NAV Calculation
Formula
| Component | Description |
|---|---|
| Buffer BTC | Native BTC held in custody at Archax, valued at market price |
| SSBAF Units | Fund units held by the issuer, valued at Sygnum’s published NAV |
| Total iBTCY Supply | Outstanding iBTCY tokens on Ethereum Mainnet |
Non-Rebasing
iBTCY is non-rebasing: the token count stays constant while NAV accrues yield. This differs from rebasing tokens where the token balance changes.| Rebasing Token | Non-Rebasing (iBTCY) |
|---|---|
| Balance changes daily | Balance stays constant |
| 100 tokens to 105 tokens | 100 tokens at higher NAV |
| Complex for DeFi | Simple for DeFi |
NAV Publication
| Type | Frequency | Purpose | Provider |
|---|---|---|---|
| Daily Indicative NAV | Daily | Reference for instant operations | Chainlink oracle |
| Monthly Official NAV | Month-end | Accounting backstop, primary redemption pricing | Accountable |
Daily Indicative NAV
Published via Chainlink oracle on Ethereum. Used for:- Instant subscription pricing
- Instant redemption pricing
- Real-time transparency
Monthly Official NAV
Published after month-end. Used for:- Primary redemption pricing
- Accounting reconciliation
- Official reporting
Staleness (indicative)
| Staleness of last NAV update | System response (indicative) |
|---|---|
| Under 24 hours | Normal |
| 24-36 hours | Watch; investigation |
| 36-48 hours | May pause minting and instant redemptions |
| Over 48 hours | May pause routine operations pending remediation |
NAV error correction (indicative)
| Error vs corrected NAV | Treatment (indicative) |
|---|---|
| Under 0.1% | Often de minimis; no material adjustment |
| 0.1% or more | Correct and, where required, adjust affected subscriptions and redemptions; affected investors notified as required |
Redemption price risk
Redemption is typically priced at NAV on the settlement date, not the request date. NAV can move between request and settlement; the holder bears that movement.Proof of Reserves
Monthly proof-of-reserves verification confirms that total custody assets back outstanding iBTCY supply.What It Covers
| Asset | Custodian | Verification |
|---|---|---|
| Buffer BTC | Archax | Dashboard attestation; on-chain PoR feed launching separately |
| SSBAF Units | Sygnum | NAV reconciliation |
How It Works
- Accountable independently calculates total assets
- Attestation status is published on the Proof of Solvency dashboard; a separate Chainlink on-chain PoR feed will launch when deployed
- Attestation confirms:
Total Assets ≥ Total iBTCY Supply × NAV
Verification Frequency
- Continuous monitoring of buffer BTC
- Monthly attestation reconciling all components
Real-Time Dashboard
Key metrics are available at the Aarc Proof of Solvency dashboard:- Buffer percentage: Current buffer as % of NAV
- NAV: Daily indicative and monthly official
- Proof-of-Reserves: Latest attestation status
- SSBAF performance: Monthly reporting
Fees
How fees are accrued into NAV
Available only to eligible professional/qualified investors on an invite-only basis, subject to onboarding and compliance approval. For informational purposes only and not investment advice. Not an offer to the public or a solicitation where unlawful. No retail distribution. Not available to US Persons.Disclaimers · Platform and issuer