The ten smallest US companies on the Nasdaq are worth $5.38M combined.
TENDER is a Meteora launchpad where every token is paired to one of them. Trading fees are collected on-chain by a single treasury, attributed to the paired company, and used by our fund to buy its common stock. The aim is a position large enough to matter — and, eventually, control of one.
A token graduates at 420 SOL of market cap. Stratum’s entire equity is valued at $258.4K.
The ten
| # | Company | Last | Day | Market cap | From 52W high | 5% stake | Tokens | Routed | Progress | |
|---|---|---|---|---|---|---|---|---|---|---|
| 01 |  SRTMStratum AI compute / GPU leasing | 0.1840 | -3.67% | $258.4K | -99.9945% | $12.9K | … | … | 0% of cap | → |
| 02 |  SMTKSmartKem Semiconductor materials | 0.3260 | -7.20% | $337.7K | -99.70% | $16.9K | … | … | 0% of cap | → |
| 03 |  RKDAArcadia Food & wellness ingredients | 0.1550 | -0.64% | $373.4K | -96.29% | $18.7K | … | … | 0% of cap | → |
| 04 |  PFSAProfusa Digital health / biosensors | 0.6184 | -5.01% | $374.5K | -99.96% | $18.7K | … | … | 0% of cap | → |
| 05 |  LABTLakewood-Amedex Clinical-stage antimicrobials | 0.1950 | +5.41% | $462.1K | -99.80% | $23.1K | … | … | 0% of cap | → |
| 06 |  WHLRWheeler REIT Grocery-anchored retail REIT | 0.6020 | -1.47% | $589.2K | -99.9998% | $29.5K | … | … | 0% of cap | → |
| 07 |  CDTCDT Equity Biopharma asset platform | 0.0670 | -4.29% | $624.6K | -99.9996% | $31.2K | … | … | 0% of cap | → |
| 08 |  DBGIDigital Brands Apparel brand portfolio | 0.7000 | +25.07% | $653.5K | -99.90% | $32.7K | … | … | 0% of cap | → |
| 09 |  MSSMaison Solutions Specialty grocery retail | 0.9896 | -2.02% | $846.4K | -97.25% | $42.3K | … | … | 0% of cap | → |
| 10 |  GNLNGreenlane Digital-asset treasury (BERA) | 1.24 | -8.15% | $861.2K | -95.56% | $43.1K | … | … | 0% of cap | → |
Progress = treasury fees attributed to the company, at the current SOL price, as a share of its market cap. Ticks mark 5%, 10% and 50.1%. 52-week highs are split-adjusted.
How a trade becomes a share
- 01Pair
A creator picks one of the ten. Each company has its own Meteora Dynamic Bonding Curve config key, so the pairing is written on-chain at creation and cannot be changed later.
- 02Trade
Every swap on the curve pays a fee — 5% at open, decaying to 1% over 5 minutes to blunt snipers. Meteora keeps 20%. The creator share is set to 0%.
- 03Graduate
At 420 SOL market cap the curve migrates to a Meteora DAMM v2 pool. 100% of the LP is permanently locked to the treasury, so fees keep flowing after graduation.
- 04Attribute
The treasury claims fees pool by pool. Each claim is logged against the config key it came from — i.e. against a company. Anyone can recompute the split from chain data.
- 05Deploy
Attributed balances are converted to USD and used by the fund to buy that company's common stock through its brokerage account. Positions are published as they cross reporting thresholds.
Per 100 SOL of curve volume at the steady-state 1% fee. Dynamic fees in volatile markets raise the total; the split stays the same.
The index token
The index token. It launches on the same curve as every other token here, under its own config key. Its fees are not attributed to a single company — they go to the treasury and are split across all ten.
Default policy is equal weight. When one company’s attributed position nears a reporting threshold, the index allocation can be concentrated into it to get there first. The objective is one control position, not ten small ones.
- SRTM10.0% · 0.000 SOL
- SMTK10.0% · 0.000 SOL
- RKDA10.0% · 0.000 SOL
- PFSA10.0% · 0.000 SOL
- LABT10.0% · 0.000 SOL
- DBGI10.0% · 0.000 SOL
- WHLR10.0% · 0.000 SOL
- CDT10.0% · 0.000 SOL
- MSS10.0% · 0.000 SOL
- GNLN10.0% · 0.000 SOL
The bottom is cheaper than the noise.
A memecoin can clear a million dollars of market cap in an afternoon. At the bottom of the Nasdaq, that buys a meaningful share of a company with employees, patents, stores or buildings.
Fees are a funding stream, not a narrative.
Trading fees are collected by the Meteora program itself and paid to one treasury. No promises of buybacks — the money exists on-chain the moment someone trades.
Influence is non-linear at this size.
At these market caps, a few percent of the stock makes you one of the largest holders. 5% requires a public filing. 10% makes you an insider. Above that, the board takes your calls.
One control position beats ten passive ones.
Fees are spread across the ten to build optionality, then concentrated. The end state is acquiring one company outright and operating it in public.
Curve specification
- Venue
- Meteora Dynamic Bonding Curve
- Quote asset
- SOL
- Supply
- 1,000,000,000 · 6 decimals
- Start market cap
- 30 SOL
- Graduation
- 420 SOL → DAMM v2
- Curve fee
- 5% → 1% over 300s, linear
- Dynamic fee
- On (volatility surcharge)
- Creator fee share
- 0%
- Post-graduation fee
- 1%
- LP after graduation
- 100% locked to treasury, permanently
- Metadata
- Immutable
What can go wrong
- DelistingSeveral of the ten trade below Nasdaq's $1 minimum bid. Expect reverse splits, compliance notices and, possibly, delisting.
- DilutionMicro-caps fund themselves by issuing stock. A position can shrink in percentage terms while its share count stays flat.
- Price impactStake costs are quoted at last print. Accumulating thinly traded stock moves the price; real costs will be higher.
- Securities lawCrossing 5% triggers SEC beneficial-ownership filings; control positions bring fiduciary and disclosure duties. All purchases run through a fund vehicle.
- Token ≠ shareTokens confer no ownership, vote or claim on any company or on treasury assets. Their value is set only by their market.