The Prospectus · Wall Street Mining Co.

Preface

Abstract

Wall Street Mining Co. ($WSM) is a decentralized ETF — a dETF — launched on GlazeCorp, the dETF launchpad on Robinhood Chain. It has exactly one way to create new tokens: a single mining slot, sold by a Dutch auction that never ends. Whoever holds the slot earns freshly mined WSM every second. When someone takes it over, 80% of their payment goes to the miner they replaced, small creator and protocol fees are deducted, and the remainder is routed to buy assets for an ownerless treasury — a portfolio drawn from tokenized stocks such as AAPL, NVDA and SPY. Any holder can burn WSM at any time to withdraw a pro-rata share of whatever that treasury holds.

Mine it, buy it, or burn it. This document explains each lever, the arithmetic behind it, the parts that can change and the parts that never will — and the risks, which are real. Figures come from the GlazeCorp documentation and the deployed WSM contracts. Where a setting is adjustable we say so; where this document and the contracts disagree, the contracts win.

§1 · Section 1 of 12

They said you can’t mine stocks

For most of history there was one way to get a share: buy it from someone who already had it.

Bitcoin introduced a second way to come by an asset. You spend something real — electricity, hardware, time — and the network pays you in new supply. Wall Street Mining Co. borrows that idea and points it at the stock market.

To be precise about it: you do not mine shares of Apple. You mine WSM. The USDG that miners pay to hold the slot is what buys the stocks, and WSM is the claim on the treasury that holds them. The mining is real; the stocks are real tokens on Robinhood Chain; the link between the two is a set of GlazeCorp contracts. Nobody can withdraw what they buy; only the destination of future mining revenue can be changed, by the controller owner (§9).

“Read the market. Own the stock. Mine the value.”
— The Firm’s motto

The four levers

I.
Mine
Pay the current takeover price, hold the slot, earn new WSM every second. When the next miner arrives, 80% of their payment is yours.
II.
Build
The remainder of every mining payment — after the outgoing miner and two small fees — buys assets for the WSM treasury.
III.
Buy
Skip the shaft entirely. WSM trades on the open market in its WSM/USDG pool.
IV.
Redeem
Burn WSM and walk away with your share of every asset the treasury holds.

The loop is the point: mine → earn → build → repeat. Each takeover pays the last miner, funds the portfolio and resets the auction higher. The flywheel that feeds your bags turns only as fast as miners choose to push it.

§2 · Section 2 of 12

The Mine

One shaft. One miner. A price that is always falling — until somebody pays it.

2.1 One slot, one tenure

WSM has a single mining slot held by one address at a time. The holder earns the entire emission: after the 2,000-token genesis, every WSM in existence comes out of this slot. A tenure runs from the moment you take the slot to the moment someone takes it from you. There is no lock-up, no minimum stay and no right to keep it.

2.2 The price

The slot is for sale at all times. Its takeover price is a Dutch auction that falls in a straight line from the auction’s starting price to zero over one hour:

price(t) = P₀ · (1 − t ⁄ 3600) for 0 ≤ t < 3600, otherwise 0

(2.1)

t = seconds since the current auction began · P₀ = its starting price · decay period = 3,600 s, fixed in the contract

2.3 The 2× restart

Every takeover raises the stakes. The moment someone pays P, a new auction opens at twice that price and immediately starts to fall:

P₀^next = max( 2 · P_paid , 1 USDG )

(2.2)

Clamped to the 1 USDG minimum (and a 2¹⁹² − 1 ceiling). There is no reserve price at takeover time.

If nobody pays before the hour is up, the price reaches zero and the slot can be taken for free — after which the next auction reopens at the 1 USDG floor. The empty slot at launch started at that floor, too.

Fig. 1 · A never-ending Dutch auction

Illustrative prices. Takeovers (brass) reset the auction to twice the price paid; an auction left alone decays to zero within the hour, is taken for free, and restarts at the 1 USDG minimum.

2.4 Taking the slot

A takeover is a single transaction to the Mine. You pay the current price in USDG, name the miner address (it need not be your own), and may post a public message of up to 280 bytes that stays on the slot until the next takeover. The call also carries the epoch you saw, a deadline and a maximum payment: if another miner lands first or the price moves past your limit, your transaction reverts and nothing is charged.

When you are replaced, the Mine settles your tenure first. Everything you mined is minted to you on the spot, and your share of the replacement payment is recorded as a pull claim — USDG you collect from the Mine whenever you like. Anyone can trigger the claim, but it only ever pays you.

§3 · Section 3 of 12

Takeover economics

Where every USDG goes, and the 22½-minute rule every miner should know by heart.

3.1 The split

The outgoing miner’s 80% is written into the contract and has no setter. Two fees come next: a creator fee, set by WSM’s FundController owner, and a protocol fee, set by the GlazeCorp Launchpad owner. Each is bounded between 0.01% and 2% of the payment. Whatever remains — every rounding unit included — goes to the revenue router and, from there, to asset purchases.

Table 3.1 · Where a 100 USDG takeover goes (occupied slot)

Outgoing miner: 80% · 80.00
Portfolio · asset purchases: 17.5% · 17.50
Creator fee: 2% · 2.00
Protocol fee: 0.5% · 0.50

Connecting

Showing protocol constants until the live feed connects.

At GlazeCorp’s default fees (0.5% + 0.5%), 19% of every takeover builds the portfolio. WSM’s creator fee is currently set at 2%, which makes the portfolio share 17.5% today — call it a fifth of every payment, give or take. On the rare takeover of an empty slot there is no outgoing miner to pay, so 97.5% goes to the router.

3.2 Break-even, derived

Suppose you take the slot for P USDG. The next auction opens at 2P and decays. If the next miner replaces you t seconds later, they pay 2P(1 − t/3600), and 80% of that is yours:

R(t) = 0.8 · 2P · (1 − t ⁄ 3600) = 1.6 P · (1 − t ⁄ 3600)

(3.1)

Your USDG comes back in full when R(t) ≥ P. Divide both sides by P and solve for t:

1.6 (1 − t ⁄ 3600) ≥ 1 ⟺ t ≤ 3600 · (1 − 1 ⁄ 1.6) = 1,350 s

(3.2)

Holds for P ≥ 0.5 USDG. Below that, the next auction is floored at 1 USDG and break-even arrives later.

Replaced within 1,350 seconds — twenty-two and a half minutes — a takeover hands back more USDG than it cost, up to 1.6× if you are replaced instantly. Throughout, you also keep every WSM you mined:

W(t) = tps · t

(3.3)

tps is the emission rate locked for your tenure at the moment you took the slot.

Replaced later than that, the USDG leg runs at a loss, and the WSM you mined has to make up the difference. Replaced at a price of zero — after the hour, for free — you receive nothing for the slot, only your WSM. And if nobody comes at all, you simply keep mining. Whether anyone replaces you, and when, is entirely up to other miners.

Fig. 2 · Refund as a multiple of your entry

The refund line falls from 1.6× to zero over the hour and crosses your entry price at 1,350 seconds. WSM mined is earned on top, regardless of when you are replaced.

Worked example: a 100 USDG takeover at 64 WSM per second, replaced after various holding times
Replaced after	Replacer pays	Your 80%	USDG result	WSM mined
1m	196.67	157.33	+57.33	3,840
5m	183.33	146.67	+46.67	19,200
15m	150.00	120.00	+20.00	57,600
22m 30s	125.00	100.00	±0.00	86,400
30m	100.00	80.00	−20.00	115,200
45m	50.00	40.00	−60.00	172,800
59m	3.33	2.67	−97.33	226,560

Table 3.2 · Entry 100 USDG, 64 WSM/s tenure. USDG result excludes gas and the value of WSM mined. WSM is a quantity, not a price. Illustrative arithmetic, not a forecast.

§4 · Section 4 of 12

Emission & supply

Front-loaded, then permanent. No cap, no second mint, no exceptions.

The Mine began production on September 30, 2026 at 64 WSM per second. The rate halves every 69 days until it reaches a floor of 1 WSM per second on day 414 — and stays there indefinitely: 86,400 WSM a day, 31,536,000 a year. There is no hard cap.

tps = max( 64 ⁄ 2^h , 1 ), h = ⌊ days since start ⁄ 69 ⌋

(4.1)

h counts the halvings completed when the tenure begins. The rate is then locked for that tenure.

Note the word tenure. The rate is fixed when a miner takes the slot, so a miner who arrives the day before a halving keeps the old rate until replaced, and an empty slot mines nothing at all. Real issuance therefore tracks how the slot is actually used; the schedule below assumes continuous mining.

Fig. 3 · The emission schedule

Rate per second for tenures that begin in each window. From day 414 the tail rate applies forever.

Emission schedule by days since the Mine started
Days since start	WSM / sec	WSM / day	WSM in window
0–68	64	5,529,600	381,542,400
69–137	32	2,764,800	190,771,200
138–206	16	1,382,400	95,385,600
207–275	8	691,200	47,692,800
276–344	4	345,600	23,846,400
345–413	2	172,800	11,923,200
414 →	1	86,400	31,536,000 / yr

Table 4.1 · Assumes the slot is occupied continuously and the rate updates at each halving.

Genesis & the locked mint

Genesis was 2,000 WSM: 1,000 paired with USDG to open the WSM/USDG pool — whose LP tokens are locked forever — and 1,000 granted to the creator. Then mint authority was handed permanently to the Mine. No wallet, multisig or admin can mint WSM outside it, and nobody can change the schedule.

Projected WSM supply before burns, assuming continuous mining
Milestone	Projected supply
Day 69 · first halving	381,544,400
Day 138	572,315,600
Day 365 · year one	742,696,400
Day 414 · tail begins	751,163,600
Year two	778,466,000
Year five	873,074,000
Year ten	1,030,754,000

Table 4.2 · Includes the 2,000 WSM genesis and accrued emission, before any burns. Schedule projection, not a forecast.

Supply also shrinks. Every redemption burns WSM for good, and any WSM the treasury acquires through its own WSM strategy can be burned by anyone — a buyback that raises what every remaining token redeems for.

§5 · Section 5 of 12

The Portfolio & Signal

Mining revenue doesn’t buy stocks directly. It flows — and signal decides where.

Each takeover’s remainder travels a fixed route. The router forwards it into a seven-day revenue stream, which pays out continuously to strategies — one per asset the treasury wants to acquire — in proportion to their signal weight. Each strategy then sells its USDG for its asset at auction (§6), and the asset lands in the treasury.

01 →
The Mine
Takeover payments in USDG
02 →
Router
Holds revenue until it can stream
03 →
Revenue stream
Paid out over seven days
04 →
Strategies
Split by signal weight
05 →
Auctions
USDG sold for each asset
06 →
The Vault
Ownerless treasury holds the assets

Manager-led, by design

WSM launched in manager-directed mode. Only the designated signal manager may add signal — that is, decide which stocks future revenue pursues and in what proportion. Three guarantees bound that power. Signal never sells existing holdings and never moves revenue already allocated. The signaler share of auction proceeds is fixed at zero while a manager is active, so the manager cannot pay itself from sales. And the FundController owner can replace the manager or irreversibly open signaling to every holder — but cannot move or seize anyone’s position.

The universe

WSM has purchase strategies wired for sixteen Robinhood stock tokens. Listed here typographically, as on a share register:

AAPL
Apple
Technology
NVDA
NVIDIA
Semiconductors
MSFT
Microsoft
Technology
AMZN
Amazon
Consumer
GOOGL
Alphabet Class A
Communication
META
Meta Platforms
Communication
SPCX
Space Exploration Technologies
Aerospace
SPY
SPDR S&P 500 ETF Trust
Index ETF
QQQ
Invesco QQQ
Index ETF
MSTR
Strategy Inc.
Bitcoin Treasury
COIN
Coinbase
Crypto
RDDT
Reddit
Communication
GME
GameStop
Consumer
GLD
SPDR Gold Trust
Commodities
USO
United States Oil Fund
Commodities
SGOV
iShares 0-3 Month Treasury Bond
Treasuries

Alongside them sit the three house strategies every GlazeCorp dETF launches with: WSM itself (a buyback — WSM paid into the treasury is burned), the WSM/USDG LP token, and USDG. Until the manager signals a stock basket, revenue defaults to the WSM/USDG LP strategy. The live allocation is published on the home page.

§6 · Section 6 of 12

Auctions

No broker, no order book, no key over the proceeds. Just a price that falls until someone says yes.

Each strategy sells the USDG it has collected in a Dutch auction priced in its own asset. The asking price falls every second; the first buyer willing to supply that asset takes the strategy’s entire USDG balance. The asset goes to the treasury.

ask(t) = A₀ · (1 − t ⁄ epoch), A₀^next = max( paid · m , min )

(6.1)

A₀ = the epoch’s opening ask, in the strategy’s asset. The next epoch opens at the clearing payment × multiplier, floored at a minimum.

WSM’s auctions run on daily — 24-hour — epochs. Picture the NVDA strategy holding 500 USDG: its ask, quoted in NVDA tokens, drifts lower through the day until a filler would rather have the 500 USDG than the NVDA it costs. They fill; NVDA lands in the Vault; they leave with the USDG; a new epoch opens. Fills are permissionless and atomic, and a competing fill in the same block simply reverts.

Because WSM is manager-directed, the signaler share is zero: 100% of every asset payment lands in the treasury. (Community-mode dETFs may divert 0–20% to the signalers of that strategy.)

§7 · Section 7 of 12

Redemption

The exit that needs nobody’s permission.

Any holder can burn WSM against the treasury — the Vault — and receive a pro-rata slice of every asset they select. For each selected asset i:

payout_i = ⌊ B_i × burned ⁄ S_eff ⌋

(7.1)

Bᵢ = the treasury’s balance of asset i just before the burn. Rounded down in the token’s smallest unit.

S_eff = totalSupply + pendingEmission

(7.2)

Pending emission is WSM the current miner has earned but not yet had minted.

Counting pending emission in the denominator means a miner’s unminted WSM is already priced against everyone, so settlement timing can never dilute a redemption after the fact. One denominator serves every asset in the call: burn 1% of effective supply and you receive 1% of each asset you list.

Table 7.1 · The denominator, right now

Minted supply: —; WSM in wallets & pools
Pending emission: —; earned by the miner, not yet minted
Effective supply: —; the denominator in Eq. 7.1

Connecting

Read from the Coin and Mine contracts.

Selective. Leave an asset off the list and your share of it is forfeited for the tokens burned. There is no second claim. The official interface selects and sorts assets for you.
In kind. You receive the assets themselves — stock tokens, LP tokens, USDG — not a promised dollar amount.
Unstoppable. The treasury has no owner. Direct redemption cannot be paused, gated or approved by anyone.
Not a floor. WSM can trade above or below what it redeems for. Asset prices, liquidity and gas decide what you can actually realize.

§8 · Section 8 of 12

Fees

Charged on payments and trades. Never as an annual skim on the treasury.

WSM fee schedule
Where	Rate	Set by / notes
Mining · outgoing miner	80%	Fixed in the Mine. A transfer to the replaced miner, not a fee.
Mining · creator fee	2% now · 0.01–2%	WSM FundController owner
Mining · protocol fee	0.5% default · 0.01–2%	GlazeCorp Launchpad owner
Trading · pool swaps	1% per trade	Fixed in the pool: 70% to the dETF side, 30% to the protocol
Auctions · signaler share	0%	Fixed at zero in manager-directed mode
Redemption	None	Gas only
Treasury management	None	No annual or performance fee exists

Table 8.1 · Fee changes apply to future payments only; recorded claims never change. Live mining fees are read from chain on the home page.

The trading fee’s “dETF side” is the dETF itself unless its creator nominated a fee wallet. Either way, fee settings can move only within the bounds written into the contracts above.

§9 · Section 9 of 12

Authority & security

What the keys can turn — and the doors that were welded shut.

Adjustable, within bounds

Creator fee rate (0.01–2%) and its recipient — WSM FundController owner
Protocol fee rate (0.01–2%) and its recipient — GlazeCorp Launchpad owner
Destination of future mining revenue
Add strategies; kill a strategy (irreversible; never the last one)
Replace the signal manager, or open signaling to all holders (irreversible)
Display metadata — name and symbol are immutable

Impossible, for anyone, ever

Mint WSM outside the Mine — mint authority is locked
Change the emission schedule, the one-hour decay, the 2× restart or the 80% miner share
Withdraw, sweep or move treasury assets — the treasury is ownerless
Pause or gate redemptions
Upgrade the contracts or make arbitrary calls through them
Withdraw the locked genesis liquidity, seize signal or rewrite claims

Audit

GlazeCorp’s core contracts were reviewed by Veridise, whose updated Coin Launchpad V2 report was delivered on 17 September 2026: one Low and one Warning finding acknowledged, one Info fixed. An audit covers a specific source revision — not every later change or deployment — and several economic constants, including the emission schedule, are marked provisional in source and may differ between deployments. Read the report and verify the deployed addresses in §12 before relying on any of this.

§10 · Section 10 of 12

Risks

Read this section twice. The Chairman did.

I
Pre-launch test assets
WSM currently runs on a mock deployment. Its mUSDG and mock stock tokens have no monetary value, so today’s prices, balances and treasury figures are test data. Transactions are still real, public and cost real gas.
II
Smart-contract risk
Audited code can still contain defects that lock, destroy or misallocate tokens. The contracts interact with external infrastructure — Uniswap V4, Permit2, the chain itself — that WSM does not control.
III
Takeover risk
Anyone can replace you at any moment. Replaced late, you recover less USDG than you paid; replaced at a price of zero, you receive nothing for the slot. Competing transactions can revert yours.
IV
Dilution
There is no supply cap. Emission is heavy in the first 414 days and never stops; effective supply already counts the miner’s unminted WSM.
V
Market & liquidity
The genesis pool is small and prices can move sharply on small trades. The market price can sit far above or below backing.
VI
Auction risk
Strategy auctions have no reserve. Unfilled auctions decay to zero and the revenue leaves for nothing.
VII
Backing is not a floor
Redemption pays assets in kind, pro rata, minus rounding. Omitted assets are forfeited. Backing per token can fall as emission accrues or asset prices drop.
VIII
Administrative trust
The controller owner can change fees within bounds, add or kill strategies, redirect future revenue and replace the manager. The manager decides what future revenue buys.
IX
Tokenized-stock risk
Robinhood stock tokens are third-party instruments with their own issuer, legal and market risks. Holding them via WSM is not owning company shares.
X
Data & infrastructure
Indexers lag and RPC endpoints fail. A dashboard — including this site — can show stale data while the chain moves on.
XI
Keys & approvals
Whoever holds your seed phrase holds your tokens. Unlimited approvals persist until revoked. Nobody can reverse a signed transaction.
XII
Regulatory
Rules for crypto assets and tokenized securities differ by jurisdiction and can change. You are responsible for compliance where you live.

§11 · Section 11 of 12

Glossary

The Floor’s vocabulary, alphabetized.

Auction: A strategy’s Dutch auction, selling collected USDG for one asset at a falling price.
dETF: Decentralized ETF: a token with its own onchain treasury, grown by mining revenue, redeemable for its assets.
Effective supply: Total WSM supply plus emission the current miner has earned but not yet minted. The redemption denominator.
Emission (tps): New WSM per second earned by the miner, locked for each tenure.
Epoch: One auction period. A new epoch begins with every takeover or fill.
Genesis: The 2,000 WSM minted at launch: 1,000 to seed the pool, 1,000 to the creator.
Halving: Every 69 days the rate for new tenures halves, down to the 1 WSM/s tail.
Kill: Irreversibly stopping a strategy from receiving new revenue or signal.
Pull claim: USDG recorded for a beneficiary; anyone may trigger it, only the beneficiary receives it.
Signal: Weight placed on strategies that splits future revenue. Never rebalances existing holdings.
Signal manager: In manager-directed mode, the only wallet allowed to add signal.
Slot: The single mining position. Its holder earns the full emission.
Strategy: One asset the treasury pursues, represented by its own auction.
Takeover: Paying the current price to replace the miner and start a new tenure.
Tenure: One miner’s occupation of the slot, from takeover to replacement.
The Vault: The ownerless treasury (the Fund). Holds assets, pays redemptions, burns WSM it receives.
USDG: The six-decimal dollar token used for mining payments and strategy revenue.

§12 · Section 12 of 12

Contracts

Robinhood Chain · chain ID 4663. Names can be copied; addresses can’t. Verify before you sign.

Coin
$WSM token (ERC-20)
Explorer
Launchpad
GlazeCorp dETF factory
Explorer

Explorer: robinhoodchain.blockscout.com. The buttons below link to the official $WSM chart once the CA drops on @WSMCO_.