Illustrative deliverable · actual memo structure

Sample Decision Evidence Memo

This page shows the format of the handoff-ready memo delivered in the 72-hour engagement. It is not a client report and does not recommend a provider. The facts below are drawn from public filings and are used only to demonstrate how target economics, comparable logic, currentness and realized outcomes are separated.

ILLUSTRATIVE TARGETPUBLIC SOURCES ONLYNO LEGAL OPINION

Decision question

How should a public-company DAT provider defend a proposed recurring management/advisory fee when public agreements with similar headline percentages use different roles, denominators, payment media, terms and exit structures?

Decision date: illustrative current review. Scope: one agreement family, same-role or clearly labeled role-distinct controls, realized/current-period evidence where public.

1. Executive finding

Headline percentage is not a reliable market-rate shortcut. Public DAT agreements show that the same provider — and sometimes the same percentage — can sit inside materially different economic stacks. A defensible record should separate provider role, denominator, payment medium, term, exit, equity consideration and later currentness before any fee comparison is used in a Board, finance, procurement or counsel review.

2. Comparable logic

Included controls

Same-provider cross-client records, same-role discretionary manager agreements, current-period fee recognition and realized provider exits.

Not forced into the peer set

Custody-only providers, staking-only vendors, financing consultants and strategic advisers whose authority or denominator is not comparable to the target. If fewer clean peers exist, the memo says so.

3. Economics / lifecycle matrix

Control	Role / denominator	Economics	Lifecycle / currentness	Use in decision record
Hivemind — AVAX One	Discretionary manager; Account Size	1.25% annual headline rate; later filing reported about $1.0M of H1 2026 fees incurred and paid in full	10-year initial term; active current-period fee recognition	Same provider / same headline rate can still differ materially from advisory economics
Hivemind — Upexi	Non-discretionary adviser; issuer market capitalization	1.25% annualized, scheduled quarterly in shares; ownership cap / cash substitution mechanics	3-year adviser term; role-distinct from AVAX One	Denominator + role + payment medium must be normalized before comparison
GSR — Lite Strategy	Discretionary LTC manager; asset-based	1.75% recurring fee settled through shares / pre-funded warrants plus separate GSR warrants	10-year exclusive mandate; remaining-term exit formula	Shows dilution / exclusivity / exit effects hidden by the headline rate
GSR — former Upexi	Discretionary manager; AUM	1.75% headline rate with different payment and warrant mechanics	20-year structure; later termination and arbitration	Same provider + same rate can produce different lock-in and realized outcome
SharpLink — Galaxy	External discretionary ETH manager	Tiered 0.25%–1.25% asset-based fee; $1.25M annual minimum	Sharplink internalized most treasury management; AMA terminated without termination fee; Galaxy later returned in a narrower $125M onchain-yield fund structure	Lifecycle control: external mandate → internalization → clean exit → narrower re-entry

4. Non-comparability notes

Hivemind AVAX One vs Upexi: same headline rate does not make the mandates same-role peers.
GSR Lite vs former Upexi: same headline rate does not equal same dilution, duration, exclusivity or exit exposure.
Galaxy SharpLink lifecycle: later re-entry under a fund structure should not be treated as continuation of the terminated AMA.
Provider identity alone is insufficient: each agreement family and later amendment / replacement vehicle is versioned separately.

5. What changed after signing

Currentness is part of the economics. The memo links original agreement language to later accruals, payments, waivers, amendments, disputes, terminations, internalization or provider re-entry. A signed fee schedule is not treated as proof that the same economics remained operative or were actually paid.

6. Source ledger — sample

7. Handoff boundary

The paid memo states what the public record supports, what it does not support, where the peer set is role-distinct, and which facts remain unknown. It does not express a fairness, legal, fiduciary, accounting or investment opinion and does not recommend retaining, replacing or terminating a provider.

Standard engagement

$4,900 fixed / 72 hours. One target agreement family, up to 5–7 defensible verified primary comparables (or an explicit finding that fewer clean peers exist), economics / exit normalization, currentness and outcome controls, source ledger and one revision.

Send the four facts See the broader public sample Provider-side scope

Illustrative public-source sample only. No confidential client information is shown.