what this is · how to use · receipts and rent · ticket and cut · addresses
This page is mechanism only. Taps live on how to use.
It is a debt receipt issued by Robinhood Assets (Jersey). Economically it tracks that US share as closely as it can, but you have no equity, no vote, and you cannot claim a dividend from NVIDIA. If something breaks, you are a creditor of that Jersey company, not a shareholder.
US persons cannot buy, and cannot be sold to. The board reads numbers. It is not an order ticket.
A real share: the company wires cash to the broker, cash shows up, share count stays the same.
This receipt does not. The landlord (the issuer) glues the rent back onto the same paper: you still hold 1 token, but that 1 now stands for a little more of a share. Officially this is the multiplier uiMultiplier. The balance number does not change, so this is not a rebase where you wake up with more coins.
The oracle price is already multiplied. So the receipt price you see tracks total return: share path + rent already glued. Over time the receipt trades a bit above “price only.” That is the design, not a bug.
glued rent = multiplier − 1
stripped share ≈ receipt mid ÷ multiplier
share-equivalents = tokens you hold × multiplier
Three cuts of the same pile. Left peels the rent. Right is only the rent. Middle is what the paper trades at.
When a company splits one share into four, the multiplier becomes 4. The board marks it “split ×4,” not +300% rent. CRWD is that case now. Reading it as “the dividend exploded” is misreading the table.
| Side | Target claim at maturity | Status |
|---|---|---|
| P side | Its fixed share of the original receipt reserve after split normalization | Live per NVDA batch |
| Y side | The receipt share attributable to classified dividend reinvestment during the term | Live per NVDA batch |
Each side redeems independently after the sealed term. The first NVDA batch is now funding. Company-action reports are signed by the deploy wallet, not an untrusted oracle.