staring at the thBILL dashboard kinda shows what @Theo_Network is optimizing for.

NAV/share at 1.0403 is the whole point of a non-rebasing wrapper.

price inches up as the short-duration book accrues. it’s boring in the best way cuz that yield doesn’t need you to babysit positions.

TVL is ~$166.6M, but look at the composition.

~70.9% of the fund is already parked in the money market sleeve (ULTRA) at $118.2M. cash is only ~1.2%.

that pending chunk is fat. almost $46M sitting in tULTRA.

→ demand is still flowing through the rails, just not all of it has fully settled into the underlying sleeve yet.

so even if the 90d TVL chart looks a bit choppy on the surface, the plumbing looks healthy:

– most capital is already working
– very little is chilling in cash
– a chunky amount is mid-flight through the issuance/settlement process

now I’m curious what this looks like once more lending rails flip on and that pending bucket starts cycling faster.