Revenue Model Transparent & auditable

Two streams. One regulated narrative.

The revenue model separates (1) purchase revenue from (2) custody revenue. Purchases are executed in organic cycles, while custody accrues only on assets actually onboarded and held in custody.

Purchase fee

1.5% applied on executed purchases — recognised only in purchase months.

Custody fees

BTC 0.70% p.a. • Stablecoins 0.25% p.a. — accrues on assets in custody.

Organic cycles

Month 8 (5%), Month 10 (25%), Month 12 (75%) — aligned to institutional adoption stages.

Purchase & custody waterfall

A visual summary of the model: distributed purchase revenue plus custody revenue linked to onboarded AUM.

Purchase and custody revenue waterfall
Illustrative waterfall aligned to the base-case assumptions.

Custody fee decomposition

Custody fees are decomposed into three components to improve transparency for regulators, banks, auditors, and institutional investors.

Base safekeepingOperations
Covers key management, segregation, transaction controls, reconciliations, and statements.
Insurance pass-throughRisk transfer
Insurance alignment for custody risks (crime/specie, cyber, key loss/theft). Treated as pass-through (not margin inflation).
Regulatory premiumCompliance
Ongoing AML/KYT monitoring, reporting, audit readiness, PoR workflows, and incident response preparedness.

Base-case inputs

• Total AUM: USD 700M
• Asset mix: BTC 60% (USD 420M), Stablecoins 40% (USD 280M)
• Purchase fee: 1.5% per cycle
• Custody fee: BTC 0.70% p.a., Stablecoins 0.25% p.a.
• Purchase cycles: Month 8 (5%), Month 10 (25%), Month 12 (75%)