Sports Performance
Linked Token.
A non-transferable utility credential tied to platform performance. NAV resets each April; the Annual Differential is distributed to investors. FY1 result: +76.50%. Five-year term. Non-security per outside counsel.
A digital credential that gives you a share of the platform's performance. Your value moves with platform NAV — currently above the FY2 $1.00 base set at the April 1, 2026 reset. See the Status page for live figures. You can't transfer or sell it; you cash in directly with the Company at NAV during annual reset windows. Five-year hold.
FY2 · As of Apr 24, 2026$1.0352
One complete fiscal year.
+76.50% 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 investors in cash or additional SPLT tranche.
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 investors 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 providing qualified investors with pooled access to BettorToken's analytical platform activity at state-licensed U.S. sportsbooks. 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 investors a stake in the platform's pooled activity at licensed U.S. sportsbooks. Outside counsel has issued a formal Legal Opinion confirming 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, investors 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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Performance can decline. SPLT is performance-linked. The Annual Differential could be flat or negative in any given fiscal year. NAV can fall below your subscription price. The +76.50% FY1 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.
If FY1 had been your year.
Move the slider. The math runs against the actual FY1 NAV path — Apr 2025 → Apr 2026, $1.0000 → $1.7650. Hypothetical only. Not a forecast. Not investment advice. Not a guarantee that future fiscal years will resemble FY1 — they almost certainly won't.
Important. This calculator displays a hypothetical outcome for an investor who allocated to SPLT at the start of fiscal year 1 (April 2025) and held through reset (April 2026). It uses the actual measured Annual Differential of +76.50%. Future fiscal years could close at any number, including substantially negative. S&P 500 comparison value is illustrative and approximate; 10-Year Treasury comparison reflects approximate annualized yield. 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 investors 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 +76.50%. Future fiscal years could close flat, negative, or substantially negative. The Annual Differential is a measured outcome, not a target. Investors 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 investors under an NDA.