Valuation and NAV

Liquid digital assets are priced from a composite of independent sources at a fixed valuation time, under a written policy that specifies the sources, their weighting, and what happens when they diverge or fail. Derivatives are valued from venue marks reconciled against independent data. Positions held on exchanges are reconciled to venue statements and to on-chain records.

Tokenized instruments are valued from issuer net asset value or the underlying market’s last primary price rather than a thin on-chain print. Locked tokens are valued from the unlocked market with a documented discount. Venture positions with no market are held at cost unless a financing, an impairment or a material change justifies a move, and sit in side pockets so that liquid investors are not exposed to the estimate.

An independent fund administrator applies the valuation policy, calculates the net asset value, maintains investor capital accounts and processes subscriptions and redemptions. The manager provides data and explanations; it does not set the marks. Differences between the manager’s books and the administrator’s are reconciled and documented.

The fund’s financial statements are audited annually by a firm with digital asset experience. The audit tests existence of assets against custody and on-chain records, valuation against the policy, and the administrator’s calculations. The valuation policy itself is reviewed by the auditor. Investors receive the audited statements.