplace as it runs today: 22,369+ live deals across 50+ countries, new deals added every week. Click through and check our math.
The marketplace. Live deal flow from $10K acquisitions to $250M+ transactions, including billion-dollar energy, infrastructure, and real estate mandates.
The discovery engine. $49.0B of tracked deal value across 22,557 deals from 469 sources. The sourcing stack behind every acquisition the machine makes.
These aren't whitepaper promises. They're payroll.
Operating companies acquired and built since 2021: agencies, software, media, construction. Real teams, real customers, real invoices. This is what "asset-backed" means when it isn't a metaphor.
The token is backed by a machine that is already running.
15 ACQUISITIONS · 62 AI EMPLOYEES · 105+ CLIENTS SERVED
Not a claim on the machine's output. Title to the machine itself.
The token is the share; the chain is the share register; the holders own Napkin. Two links, and nothing standing between you and the machine.
You hold the token
$NPKN: held and transferred on-chain, with the compliance layer enforcing who may hold it.
The token is the share
The digital form of a registered common share of NewCo: share register and chain move together, token for share, one to one.
NewCo owns the machine
NewCo holds Napkin Inc. and its subsidiaries. The portfolio, the marketplace, the AI stack, the whole consolidation perimeter.
Value from the ground up. Literally.
Six divisions (Ventures, Technology, Media, Staffing, Labs, and Hard Assets) integrated vertically and horizontally, from the utilities and data centers underground to the platforms on top. Value-add to entrepreneurs is how the portfolio grows; the token is how you own it.
The mission is plain: help entrepreneurs reach faster, higher-value exits through capital, technology, and strategic support: at the exact moment access to liquidity is being redefined.
Two links. Version 4.2 needed three and a contract in the middle; Version 5.0 deleted the middle.
What you actually ownA covenant, not a promise.
The published capital-return policy of the tokenized equity: hard-coded, formula-driven, non-discretionary. It cannot be voted up, voted down, or quietly switched off.
Half the authorized base is built to be retired: buyback-and-cancel, funded exclusively by attested free cash flow. If the portfolio does not earn, the count does not shrink, and the dashboard will show exactly that.
The only currency built to buy 10,000 companies.
Cash consideration scales linearly with a balance sheet. Equity consideration scales with verified belief in the machine. Sellers already take Napkin paper. A liquid, NAV-attested tokenized share is strictly better.
- 1
Raise above NAV
Treasury shares only ever issue above last-attested NAV per share. Dilution is only ever accretive.
- 2
Buy companies
Every raised dollar buys new companies. Their attested cash flow joins the perimeter.
- 3
Attest the cash flow
Audited IFRS consolidation, quarterly ISAE 3000 attestation, on-chain NAV.
- 4
Cancel shares
The Engine buys back and cancels. NAV per share compounds, permanently and traceably.
- 5
Sellers take more token
Compounding builds credibility; sellers accept more token and less cash per deal. Repeat, faster each turn.
Numbers before money.
The dashboard ships before the token. Not on a roadmap. Before. You will be able to watch the portfolio breathe for months before you can buy a claim on it, and if the numbers underwhelm you, don't buy. Informed refusal is the whole point of transparency.
One audited IFRS consolidation
Annual group audit by a named top-10 firm, under a 120-day covenant.
Quarterly ISAE 3000 attestation
Examination-level attestation of exactly the numbers that drive the Engine.
On-chain Chainlink NAV oracle
Attested NAV per token published on-chain, signed report hashed alongside it.
Judge us era by era.
Drawn in 2020, inspired by how the great chains shipped: named eras, judged on delivery. This is the original document: five eras, from the first Vessel to the Albatross that never has to land.
VESSEL
Foundation: 15 completed acquisitions, transparency stack live, TGE.
SUPERTRAMP
Scale sourcing: Deal Scout seasons, the path to 100 closed deals.
MYCORRHIZA
The network: shared AAA infrastructure across the portfolio.
NAZARE
The big wave: institutional rails, hundreds of balance sheets.
ALBATROSS
RSX activation: the exchange opens, the 10,000-deal horizon.
We publish what others hide.
A protocol whose entire pitch is transparency has no business being opaque about how it could be attacked. If we ask you to trust attested numbers over promises, we owe you the adversary's view first.
We don't TGE on promises.
We TGE on a court order, an attestation, an approval, and four published numbers. Read the paper, then hold us to every sentence of it.