RepayingMiami, FloridaBorrower approvedListed Apr 24, 2026
Twetch Arcade: prize float and two new titles
Capital for the satoshi prize pool and the next two games in a thirteen-title free-to-play arcade that pays out daily.
Capital for the satoshi prize pool and the next two games in a thirteen-title free-to-play arcade that pays out daily.
Twetch Arcade is thirteen free-to-play games behind one leaderboard. No signup, no wallet, no download gate: you play, and if you climb the boards you are paid in satoshis. Twetch Wrld, Arson: Last Camp, Trophy Bass Hunter, Farm Syndicate Autobattler, Yeet the Street. There is a five-dollar daily prize wheel with twelve entries that resets on a clock, and a live public counter of sats paid out, which is unusual enough in this category to be the marketing.
The economics are the interesting part. A free-to-play arcade that pays real money needs a float: the prize pool has to be funded before the advertising and sponsorship revenue that covers it arrives, and the gap widens every time a title lands well. Growth is the thing that strains the balance sheet.
This loan funds the float and the next two titles. It is repaid quarterly from ad and sponsorship revenue, with the float itself held in a segregated account that lenders have a charge over.
A real catalogue rather than one hit, with the leaderboard spreading engagement across all of it.
The live payout tracker means the prize economics can be audited by anyone, including lenders.
Prize money sits in its own account under a first charge, so it cannot be spent on operations.
Float segregateddone
Charge registered over the prize account.
Jun 4, 2026
Title 14 soft launchdone
Three markets, 41% D1 retention.
Aug 18, 2026
Title 15 launch
Second funded title ships.
Jan 20, 2027
Loan matures
Eighth quarterly instalment.
Jun 1, 2028
Marguerite Okonjo
Independent reviewerFormer workout and restructuring lead at a European mid-market lender; 14 years.
Grade
A real business with real revenue and a segregated, charged float. Marked down for regulatory ambiguity that no amount of good operating will resolve.
The float structure is the reason this is lendable. Prize money in a segregated account under a first charge means the thing lenders can reach is not entangled with operating cash, which in a games company is the difference between a recovery and a queue.
Thirteen titles is a genuine catalogue. Revenue is not concentrated in one game, and the leaderboard is doing what it is supposed to: moving players across titles so a weak launch does not cost a quarter.
The part I cannot solve is regulatory. Free-to-play with real-money prizes is treated as a sweepstake in some states, as a game of skill in others, and as something needing a licence in a couple. The company operates carefully and takes advice. That does not make the ambiguity go away, and a single adverse determination in a large state would change the credit overnight. B, at 11.50%, and lenders should size it knowing that.
Posted Apr 24, 2026
| # | Due | Principal | Interest | Status | Transaction |
|---|---|---|---|---|---|
| 1 | Sep 1, 2026 | 256 BSV | 2,525 MNEE | Paid | 2e473e…dba3 |
Twetch Arcade Inc. · Games · Miami, Florida · founded 2024
Thirteen free-to-play mobile games behind one leaderboard, with the prize pot paid in satoshis and no signup or wallet needed to start. Daily prizes, milestone rewards and streak bonuses; the payout tracker on the site is live and public.
Marcus Bailey
Studio head
Aiko Tanaka
Live ops
Multi-accounting and score manipulation are a permanent operating cost, not a solved problem.
Mobile ad rates move with the wider ad market and have no floor.
Free-to-play with real-money prizes sits close to lines that are drawn differently in different states.
Collateral coverage
3.41×
$101,900 of security against $29,857 still outstanding. The line is one times.
How it was marked. Segregated float at par, since it is cash in a named account. Sponsorship contracts at 60%, both being terminable on 90 days. Marked Apr 28, 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.
This loan is drawn in BSV. Move the price.
Twetch Arcade owes BSV and earns in ordinary money. You hold a claim on BSV and think in dollars. The same move helps one of you and hurts the other.
unchanged from today
the schedule as written
The coupon is not on either side of this: it was fixed in dollars at drawdown and a move in the price does not touch it. Arithmetic on a figure you chose, not a forecast.
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 worksMulti-accounting is a permanent operating cost in a prize-pool game and pretending otherwise would be dishonest. Eleven hundred accounts removed, roughly 0.4% of the pool recovered. The number that matters is that it is flat quarter on quarter rather than growing.
First of the two new titles went to soft launch in three markets last week. Day-one retention is 41%, which is comfortably above our bar of 34%. The second title is in production and tracking to a January launch.
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 261 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 |
|---|---|---|---|---|
| @marcus.b | Instalment 1 of 8 | 330 BSV | just now | 4c4421…faa1 |
#1 Sep 1, 2026 256 BSV principal 2,525 MNEE Paid |
| 2 | Dec 1, 2026 | 256 BSV | 2,210 MNEE | Scheduled | – |
#2 Dec 1, 2026 256 BSV principal 2,210 MNEE Scheduled | |||||
| 3 | Mar 1, 2027 | 256 BSV | 1,894 MNEE | Scheduled | – |
#3 Mar 1, 2027 256 BSV principal 1,894 MNEE Scheduled | |||||
| 4 | Jun 1, 2027 | 256 BSV | 1,578 MNEE | Scheduled | – |
#4 Jun 1, 2027 256 BSV principal 1,578 MNEE Scheduled | |||||
| 5 | Sep 1, 2027 | 256 BSV | 1,263 MNEE | Scheduled | – |
#5 Sep 1, 2027 256 BSV principal 1,263 MNEE Scheduled | |||||
| 6 | Dec 1, 2027 | 256 BSV | 947.05 MNEE | Scheduled | – |
#6 Dec 1, 2027 256 BSV principal 947.05 MNEE Scheduled | |||||
| 7 | Mar 1, 2028 | 256 BSV | 631.37 MNEE | Scheduled | – |
#7 Mar 1, 2028 256 BSV principal 631.37 MNEE Scheduled | |||||
| 8 | Jun 1, 2028 | 256 BSV | 315.68 MNEE | Scheduled | – |
#8 Jun 1, 2028 256 BSV principal 315.68 MNEE Scheduled | |||||
Principal is repaid in BSV; the coupon is paid in MNEE, so an instalment has two amounts in two units and no meaningful sum. Every settled instalment carries the transaction that paid it.
