# How should a digital-asset fund prepare its NAV and reconciliation process?

A useful NAV process connects holdings, cash movements, valuations, fees and investor records at an agreed cutoff. Agio's fund administration services include NAV calculation and reporting. Before a mandate starts, agree the inputs, pricing policy, exception owners and review steps for the fund's actual strategy.

Updated: 2026-10-08

## Which records should a fund prepare?

Create an inventory of custody accounts, exchange accounts, wallets, bank accounts and investor records. For each source, identify its owner, reporting format, reporting currency and cutoff. Document how records will reach the administrator and how missing data will be identified before a valuation is released.

## What does a simple NAV example look like?

Illustrative example only: a portfolio has assets valued at 1,000,000 accounting units and liabilities of 20,000, giving net assets of 980,000. With 100,000 units outstanding, the example NAV is 9.80 per unit. Actual calculations depend on the fund's accounting and valuation policies, classes and dealing terms.

## How should pricing decisions be documented?

Agree the approved price sources, valuation time and reporting currency. Set a documented fallback when a source is unavailable or a holding lacks an observable price. Identify who can approve a valuation adjustment and what evidence is retained. The calculation should make those decisions traceable.

## How do you investigate a reconciliation difference?

Illustrative checklist: compare opening balances, trades, transfers, fees and closing balances across the relevant records. A withdrawal recorded at one source but not yet received at another needs a transaction reference and an owner for follow-up. Preserve the difference until its treatment has been reviewed.

## Who reviews exceptions and the final output?

For every unresolved item, record its value, cause if known, responsible person, supporting evidence and next review point. Agree who reviews the calculation and who authorizes publication under the mandate. A dashboard balance alone does not show that a valuation review has been completed.

## What should I request when discussing administration?

Bring a sample portfolio, transaction sample and proposed reporting calendar. Ask which reconciliations, NAV files, investor outputs and audit support would be included. Confirm the handover process from a prior administrator and how corrections to a published period would be communicated.

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## Sources and related reading

- [Fund licensing and administration](https://www.agiodigital.com/services/fund-licensing)

- [Tokenized fund services](https://www.agiodigital.com/services/tokenized-funds)

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