xBook

List names the desk can lend. Market AUM onto inventory that is already special. Time both around prints.

Issue candidates

Unlisted names the desk can actually mint

Market-book harvest

$10,345,000

Idle FPSL if each listed special held $25,000,000

Live prints

IRENx

T-2 to T+2. Peak locate. Harvest now.

In the print window

IRENx IREN

HPC/Bitcoin-miner crossover with a $4B short. Liquid. Fee is HTB, not a 40% special.

Net FPSL yield: 3.6%
Event harvest: $33,437
Annual on campaign: $905,000
Short % float: 27.8%

Issue

Tokenize these

Not on the xStocks shelf. Crypto-native demand plus a locate that pays. Listing is the inventory decision — minting is how you get the shares to lend.

Market

Push AUM here

Already listed. The yield is on the shelf and idle. Campaigns, homepage slots, and 24/5 earnings coverage turn existing tickers into FPSL P&L.

Hold

Gravity, not the rebate

Must-list mega and flow names. General-collateral economics. Keep them for trust; do not spend campaign budget to grow the lend.

Do not issue

Cannot custody, cannot size

Sub-scale float, sub-dollar, or no Kraken user. A 200% fee on a name you cannot MM or attest is a reputational risk, not a roadmap item.