Inventory finance for the first manufacturing run of a smartphone with BRC-100 support built into the operating system, secured on the stock and on confirmed distributor orders.
A wallet that lives in an app is a wallet the operating system can interrupt. BSVPhone is a custom Android build where the phone itself understands BRC-100 applications as stateful tokens with computing logic, rather than treating them as isolated wallets or dApps bolted on top. Every Metanet app on the device shares one cryptographic identity, one state model and one set of operations. Your identity is a key pair on BSV, not a username on somebody else's server.
The specifics are unusually concrete for a device at this stage. Two operating modes: Self-Custody, with local key management and SQLite storage so keys and data never leave the handset, and Remote Storage, which integrates with a Wallet Authentication Backend for sync across devices. A BRC-100 interface served over HTTPS on port 2121, so a desktop application can borrow the phone's signing capability and an IoT device can request a payment. BRC-64 and BRC-65 identity certificates, BRC-29 payment flows with invoicing and proof of payment, and BRC-101 governance handled as a system service rather than re-implemented in every app. Content addressed through the Universal Hash Resolution Protocol, so a file can be fetched from any of several hosts advertising it rather than from one URL that can disappear.
BitStarter has run two developer batches and is now financing the first manufacturing run. Distributors in five countries hold confirmed orders covering 62% of the units before a single board is assembled. This loan buys components, tooling and the certification for the two new markets in the order book, and is repaid quarterly as the run sells through.
Confirmed distributor orders across five countries cover nearly two-thirds of the run before assembly starts.
BRC-100 as a system service rather than an app: one identity across every Metanet application on the device, with overlay services controlling what each can spend and reach.
A first charge over physical stock in a bonded warehouse, with the distributor orders assigned on top.
Component orders placeddone
Bill of materials committed.
Feb 3, 2026
Firmware certifieddone
Clean first submission.
May 9, 2026
First 1,500 assembleddone
Boxed and bonded.
Aug 14, 2026
Run complete
Full run assembled.
Dec 15, 2026
Sell-through
Run cleared to distributors.
Jun 1, 2027
Marguerite Okonjo
Independent reviewerFormer workout and restructuring lead at a European mid-market lender; 14 years.
Grade
Textbook inventory finance with an unusually specific technical plan behind it. The lowest-risk loan on the platform and priced as such.
This is what secured lending is supposed to look like and it is worth saying plainly, because most of what crosses this platform is a charge over software. Here the money buys components that become units that sit in a bonded warehouse under a first charge, and 62% of them are spoken for by distributors whose orders are assigned to lenders.
The technical plan is more specific than I usually see at this stage, which matters for a reason that is not obvious: a vague roadmap is a roadmap that can absorb an unlimited amount of money. This one names the standards it implements, the port the interface listens on, and what happens in each of four development phases. That is a plan somebody can be held to, and the milestone schedule in the listing is the one I would enforce against.
The re-quote exposure on the back half of the bill of materials is the one live commercial risk. On my numbers a 15% component increase compresses margin without threatening the coupon; a 30% increase would need a conversation.
The risk I have graded hardest is the operating system. Shipping a custom Android build commits this company to security patching for as long as the handset is in somebody's pocket, and that obligation outlives the loan. It does not threaten repayment inside eighteen months. It is why I would not extend this to three years without seeing a maintenance line in the accounts.
Posted Jan 8, 2026
| # | Due | Principal | Interest | Total | Status | Transaction |
|---|---|---|---|---|---|---|
| 1 | May 1, 2026 | 15,120 MNEE | 1,701 MNEE | 16,821 MNEE | Paid |
BitStarter Devices B.V. · Consumer hardware · Eindhoven, Netherlands · founded 2023
BSVPhone is a blockchain-ready handset: a stock Android base with the wallet, the identity key store and the payment rail built into the system image rather than bolted on as an app. Two production runs shipped; the third is what this loan funds.
Joost van Alphen
Founder
Marieke de Vos
Operations
The bill of materials was fixed at origination on a six-month supplier quote. Two quarters of the run are exposed to a re-quote.
Two of the five distributor markets need regulatory approval that has not been granted. Those orders are conditional and are excluded from the 62% figure.
Shipping a modified Android build means owning security patching for the life of the device. It is the largest recurring cost in the plan and it does not stop when the run sells out.
There is one product. A design fault in this run would be the whole business, not a line of it.
Collateral coverage
2.14×
$129,700 of security against $60,480 still outstanding. The line is one times.
How it was marked. Run stock at 65% of trade price, held in a bonded warehouse the charge names. Confirmed distributor orders at 85%. Marked Jan 13, 2026 by Marguerite Okonjo.
A mark on a date, not a valuation and not a promise. Nothing here can be sold at 3am: enforcing a charge over stock or receivables takes months, costs money, and recovers less than the figure above.
A missed instalment moves the loan to late. If it is not cured or restructured by the next due date it moves to default and arbitration opens automatically. Every lender with a position can read the case file, add evidence and vote on the recovery route, weighted by principal.
How arbitration worksFirst 1,500 are bonded and the first two distributors collect on the 3rd and the 8th. Those are firm orders, already assigned to this loan, so the September instalment is covered before the run is even complete.
Assembly started in June and the first 1,500 are boxed and bonded. The firmware certification came back clean on the first submission, which we did not expect. The BRC-100 interface on port 2121 has been running against two external desktop clients through the whole QA cycle without a restart.
2,400 BSV, 233 lenders, nine days. Component orders went out the same afternoon.
Some updates on this loan are visible only to lenders holding a position. They are withheld on the server, not hidden in your browser.
What the borrower answered before the listing went up, and everything asked since. Anyone can read this; anyone with a wallet connected can ask.
Every live loan has a room where lenders and the borrower talk. Anyone can read it; anyone holding a position can post. The thread above is the public one and stays public.
Open lender chatAnd 229 more. This build models a handful of lenders as people with profiles and carries the rest as a count, so the list above is a subset of the book rather than all of it.
Every lend and every repayment on this loan.
| Who | What | Amount | When | Transaction |
|---|---|---|---|---|
| @joost | Instalment 2 of 6 | 17,698 MNEE | 28d ago | 49441c…b623 |
#1 May 1, 2026 15,120 MNEE principal 1,701 MNEE Paid |
| 2 | Aug 1, 2026 | 15,120 MNEE | 1,418 MNEE | 16,538 MNEE | Paid | d3e2f9…4a3c |
#2 Aug 1, 2026 15,120 MNEE principal 1,418 MNEE Paid | ||||||
| 3 | Nov 1, 2026 | 15,120 MNEE | 1,134 MNEE | 16,254 MNEE | Scheduled | – |
#3 Nov 1, 2026 15,120 MNEE principal 1,134 MNEE Scheduled | ||||||
| 4 | Feb 1, 2027 | 15,120 MNEE | 850.50 MNEE | 15,970 MNEE | Scheduled | – |
#4 Feb 1, 2027 15,120 MNEE principal 850.50 MNEE Scheduled | ||||||
| 5 | May 1, 2027 | 15,120 MNEE | 567.00 MNEE | 15,687 MNEE | Scheduled | – |
#5 May 1, 2027 15,120 MNEE principal 567.00 MNEE Scheduled | ||||||
| 6 | Aug 1, 2027 | 15,120 MNEE | 283.50 MNEE | 15,403 MNEE | Scheduled | – |
#6 Aug 1, 2027 15,120 MNEE principal 283.50 MNEE Scheduled | ||||||
Principal is repaid in MNEE; the coupon is paid in MNEE, which is the same token, so an instalment has a single total. Every settled instalment carries the transaction that paid it.
