One billion shares. Ten thousand deals.
$NPKN is tokenized common equity, so everything on this page is corporate finance wearing its real name. The crypto mechanics and the corporate-law mechanics are the same mechanics, and that identity is the design.
Fixed at one billion. Built to shrink to half.
The number is not arbitrary. The roadmap targets 10,000 acquired deals: 10,000 balance sheets consolidated into one audited perimeter. One billion shares divided by 10,000 deals is 100,000 tokenized shares per deal.
Why publish a terminal number instead of a burn percentage? Because a countdown is the single most legible supply commitment in this industry: BNB launched at 200M supply with a published 100M target and burned toward it for years: down to ~136M by mid-2026. Holders do not need to model fee curves. They can count. And unlike a crypto burn, a share cancellation is a corporate act with legal finality.
One honesty note before anyone else raises it: a burn detached from revenue is supply theater: Tron's “deflationary” design flipped net inflationary in Q1 2026 when usage shifted. Our cancellations are funded exclusively by attested free cash flow: if the portfolio doesn't earn, the count doesn't shrink, and the dashboard will show exactly that.
The end-state cap table, no footnotes.
Because the token is a share and the shares arrive in phases (the Arrangement’s conversions, then treasury raises over years) this table is labeled exactly what it is: an end-state target at full distribution, not a genesis print.
| Tranche | End-state % | Tokenized shares | Terms |
|---|---|---|---|
| Community & Public Distribution | 40%+ | 400,000,000+ | Issued via above-NAV raises; this is the float |
| Ecosystem Reserve | 20% | 200,000,000 | 10-year hard emission cap schedule |
| Treasury Escrow | 10% | 100,000,000 | On-chain; monthly mechanical release; unused re-locked |
| Founders | Up to 20% | Up to 200,000,000 | Rolled shares; hard 20% cap; Founder Liquidity Dial; diluted by design |
| Rolled legacy holders & sellers | ~10% | ~100,000,000 | Arrangement conversions and seller consideration |
| Deal Scout Program | 5% | 50,000,000 | Earned via sourcing bounties, vested |
| Authorized total | 100% | 1,000,000,000 | Terminal supply target: 500,000,000 |
The Arrangement's exchange ratios and the sizing of future raises will move individual rows by a few points. Three covenants do not move, ever: the community holds the majority at full distribution, the founders are capped at 20%, and the Founder Liquidity Dial applies. For scale: prior cycles gave insiders 40–80% at genesis: XRP roughly 80% insider, BNB 40% team plus 10% angels. $NPKN caps founders at 20%.
The Founder Liquidity Dial
Every vesting event lands on the 6th
Identical terms for every purchaser
The Treasury Escrow is mechanical
Locked tokens cannot stake
Each rule is a lesson paid for by someone else. The full allocation math (including the Deal Scout vesting schedule and the Ecosystem emission cap) lives in the paper's appendix.
Section 5, in fullGenuine, unlocked, tradeable float at TGE
Distributed through the compliant lanes: EU prospectus retail, the BC offering memorandum, Reg D 506(c), and Reg S. No loaned-to-market-maker supply is counted in that number, ever. The median 2024 launch floated just 12.3% of supply; we do the opposite of all of it.
FDV is real. Price the project on it.
Up to 1,000,000,000 authorized shares can eventually exist, and you should price the project on that basis: exactly as you would read a company's authorized capital and option pool. The low-float/high-FDV structure is a recognized failure pattern with an 84.7% strike rate against buyers. We will not run it.
If our FDV looks expensive against attested portfolio cash flow, that is a fact you are entitled to see clearly, in our own document.
The waterfall that cannot be renegotiated.
Value accrual is where every governance token dies: Uniswap generated billions in fees for five years while UNI waited on a vote. So nothing in the Engine depends on a vote: it is the published capital-return policy of the tokenized equity, hard-coded, formula-driven, non-discretionary.
The Engine is a covenant, not a promise. It cannot be voted up, voted down, or quietly turned off, and it pays bondholders first, in writing.
Real yield or no yield.
Staking is how a holder opts into dividends instead of compounding through cancellations. Both are legitimate ways to hold the same share, and neither is ever paid in emitted NPKN.
Stablecoins, from real cash flow
Never paid in emitted NPKN
Liquid, not imprisoned
Coupon Vaults · The optional lane
Read this twice, because we will never contradict it in any marketing material: accrual mechanisms do not defend price. Uniswap burned $596M of UNI and hit a cycle low two months later; Pump.fun spent 100% of revenue on buybacks and fell anyway; Hyperliquid drew down through the H1 2026 bear despite ~$65M a month of automated buying. What the Engine does is compound per-share economics: published quarterly as NAV per share and FCF per share. Price is the market's job. Per-share cash flow is ours.
We fail the circularity test on purpose. In the right direction.
The first test any quant runs on a “token backed by assets”: does token-sale money buy the assets that back the token, or pay for earlier holders' exits? The iron rule, published as sources-and-uses and attested by the auditor: exit cash comes from professional fiat capital that knowingly underwrote it; token proceeds only ever buy new companies.
Exits are funded by fiat
Every legacy shareholder exit in Phase 1 of the Conversion is funded by the new NewCo equity raise or the bond program’s earmarked buyback allocation. Never token-sale proceeds. No token buyer’s money ever pays a prior holder to leave.
The asset base was never bought with token money
The existing portfolio arrived inside NewCo by court-approved share-for-share conversion, not by purchase. The machine backing the token at TGE predates the token entirely.
Token proceeds only ever buy new companies
Every tokenized-share raise at and after TGE deploys into new acquisitions, liquidity provisioning, technology, and Engine reserves. Issued above last-attested NAV only, into deals accretive to every existing holder.
A holder's money is never the collateral behind their own claim, and never another holder's exit. The machine predates the token, which is precisely the point.
Every choice maps to a corpse.
Of 118 major token launches tracked in 2025, 84.7% broke below their TGE price, with a median drawdown of -71%. We designed $NPKN by studying every one of those corpses. This table is the autopsy report turned into a blueprint.
Four engines, one machine.
The token is one lane of a four-lane capital machine, and holders deserve to see all four at once. Version 5.0 made the middle two lanes the same instrument at different stages: private common shares before the Arrangement, tokenized common shares after it. One class, one register, one NAV.
Debt · The bond conveyor
Equity · The rolled base plus the NewCo raise
Tokenized-share raises: above NAV only
Staking · The community’s fourth lane
Four engines, one waterfall, and one set of attested numbers that all four report against.
The answer to 10,000.
Sellers already take Napkin paper: consideration averages roughly 25% equity, sellers who pledge more equity rank higher in the queue, and some deals close at 100% equity. A tokenized common share with a quarterly attested NAV, a funded tender floor, and live regulated venues is strictly better consideration than the private stock those sellers already say yes to.
Raise above attested NAV
Per the NAV discipline: treasury shares only ever issue above last-attested NAV per share.
Buy companies
Every raised dollar buys new companies; their attested cash flow joins the consolidation perimeter.
Cancel shares
The Engine buys back and cancels. NAV per share compounds, permanently and traceably.
Compound credibility
Compounding builds credibility, and credibility makes the paper better acquisition currency.
Sellers take more token
More token and less cash per deal, so every raised dollar closes more deals.
Repeat, faster each turn
Every token-settled deal mints new believer-holders: the register fills with the operators of the companies the machine owns.
Cash consideration scales linearly with the balance sheet. Liquid equity consideration scales with verified belief in the machine, the only currency that scales to 10,000 balance sheets.
Version 5.0 does not create the acquisition currency. It upgrades the one that has been closing deals since 2021, and the 100,000 tokenized shares per deal stop being a metaphor. They are the deal currency, one company at a time.
Hold us to every mechanism.
Section 5 of the white paper carries the full machinery (the waterfall, the allocation math, the graveyard) hard-coded and attested before a single token trades.