Glossary
NAV
The value of a fund's assets less its liabilities, per unit — the number investors subscribe and redeem at.
For a crypto fund the difficulty is the long tail: a portfolio may hold hundreds of assets, many thinly traded, and the pricing source hierarchy determines the answer as much as the market does.
What makes a NAV defensible is process — named pricing sources in precedence order, a fixed valuation point, documented fallbacks for stale prices, and a valuation committee that keeps minutes and logs exceptions.
Where this comes up
See also
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