Theo Short Duration US Treasury Fund (thBILL)
Arbitrum: no power on the contract. Owner key: a 3-of-5 multisig.
Base: no power on the contract. Owner key: a 3-of-4 multisig.
Hyperliquid L1: no power on the contract. Owner key: a 3-of-4 multisig.
Research and shelf status are on the memo: Theo Short Duration US Treasury Fund (thBILL) Adverse research finding
Who may buy, hold, transfer, and redeem
Each answer rests on the issuer’s own words, quoted from the document named under it. Ketju re-reads each document and records whether the words are still there. Where the documents say nothing, the row says so.
- What the holder owns
Theo says thBILL holders have no claim over the underlying assets; a redemption returns the value in USDC.
“Participants have no claims over underlying assets.”
Theo Docs: thBILL (read from the Internet Archive copy of 2026-07-18) · Minting and Redemption · the site refuses automated reads; quoted as read 2026-09-23
- Who may hold it
Not US citizens or residents, nor sanctioned persons; the token itself has no allowlist.
“citizens or residents of the United States or any jurisdiction subject to United States embargo or sanctions”
Theo Docs: Terms & Conditions (read from the Internet Archive copy of 2025-08-07) · Eligibility and Restricted Users · the site refuses automated reads; quoted as read 2026-09-23
- First purchase minimum
The documents read do not state a minimum.
Not stated in Theo Docs: thBILL (read from the Internet Archive copy of 2026-07-18), Theo Docs: Terms & Conditions (read from the Internet Archive copy of 2025-08-07), Theo: thBILL product page, Theo: thBILL is Live (2025-07-24).
- Account types
The documents read do not say.
Not stated in Theo Docs: thBILL (read from the Internet Archive copy of 2026-07-18), Theo Docs: Terms & Conditions (read from the Internet Archive copy of 2025-08-07), Theo: thBILL product page, Theo: thBILL is Live (2025-07-24).
- Who it may be transferred to
Transfers are open on every chain; Theo markets the token for DEX trading and as collateral.
“Use thBILL as collateral, trade on secondary markets, or put it to work in any integrated DeFi protocol”
Theo: thBILL product page · How it works, step 04 · words found 2026-09-23
- How a holder redeems
Only users who pass Theo’s KYC may redeem, for USDC; the underlying settles within four business days.
“thBILL can only be minted and redeemed by users who have passed KYC.”
Theo Docs: thBILL (read from the Internet Archive copy of 2026-07-18) · Minting and Redemption · the site refuses automated reads; quoted as read 2026-09-23
- Who keeps the official record
The documents read do not say who keeps the record of holders or which record governs.
Not stated in Theo Docs: thBILL (read from the Internet Archive copy of 2026-07-18), Theo Docs: tULTRA (read from the Internet Archive copy of 2025-08-07), Theo Docs: tTokens (read from the Internet Archive copy of 2025-08-07), Theo Docs: Terms & Conditions (read from the Internet Archive copy of 2025-08-07), Theo: thBILL product page.
- What the issuer says it can freeze or take back
The documents read do not say; the thBILL contract can pause every transfer but cannot freeze one holder.
Not stated in Theo Docs: thBILL (read from the Internet Archive copy of 2026-07-18), Theo Docs: tTokens (read from the Internet Archive copy of 2025-08-07), Theo Docs: Terms & Conditions (read from the Internet Archive copy of 2025-08-07).
| Fact | What the file records |
|---|---|
| Who onboards the holder | issuer |
| Voting rights | None |
| Distributions | reinvested |
| SIPC coverage of the wallet | No |
Who can change the record
Powers read from the deployed contracts and their verified source: the token and every contract it consults on transfer. A power recorded here is the issuer’s ability, not evidence it has been used.
| Chain | Freeze a holder | Pause | Claw back | Gate holders | Change the code | Keys held by |
|---|---|---|---|---|---|---|
| Ethereum | No | Yes | No | No | Yes | A single key can pause transfers. Admin key: a timelock with a 2-day delay. |
| Arbitrum | No | No | No | No | No | Owner key: a 3-of-5 multisig. |
| Base | No | No | No | No | No | Owner key: a 3-of-4 multisig. |
| Hyperliquid L1 | No | No | No | No | No | Owner key: a 3-of-4 multisig. |
Who holds the keys
Every current holder of each power, read from the chain on 2026-09-23. A single key is one private key: whoever holds it acts alone. A multisig needs the stated number of signers. A timelock makes every action wait, so holders can see it coming.
| Chain | Key | What it can do | Held by | Address |
|---|---|---|---|---|
| Ethereum | Emergency role | pause transfers | a single key | 0x7afb…d94a |
| Ethereum | Admin role | grant and revoke these powers | a timelock with a 2-day delay | 0x2bb4…ca02 |
| Arbitrum | Owner | grant and revoke these powers | a 3-of-5 multisig | 0x9487…1295 |
| Base | Owner | grant and revoke these powers | a 3-of-4 multisig | 0x9487…1295 |
| Hyperliquid L1 | Owner | grant and revoke these powers | a 3-of-4 multisig | 0x9487…1295 |
Ethereum: 2 contract reads at block 26042349, 3 functions in verified source, 2026-09-23
- eip1967.implementation=0x325478a069b0dbbdfbee909fa3741f84259ba519
- paused()=false
- pause in verified source 0x3254…a519
- mint in verified source 0x3254…a519
- upgradeToAndCall in verified source 0x3254…a519
Arbitrum: 1 contract read at block 508223465, 0 functions in verified source, 2026-09-23
- owner()=0x94877640dd9e6f1e3cb56bf7b5665b7152601295
Base: 1 contract read at block 51701725, 0 functions in verified source, 2026-09-23
- owner()=0x94877640dd9e6f1e3cb56bf7b5665b7152601295
Hyperliquid L1: 1 contract read at block 46701966, 0 functions in verified source, 2026-09-23
- owner()=0x94877640dd9e6f1e3cb56bf7b5665b7152601295
Where it trades
| Venue | Kind |
|---|---|
| Theo app (KYC mint and redeem) | issuer primary |
| Uniswap and other DEX pools on Ethereum, Arbitrum, Base, and HyperEVM | dex |
How it exits
| Path | Settlement | Settles in |
|---|---|---|
| Redeem with the issuer in its window | KYC’d users redeem through Theo for USDC; Theo says the token side settles at once and the underlying within four business days. The holder receives USDC, not fund shares | USDC |
| Secondary market only; no issuer redemption | DEX pools and lending markets on Ethereum, Arbitrum, Base, and HyperEVM, with market making Theo says it arranges | USDC |
- Theo names the legal issuer of thBILL or publishes terms that give holders a claim; the file is then re-read for the claim, the investor floor, and the record
- The thBILL implementation, the DEFAULT_ADMIN_ROLE timelock, or the EMERGENCY_ROLE key on Ethereum changes, or an OFT owner on Arbitrum, Base, or HyperEVM changes
- tULTRA on Ethereum takes delivery of ULTRA shares, or its pending assets stop matching its total assets
- The Ethereum basket’s deposit list gains FILQ or another asset, as Theo’s product page already claims, or drops tULTRA
- Theo publishes thBILL on another chain
What the monitor reads daily
Every control function in the table above and the contracts the token consults on transfer; the token’s on-chain supply against yesterday’s; and its market quote against yesterday’s quote, since a fund of this kind accrues a few basis points a day. Every document quoted above is re-read too, and a quote that leaves its document reopens the file. A change opens a review item in the governance queue and reopens the file before any client action.
Sources
- Theo Docs: thBILL (read from the Internet Archive copy of 2026-07-18) · primary · accessed 2026-09-23
Supports: basket of tokenized T-bills, tULTRA only at launch, KYC mint and redeem, four business days, no claim over underlying assets, USDC on redemption - Theo Docs: tULTRA (read from the Internet Archive copy of 2025-08-07) · primary · accessed 2026-09-23
Supports: ULTRA fund facts, FundBridge, Wellington, Standard Chartered, Libeara, Singapore unit trust, one-to-one backing claim - Theo Docs: tTokens (read from the Internet Archive copy of 2025-08-07) · primary · accessed 2026-09-23
Supports: pending assets, optimistic minting, roles: 3/5 owner, MPC minter, whitelist manager, 2/4 emergency - Theo Docs: Addresses (Markdown, read from the Internet Archive copy of 2026-07-18) · primary · accessed 2026-09-23
Supports: thBILL on Ethereum, thBILL OFT on Arbitrum, Base, HyperEVM, thBILL minter, timelock and admin multisig - Theo Docs: Terms & Conditions (read from the Internet Archive copy of 2025-08-07) · primary · accessed 2026-09-23
Supports: US citizens and residents barred, interface is not a broker or custodian - Theo: thBILL product page · primary · accessed 2026-09-23
Supports: ULTRA and FILQ named as holdings, proportional share wording, chains, market makers, $175M+ TVL claim - Theo: thBILL is Live (2025-07-24) · primary · accessed 2026-09-23
Supports: launch date, optimistic minting, chains at launch - Verified thBILL implementation IToken.sol on Ethereum (Sourcify) · primary · accessed 2026-09-23
Supports: ERC-4626 multi-asset vault, pause blocks every transfer, rescueAsset, setConfig, upgradeToAndCall