Insights
Long-form writing from the Assay verification team. We publish on the methodology choices that matter, on managers we have verified, and on the structure of the crypto asset-management industry as institutional capital re-engages with it.
GIPS Provision 4.A.1 requires benchmarks be declared in advance. In crypto, where managers have outsized discretion over which benchmark would flatter them, enforcing this rule cryptographically is the single highest-leverage methodology choice we make.
Primary source: GIPS Standards — Guidance Statement on Benchmarks
GIPS already requires fair-value valuation. We operationalize fair value for tokens that trade on fragmented venues with wildly varying liquidity, and explain why a haircut on concentrated illiquid positions is non-optional.
Primary source: CFA Institute — How to Value Digital Tokens: A 5-Step Fair Value Framework
A walkthrough of the anomaly screens, return-distribution tests, and wallet-clustering signals we run continuously on every Assay-Verified manager — and what triggers a placement into the Under Review tier.
Primary source: CFA Institute — An Investment Perspective on Tokenization
