Sounds like legal two step to appease your partners homie. "Re-Pledge" or "Further rehypothecate" insinuates that it made at least one jump from the initial pledge with the lendee. Guessing the issue is your partners need to make at least one jump AKA one rehypothecation in order to get more cheddar from the man or other larger institutions? In short, larger funds/institutions get a better buy rate from the man but they typically gotta put up gubment accepted collateral (treasuries), which lowers the risk profile of these loans and makes em pencil (buy low sell high). Or they're playing Saylor's game. Make sense. Just make it explicit, so folks dont have to worry who and where and according to what ratio it's get re-pledged/rehypothecated. Proof of reserves solves this as well.