Transparency, Stability, and Trust

Frictionless Bitcoin Treasury Fund

fsBTC is fully redeemable at a 1:1 ratio for Bitcoin, ensuring consistent value. The Bitcoin backing fsBTC is securely stored in institutional-grade custody solutions managed by Coinbase Custody International Limited, a regulated Virtual Asset Service Provider (VASP) within the EU. By leveraging Chainlink, a globally recognized leader in decentralized on-chain data services, the fund offers robust Proof of Reserve verification, providing real-time transparency into its Bitcoin holdings. The custodial address of the fsBTC reserve on the Bitcoin network further enhances transparency and allows for forensic auditing of all transactions linked to fsBTC.

Frictionless Institutional Deposit Token Attestations

Attestations are proof of balances in each currency taken daily at 12.00 CET. The attestation data is based on the latest snapshot of the currency account underpinning the Frictionless Institutional Deposit Token and is provided by the independent fund accountant. Each attestation is recorded on the blockchain to provide an immutable forensically auditable proof-of-balance. From time to time additional attestations may be taken throughout the day to provide enhanced proof-of-balance.

More technical information on attestations is provided in our official smart contract documentation

Live Attestations

Principal Tokens

A principal token representing the total circulating supply of principal investment in the fund is deployed on each network. The supply of principal tokens is increased or decreased based on investment and redemptions by Investors. The total supply of all principal tokens over all networks will always equal the total invested balance of the fund on that date.

Each icon links to the relevant principal smart contract on the specific network.

Daily Distribution Tokens

For each principal investment on each network, a daily distribution token smart contract is deployed on the 1st day of a new month, with a maturity date of the 1st business day of the following month. Each investor will receive their proportion of the daily yield of the fund based on their total investment on the previous day. Daily yield tokens are issued each day in batch mint at 12:00 CET (Luxembourg).

Each icon links to the relevant daily distribution smart contract on the specific network.

Notes: If there are no investments in a fund for a particular month there will be no daily distribution tokens recorded.

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Investment Attestations

All of our investment and redemption transactions, along with the holdings reports are attested via our direct reporting from the underlying fund order book system.

Trading Reports

Daily activity summary statements contain the record from the order book-entry system for the given date range. These include all buy (investment), sell (redemption) and accrual (daily distributions) for the specified fund.

Holdings Reports

Daily holdings reports define what exposure investments have to underlying assets, such as government bonds, repurchase agreements or cash. These holdings contain the weighted balance of investments in each specific asset as % of the whole portfolio for the specified fund.

Executive Reports

Monthly executive reports contain a summary of the fund investment, redemptions, holdings and returns for the preceding month.

Notes: Executive reports are generated on the 1st business day of the month based on the activity for the preceding month. If there are no investments in a fund for a particular month there will be no reports generated.