For allocators
Crypto asset management is now a $400B+ category with 400+ hedge funds and 55% of traditional hedge funds holding digital assets. The infrastructure for credible institutional allocation hasn't caught up. Assay is independent, GIPS-aligned, and built specifically for the asset class. We begin with consulting diligence: evaluating whether a manager's claimed performance is real, comparable, and decision-useful.
Each illustrative row shows how manager performance can be computed by Assay; the muted row directly beneath shows the manager's locked-in benchmark over the same horizons.
| Manager | 3Y | AUM |
|---|---|---|
| Tessellate MarketsAccount-VerifiedInc. 2022-03 · Switzerland | +41.5% | $31.0M |
| ↳ Ether (ETH) | -36.2% | |
| Polestar Multi-StrategyAssay-VerifiedInc. 2019-03 · Cayman Islands | +33.9% | $348M |
| ↳ MarketVector Digital Assets 100 | +77.1% | |
| Basis Trade AdvisorsAssay-VerifiedInc. 2021-01 · Singapore | +18.1% | $215M |
| ↳ Funding rate composite | -10.7% | |
| Vector Cross-ChainAccount-VerifiedInc. 2021-12 · Singapore | +17.7% | $22.0M |
| ↳ Ether (ETH) | -0.7% | |
| Catamaran HoldingsAssay-VerifiedInc. 2019-06 · Cayman Islands | +13.8% | $412M |
| ↳ 50% BTC / 50% ETH (monthly rebal) | +34.9% | |
| Orthogonal CapitalAssay-VerifiedInc. 2020-04 · Cayman Islands | +13.7% | $184M |
| ↳ T-Bill 3M (USD) | -13.0% | |
| Redbridge Market MakingAccount-VerifiedInc. 2021-10 · BVI | +13.6% | $64.0M |
| ↳ T-Bill 3M (USD) | -7.6% | |
| Ironwood PerpetualAccount-VerifiedInc. 2022-06 · BVI | +13.4% | $38.0M |
| ↳ Funding rate composite | -6.8% |
Every manager diligence engagement starts by testing benchmark fit. The benchmark is locked, timestamped, and documented so returns can be evaluated against the mandate the manager actually claims.
| Benchmark | Category |
|---|---|
| Bitcoin (BTC) | Beta |
| Ether (ETH) | Beta |
| Bitwise 10 Large-Cap (BITW) | Beta |
| CoinDesk 20 Index (CD20) | Beta |
| MarketVector Digital Assets 100 | Beta |
| DeFi Pulse Index (DPI) | Sector |
| Coinbase 50 | Beta |
| Bitwise Crypto Industry Innovators (BITQ) | Sector |
| T-Bill 3M (USD) | Risk-free |
| AAVE USDC supply rate | Strategy |
| Funding rate composite | Strategy |
| Custom blends, locked at engagement | Composite |
One methodology layer across managers under review — TWR per GIPS, locked benchmarks, composite construction.
Assay holds no equity in verified managers, no positions in their tokens, and earns no compensation beyond verification fees.
Clear findings, limitations, and follow-up questions. Trade-level data is used only to support the engagement scope and is not exposed without permission.
