/ / 02 Infrastructure
Stack, honestly mapped.
The institutional service-provider model is built in stages. We separate what is in place today from what is being appointed and from the target stack at scale — so allocators can diligence the current state, not a marketing promise.
Tier legend
Current
In place today
Active services and providers operating now.
In process
Under appointment
Identified counterparties currently in diligence, documentation, or onboarding.
Target
Institutional target stack
Direction of travel — counterparties consistent with allocator-grade institutional standards.
/ / 01 Service-provider stack
Where the institutional rails sit.
Eight functions, mapped across three tiers. Each cell is labelled by where it stands today — current, in process, or target — so the stack reads as a state, not a claim.
/ / Maturity rail
| Function | Current | In process | Target |
|---|---|---|---|
| Fund administrationNAV calculation, capital activity, statements | CurrentInternal NAV with reconciliation | In processThird-party administrator under appointment | TargetInstitutional fund administrator with crypto-asset capability |
| AuditAnnual financial statement audit | In processNot yet appointed | In processAuditor selection in progress | TargetIndependent auditor with digital-asset audit experience |
| CustodyAsset safekeeping and key management | CurrentMulti-signature self-custody under documented controls | In processQualified custodian diligence underway | TargetQualified institutional custodian with MPC or HSM-backed key management |
| Legal counselFund structure, regulatory compliance | CurrentExternal counsel engaged for structure | In processOngoing counsel for ongoing compliance | TargetCounsel in fund-domicile and US jurisdictions |
| TaxInvestor tax reporting, K-1 / equivalent | In processNot yet appointed | In processTax advisor selection in progress | TargetInstitutional tax advisor with digital-asset reporting capability |
| Execution venuesCentralised venues and on-chain protocols | CurrentSelected on-chain venues and vetted protocols; venue-native LP infrastructure | In processPrime-broker relationships under negotiation | TargetMulti-venue routing with prime-broker connectivity for off-exchange settlement |
| Compliance / KYTTransaction screening, sanctions, AML | CurrentDefined on-chain screening procedures applied before transaction | In processVendor diligence for institutional KYT | TargetInstitutional-grade KYT with audit trail and counterparty screening |
| LP reporting / portalAllocator-facing reporting and data room | CurrentPrivate LP portal with monthly reporting | In processData-room integration in build | TargetPersistent allocator portal with attribution, statements, and documents |
Status is updated as appointments close. Allocators receive the current detail under confidentiality after introduction.
Stack at a glance
/ / 02 Stack at a glance
Functions mapped
8
Maturity tiers
3
Investments / positions
—·—
Quantitative figures are provided to qualified allocators on a confidential basis. Past performance is not indicative of future results.
/ / 03 Selection principles
How providers are chosen.
Counterparties are evaluated against the standards allocators apply to traditional funds — six principles that govern every appointment.
A
Institutional track record
Counterparties are evaluated against the standards allocators apply to traditional funds — not simply digital-asset native references.
B
Segregation of duties
Functions are kept separate. The administrator, auditor, and custodian are independent of the manager and of each other.
C
Bankruptcy remoteness
Custody and structure are designed so a counterparty event at any vendor does not impair the fund.
D
Operational continuity
Each function has a documented failover. No single vendor is unrecoverable.
E
Allocator references
Service providers chosen with reference to the standards applied by sophisticated allocators in adjacent strategies.
F
Reviewable disclosure
Service-provider list and engagement letters are made available for review during diligence — not only at subscription.
/ / Permanence
Real infrastructure. Independent providers.
Independent administration, audit, and counsel — with non-custodial on-chain vault infrastructure under documented key management.
/ / 04 Service-provider list
Current service-provider list available to qualified allocators.
Named counterparties and engagement letters shared under confidentiality after introduction.