CoinShares Becomes First Digital Asset Manager to Offer Real-Time Audit on its Crypto Asset Exchange-Traded Products

Europe's largest digital asset manager pioneers innovative approach in bringing trust and transparency to digital asset investors

CoinShares Europe's largest digital asset investment firm today announced it is the first asset manager to offer real-time audit capacity on its crypto asset exchange-traded products (ETPs) via Armanino's Real Time Assurance application This blockchain-enabled solution allows investors to view and download attest reports that are generated forty eight times a day for the ETPs issued by CoinShares' subsidiary XBT Provider

With this offering CoinShares provides all its investors unparalleled visibility to the digital assets that underlie the XBT Provider notes CoinShares will now provide investors with on-demand real-time reports on collateral holdings that follow top industry standards backed by an independent public accounting firm The combination of public visibility to the collateral hedge as well as industry-standard reporting solidifies a new paradigm of trust and transparency for the digital assets and ETP industries  

CoinShares' Chief Operating Officer Richard Nash commented In the current environment investors are beginning to question how connected underlying assets are to passive investment vehicles Anticipating a similar reaction to our own products we have opened our books to one of the top US accounting firms specialising in digital assets in order to demonstrate as much transparency as possible By allowing for real time audit of our various digital asset exposures using a blockchain enabled solution the entirety of CoinShares' digital assets will now be independently verified forty-eight times a day providing a level of transparency to our stakeholders at the other end of the spectrum to the usual end of day reconciliation

To ensure total transparency and trust CoinShares engaged with Armanino an independent accounting firm specialising in digital assets The reports from Armanino demonstrate that there are digital assets with a US dollar equivalent value greater than or equal to the value of total XBT Provider ETPs issued and outstanding The methodology and procedures are located on XBT Provider's Investor Resources page and can be tracked in real-time here

Noah Buxton Director and Blockchain & Digital Asset Practice Leader at Armanino LLP added With better financial products fueled by digital assets the assurance mechanisms investors rely on simply must keep pace with those changes Investors and regulators typically rely on yearly audit and compliance filings to support counterparty due diligence efforts However due in large part to the characteristics of digital assets themselves we can now offer assurance windows down from 365 days to 30 minutes or 30 seconds with the formal independent accountant's report just a click away

The CoinShares Group has been working to incorporate the unique attributes of digital assets to innovative how it delivers financial products and services It was important to CoinShares to provide public attestations to match asset reserves to certificate balances No other asset manager currently provides publicly verifiable real-time proof of solvency for crypto ETPs CoinShares hopes this will encourage other asset managers and custodial service providers to offer a similar level of trust and transparency to investors and regulators alike

About the CoinShares Group

At CoinShares our mission is to expand access to the digital asset ecosystem while serving as trusted partners for our clients We believe that Bitcoin and blockchain networks are landmark innovations that will fundamentally reshape the global financial system and that investors should be able to participate in this transformation We achieve this mission by providing institutional-grade investments products and services for digital asset investors The CoinShares Group is a pioneer in digital asset investing and manages hundreds of millions in assets on behalf of a global investor base with offices in Jersey Stockholm London and New York

For more information on CoinShares visit: https://coinsharescom/

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