What you own

You do not own a GPU you could pick up. You own a share of a company that owns the machines, and that share entitles you to their rent and, in the end, to what they sell for. This page traces that chain one link at a time.

From your wallet to the rack#

1. You hold shares. When you buy into a sled, a rack or the pool, the Subscription contract on Ethereum records your shares against your wallet address. They are not a separate asset in your wallet: they cannot be sent, listed or traded, and only you see and manage them, in your dashboard.
2. The pool is a company. CR Machines SPV I Ltd. is a special purpose vehicle registered in Jersey. It was set up only to own the machines. It holds the sleds, the maintenance reserve and the USDC waiting to be paid out, and nothing else.
3. The company owns the machines. Each sled is bought by the SPV, installed at a named site and entered in the Registry contract with its serial numbers, site, rack and slot. If a machine is not in the Registry, it is not in the pool.
4. A custodian holds them. Each site's custodian keeps the machines under a custody agreement with the SPV. The custodian runs and repairs them. It cannot sell or move them, and if the custodian fails, the machines are still the SPV's property, not its creditors'.
5. CoresRent Labs runs it. CoresRent Labs Ltd., registered in England and Wales, sources the machines, signs rental contracts with tenants on the SPV's behalf, and runs the contracts and dashboard. It is paid the 8% fee on gross rent and nothing else.

The Subscription contract is the one address that matters most. It holds your balance and your shares. Check it before you deposit:

Three ways in#

You choose how concentrated your share is. The rent and fees work the same way in all three. What changes is how many machines stand behind your money.

Sled and rack shares are tied to specific machines and earn only those machines' rent. Pool shares earn from every sled in the fleet. All three are recorded the same way, by the Subscription contract against your wallet, and paid by the same Distributor. Each machine has a fixed number of shares. When they are all owned, the dashboard shows the machine as fully owned. New machines are added over time and open for purchase once they are installed and renting. Whichever way you came in, you get your capital back the same way: through the monthly redemption window.

What a share gives you#

• Your pro rata share of net rent, credited to your dashboard balance in USDC daily at 00:00 UTC. It is your money, and you can withdraw it to your wallet at any time. See Where the rent goes.
• Redemption at NAV in the monthly window, less a 0.5% fee that stays in the pool. See Depositing and redeeming.
• Your share of resale proceeds when a machine is retired and sold, usually in its fourth or fifth year, plus whatever is left in its maintenance reserve.
• The right to check everything. Every machine, every hour and every payout is public. You never have to take our word for a number.

What it does not give you#

• No right to take delivery of a GPU, visit the rack or choose the tenants.
• No way to pass your shares to someone else. They stay with the wallet that bought them until they are redeemed.
• No guaranteed rent, rate or return. Idle hours earn nothing.
• No say in day-to-day running of the SPV. Holders of 10% or more of a machine's shares can call a vote to replace its custodian, and every holder votes before any machine is sold ahead of its fourth year.
• It is not a bank deposit and is not covered by any deposit guarantee scheme.

How NAV is worked out#

Net asset value is what a machine or the pool owns, less what it owes, divided by its number of shares. Every sled, every rack and the pool has its own NAV per share. It is published with every daily settlement and is the price at which shares are issued and redeemed.

On a single day NAV per share moves with depreciation, the reserve balance and any write-down, for example a machine that failed and could not be repaired. The daily figure is on the dashboard and in the Settled event of the Distributor contract.