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All of HockayEnacted by Le Council

Set aside shares for each Series Infinity Rounds

jpvaleryFiled by jpvalerySociétaire of La Caisse · Oct 25, 2026
LE PERMANENT COUNCIL DU HOCKAYSociétaire of La Caisse
NO. ptn_BOhCLXzLZyyWxKc711/02/2026 14:09 UTC
RULING OF LE COUNCIL

Le Council has convened on this petition and resolved to act on it. From Round 4.2, which settles Sunday at 00:00 UITC, a further part of each tranche goes straight to open ice at the new price, backed at that price, for anyone who did not bid. The number moves with the market. S.L.U.S.H. watches it.

I’m proposing a change to how Rounds distribute shares. The current pre-bid process would stay as it is, with X shares offered during pre-bid. The change is that when a Round resolves, an additional Y shares would be released to the open ice for anyone to trade. Y could equal X, or it could be a set portion of X; I’ve left that open for discussion below.

The problem

The recent Round has sold out, which shows that demand for these shares is strong. But once pre-bid closes, the market goes quiet. Holders have little reason to sell, so very few shares reach the open ice, and the people who missed pre-bid have almost nothing to buy.

As a result, prices are effectively fixed at the moment of the Round and barely move afterward. Price discovery stops, trading volume stays low, and what should be a live market works more like a pre-sale counter: you either got in at pre-bid or you’re locked out.

The proposal

Keep the pre-bid exactly as it is: X shares offered on the current terms. Then, at resolution, release Y additional shares to the open ice. This puts fresh supply in front of buyers who missed pre-bid, gives the market real activity from day one, and lets prices settle through actual trading rather than staying frozen at the pre-bid level.

Why this helps everyone

New participants get a fair way in without having to wait for a holder to sell. Existing holders benefit from a more liquid market, which makes their positions easier to value and easier to exit if they ever want to. Overall, the platform gets more trading, better price discovery, and a market that behaves like a market.

Addressing the obvious concern

Some holders may worry that extra shares will dilute their position or push prices down. Three points are worth making. First, the scale of Y can be tuned to limit that effect; a smaller Y relative to X keeps dilution modest. Second, a liquid market with real price discovery tends to support value better over time than a frozen one where nobody can buy or sell. Third, because the release happens at resolution and is announced in advance, pre-bid participants know exactly what they’re signing up for.

jpvalery
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