BTC-1.

Where every figure of the record comes from, how it is calculated and published, and how it is checked against the exchange.

1. 1

   Source

   Every figure is calculated from the exchange’s own records of the program’s dedicated account, read with a key that can neither trade nor withdraw. A public, scheduled workflow does the calculation and commits the result. No figure is entered or adjusted by hand.

2. 2

   Valuation

   Net asset value is measured once a day, at 23:59:59 UTC: the wallet balance plus open positions marked to the exchange’s mark price. Returns are time-weighted, so deposits and withdrawals are not counted as gains or losses, and they are net of all trading costs, including commissions and funding. The Methodology sets out every formula.

3. 3

   Publication

   Each day’s value is normally published the following day. Each Monthly Report is published on the third day of the following month, whatever the month’s result, and no month is omitted. The current month’s figures are updated daily until it ends; after that, published figures are not amended, and an error is corrected by a separate, logged correction, as the Methodology sets out.

4. 4

   Reconciliation

   Each month the record is reconciled with the exchange’s statements and with a separate ledger kept on reout’s servers, and the outcome is published. Under a non-disclosure agreement, an allocator may request a read-only key of their own and compare the published values with the exchange’s own records.

5. 5

   Timestamps

   The exchange makes only recent history available, so the records it sends are kept every day. Their SHA-256 hashes are listed in a daily manifest, published in the public repository and timestamped on Bitcoin. A record handed over under NDA, a year later, can be checked against the hash published on its day: if they match, it has not changed since. The repository guide gives the commands.