Run the recursion.

Choose your assumptions. Watch a hypothetical treasury do what treasuries do. The losing scenarios are one click away, because they are the common ones.

Starting capital$25,000Monthly creator-fee revenue$9,000Fee trend per month+2%Treasury allocation to equity60%Stock performance (annual)+18%Volatility (annual)22%Monthly operating expenses$2,500Horizon36 months

NET TREASURY EQUITY SLEEVE CUMULATIVE EXPENSES P10–P90 RANGESIMULATED

FINAL NET TREASURY

$482,475

VS. STARTING CAPITAL

+1829.9%

TOTAL FEES RECEIVED

$467,949

TOTAL EXPENSES

$90,000

> TREASURY SOLVENT ACROSS THE HORIZON (IN THE MEDIAN-FREE, VOLATILITY-FREE LINE).
> 0% OF 240 RANDOM PATHS END BELOW STARTING CAPITAL.

Model: each month, fee revenue is split between cash and an equity sleeve by your allocation; the sleeve compounds at your return assumption with normally distributed monthly shocks; expenses are paid from cash, then from equity. Fees do not exist unless people trade. Returns can be negative. Nothing here describes the actual protocol treasury, its holdings, or any right of $PNZM holders.

ALIGNING…