Sports Performance
Linked Token.
A non-transferable utility credential granting access to the BettorToken platform and software. Amounts paid become general funds of the Company, which has sole discretion over their use. Credential value is determined by the Company and reflects its overall business. NAV resets each April. FY1 result: positive. Five-year term. Non-security per outside counsel.
A digital credential that gives you access to the BettorToken platform and software. What you pay becomes the Company's money, and the Company decides how to use it. The Company sets the credential's value, which moves with how the overall business does, not with any single trade, model, or event. You are not betting on anything and you do not own a share of anything. You can't transfer or sell it; you redeem directly with the Company at the value it sets during annual reset windows. Five-year hold.
FY2 · As of Apr 24, 2026$1.0352
CHUNKER is the analytical engine at the core of the BettorToken platform, originally built as a B2B sports-analytics product. Credential value is determined by the Company and reflects its overall business, not the results of any single model. The story →
One complete fiscal year.
Closed above base at reset.
SPLT commenced live operations in April 2025. NAV is calculated daily and published against the platform of record. The BettorToken fiscal year ends March 31; NAV resets to $1.00 Base on the first business day of April each year with the Annual Differential distributed to holders in cash or additional SPLT tranche.
How NAV is determined. Net asset value is the price at which the Company currently values the SPLT credential. It is the Company's own valuation, not a market price, and is not set by any exchange or independent pricing service. NAV reflects the overall success or failure of the project and of Company activities as a whole, including operations, treasury and digital-asset positions, intellectual property, contractual and litigation matters, expenses, capital structure, and regulatory developments. It is not directly tied to the performance of any individual model, strategy, trade, account, or venue. NAV may change at any time and may fluctuate expansively in either direction, for many reasons, for reasons not disclosed, or for no articulable reason at all. The Company does not warrant or represent that NAV will appreciate or be maintained at any level, and participants may lose some or all of the amount contributed. There is no secondary market for SPLT and none is expected to develop; the credential is non-transferable except as expressly permitted by the definitive documentation.
Disclosure note. FY1 results reflect live operations on the platform from April 2025 through the annual reset on April 1, 2026. Historical NAV data does not guarantee or forecast future performance. FY1 results were produced under the platform's earlier execution approach; BettorToken's go-forward model is executed through corporate accounts at regulated U.S. prediction-market venues, and prior results are not necessarily indicative of results under the current model. Corrected July 2026: an earlier FY1 NAV print contained a digit transposition and was restated. Exact figures are no longer published on this website. These offerings involve substantial risk, including the risk of total loss of committed capital. Specific holdings and intra-period positions are disclosed to accredited individuals and institutions under an NDA.
What SPLT is not.
SPLT is a software access credential. It is not a wager. It is not a stake in any wager, a share of any wagering or gaming outcome, an interest in any gaming account or position, or a contract whose value settles against the result of any sporting event or contest.
Holding SPLT does not make you a participant in gaming. Holders do not place wagers, do not fund wagers, do not direct, select, or influence any wager, market, event, or trade, and acquire no right to any wager, position, account, or the proceeds of any of them. No holder has any claim on the outcome of any sporting event.
BettorToken is not a gaming operator. The Company is not a sportsbook, casino, betting exchange, or licensed gaming entity. It does not accept wagers from the public, does not offer gaming to any person, does not operate a gaming facility or platform, and does not hold itself out as licensed to do so in any jurisdiction.
Credential value is not settled against sporting outcomes. Value is determined by the Company and reflects the Company's overall business. It is not calculated from, indexed to, or settled against the outcome of any event, wager, or gaming activity, and it is not a payout.
The Company's own activity is its own. Amounts paid for credentials become general funds of the Company. As disclosed above, the Company may in its sole discretion apply those funds to activities that include sports wagering and casino gaming. Any such activity is conducted by the Company for its own account, with its own funds, at its own risk, and in its own name or that of its principals. It is not conducted on behalf of, for the benefit of, or as agent for any holder, and no holder shares in the result of any particular wager or gaming transaction.
Understand the mechanism.
Not a projection.
Model a prospective SPLT allocation against current Base NAV. This tool illustrates how the credential structure works at purchase. It does not project future NAV movement, forecast returns, or constitute investment advice.
Why SPLT is not a security.
SPLT's non-security classification rests on structural features that prevent the credential from satisfying all four prongs of the Howey test. Click each prong to review the analysis prepared by outside counsel.
Does the transaction involve an investment of money?
Howey requires the "investment of money" prong to be satisfied when capital or other valuable consideration is exchanged for the instrument in question.
Qualified parties commit USD in exchange for SPLT credentials. This prong is satisfied by the capital commitment itself, irrespective of what the credential represents. We do not contest this prong.
A non-transferable utility credential — not a security, commodity, or fund interest.
A digital credential — not a stock, fund, or cryptocurrency.
SPLT is a utility credential granting access to the BettorToken platform and software. Amounts paid for credentials become general funds of the Company upon receipt, and the Company has sole discretion over their use. BettorToken's go-forward sports-market strategy is conducted through prediction-market venues and does not use consumer sportsbook accounts. It is structured and operated as a non-security utility credential, supported by an independent Legal Opinion from outside counsel analyzing the SPLT under the four-prong framework established in SEC v. W.J. Howey Co. (1946) and its progeny.
SPLT gives qualified parties access to the BettorToken platform and software. Amounts paid become general funds of the Company, which has sole discretion over their use, and the Company sets the credential's value by reference to its overall business. Outside counsel has issued a formal Legal Opinion concluding that SPLT does not meet the legal definition of a security under U.S. law. It cannot be traded, transferred, or sold to other parties — you redeem it directly with the Company.
Non-security utility credential
The SPLT is structured as a non-transferable utility credential. Non-security classification is supported by a Legal Opinion from outside counsel. The Company does not rely on a securities registration exemption for the SPLT.
Daily NAV · Annual reset
NAV is calculated daily following close of U.S. sports-market activity. On April 1 each year (end of fiscal year March 31), NAV resets to $1.00 and the Annual Differential is distributed — either in cash (USD wire) or in additional SPLT tranche at counterparty election.
Private permissioned XDC
SPLT is recorded on a private, permissioned deployment of the XDC Network ledger. Administrative recordkeeping only — the Company's backend accounting system remains the source of truth, reconciled to the ledger continuously.
Post-term NAV redemption
Following the five-year lock-up, participants submit a Redemption Request through the Platform. Redemptions are settled at prevailing NAV in USD — redeemable only against the Company, not in a secondary market.
Honest risk disclosure for SPLT.
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Value can decline. Credential value is set by the Company and reflects its overall business, which may deteriorate. The Annual Differential could be flat or negative in any given fiscal year. NAV can fall below your subscription price. The first-year result does not predict any future result.
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Five-year lock-up. SPLT cannot be transferred or sold to other parties. Redemption is at NAV through the Company during annual reset windows, subject to the five-year holding period. You should treat this as illiquid capital for the full term.
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Legal classification could be challenged. SPLT is structured as a non-security utility credential supported by a Legal Opinion from outside counsel. While well-supported, regulatory positions can evolve. A future reclassification could materially affect the instrument's structure or your ability to hold it.
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Platform-specific risk. SPLT performance depends entirely on BettorToken's analytical platform and operating execution. If the platform underperforms, fails, or shuts down, you could lose substantial value or your full subscription.
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Substantial risk of total loss applies. SPLT is suitable only for allocators who can afford to lose their full commitment without affecting their financial position or obligations.
Full risk factors are set forth in the SPLT White Paper, Token Purchase Agreement, and Risk Disclosure. Allocators should review with legal, tax, and financial advisors.
Terms summary.
Definitive terms in offering documents.
How participation works.
KYC / AML Verification
Complete KYC/AML verification via Plaid. Execute NDA. Receive full SPLT diligence package including White Paper, Legal Opinion, and Token Purchase Agreement.
Diligence Package Review
Review the Platform Overview, White Paper, Legal Opinion, Risk Disclosure, and Token Purchase Agreement. Substantive diligence conversation with Company leadership.
Execute & Fund
Execute the Token Purchase Agreement via DocuSign. Fund subscription via wire transfer to the issuer.
SPLT Issued
SPLT issued at current NAV. Daily NAV updates tracked via Platform interface. Custodial XDC wallet created automatically via MagicLink.
April 1
Each April 1 (end of the BettorToken fiscal year on March 31), NAV resets to $1.00. Annual Differential distributed per your election — cash (USD wire) or additional SPLT tranche. IRS Form 1099 issued for realized differentials.
Post-Lock-Up Exit
Following the five-year lock-up, submit a Redemption Request through the Platform. Settled at prevailing NAV in USD against the Company.
How SPLT issuance and the Annual Differential worked in FY1.
Move the slider to see how SPLT credentials are issued at Base NAV and how the Annual Differential is applied at the April reset. The math runs against the actual FY1 NAV path — Apr 2025 → Apr 2026, $1.0000 → Positive.
This tool illustrates how SPLT works. It is not a return projection. FY1 is one fiscal year; future fiscal years could close at any number, including substantially negative.
The mechanism reference below shows the credential issuance ratio at Base NAV, the actual FY1 NAV path including the July 2025 drawdown, and the Annual Differential applied at the April 2026 reset. It uses the actual measured FY1 result of positive. Past performance does not predict future results. Calculator is provided for educational purposes only and does not constitute investment advice, a forecast, or an offer of any security. Subscriptions are made only pursuant to definitive offering documents delivered to verified accredited individuals and institutions under NDA.
What could go wrong with SPLT.
SPLT is a participation credential — its NAV moves with platform performance, both up and down. The FY1 result is real and measured, but it is one year. Below is what we'd want to know if we were buying.
NAV can decline materially
FY1 closed positive. Future fiscal years could close flat, negative, or substantially negative. The Annual Differential is a measured outcome, not a target. Participants should size the position assuming losses are possible and meaningful.
Five-year hold means five years
Redemption windows are at annual reset only, with terms set in the offering documents. There is no secondary market. If you need the capital before the term expires, you don't have it.
Methodology risk
The discipline that produced FY1's results — the rejection of 99.7% of opportunities — is a process, not a guarantee. If our analytical edge degrades, the inputs change, or competitive structures emerge that compress edge, performance reverts.
Legal classification risk
SPLT is structured as a non-security utility credential supported by an outside legal opinion. The opinion is not a no-action letter. If the SEC or another regulator reaches a different conclusion, the structure could be required to change in ways that affect existing holders.
Operational and counterparty risk
Custodial wallets, ledger infrastructure, banking partners, and KYC providers all introduce counterparty exposure. We've selected vendors with that in mind, but no system is failure-proof.
Total loss is possible
In a stress scenario — material methodology failure compounded with regulatory action or counterparty failure — recovery could be limited or zero. This is true of every private credit and event-linked instrument; we'd rather you know that going in.
Past performance does not predict future results. The full risk disclosures live in the Platform Overview and Institutional Participation Framework, available under NDA in the data room.
Qualify to receive the SPLT diligence package.
The SPLT White Paper and Legal Opinion are provided only to accredited individuals and institutions under an NDA.