SYSTEM OF RECORD

Keystone

Institutional Risk & Reporting Infrastructure for Digital Asset Funds

Single system of record for portfolio risk. Enforces limits, produces IC decisions, and generates verifiable reports.

No IC decision is made without a current, verified risk state.

Decisions are only as good as the risk state they rely on. Without a single authoritative source, they operate on incomplete data.

Read-only. No custody. No execution. No asset movement.

Request Access (Institutional) →Contact

Access granted to selected funds and allocators.

LIVE RISK STATE

NAV

$124.0M

Leverage

3.2×

VaR

2.8%

Liquidity

Moderate

Last risk update: UTCKeystone

⚠ IC DECISION: CRITICAL

Venue concentration +13pp (38% vs 25% limit)

Reduce primary venue exposure by ~13%

~18–74% NAV drawdown under current positioning

Confidence: High

RISK INFRASTRUCTURE|

SIGNED REPORTS|

AUDIT LEDGER|

MULTI-JURISDICTION COVERAGE|

RISK ENGINE

Without Keystone

—No system holds the full risk state — exposure lives across disconnected sources

—Exposure is reconstructed after the fact, often incorrectly

—IC decisions run on data that is hours old

—Reported positions are accepted without independent validation

Result

×Risk is mispriced until the position is already taken

×Stress is visible in the market before it appears in the risk system

×Allocators withdraw when they cannot verify what they were told

×Positions are taken without a defensible risk state

With Keystone

→Positions are never reconstructed — risk state is maintained continuously as events occur

→Exposures are independently verifiable offline, without reliance on internal reporting

→IC Pack is generated at the point of decision, with risk data embedded and signed

→No IC decision is made without a current, verified risk state

Result

✓True exposure is visible at the moment a position is taken

✓IC decisions are defensible because the data behind them is signed

✓Allocators can verify independently — no reliance on fund assertions

Initial Engagement

Portfolio connected (read-only)

Exchange accounts and wallets are linked in read-only modeNo custody, no execution permissionsHistorical and live positions are ingested

Risk state constructed

Exposure, leverage, and concentration computed across all positionsVenue and counterparty risk unifiedCurrent risk state becomes immediately visible

Keystone IC Pack generated

Investment Committee Risk Report producedIncludes current risk state, limit breaches, and required actionsDistributed for internal review or allocator visibility

First output delivered within the initial session.

Example Output

Keystone IC Pack — Investment Committee Risk Report

Example of a live portfolio risk assessment generated for investment committee review.

Generated at the point of decision. Used in IC review.

Page 1Snapshot: 21 Apr 2026, 18:10 UTCPortfolio: Multi-Strategy Digital Asset Fund

⚠ IC DECISION: CRITICALImmediate action required.

Risk State: CRITICALPrimary Breach: +13pp (38% vs 25% limit)

Key Metrics

NAV$42.6M

Gross Exposure$118.3M

Net Exposure$64.1M

Leverage2.77x

Required Action

Reduce primary venue exposure by ~13% to restore compliance.

If No Action

Estimated NAV drawdown: ~18–74% under current positioning.

Execution Insight

Position unwinds at this size introduce adverse market impact and reduced liquidity.

Generated for investment committee review.

View full IC Pack →Generated within Keystone

For Institutional Participants

Hedge Funds

Independent validation of reported positions and risk exposure.

Family Offices

Direct visibility into portfolio exposure and capital allocation.

Proprietary Trading Firms

System-level enforcement of risk limits and concentration thresholds.

System execution layer

State transitions occur continuously across ingestion, risk computation, governance, reporting, and verification.

This is not a user flow — it is the underlying system process.

Problem

01Fragmented risk state across venues and custodiansExposure, collateral, and leverage exist across multiple platforms. True aggregate risk is unknown until consolidated — often after the event.

02Inability to verify risk calculationsRisk outputs vary across tools and cannot be independently reproduced or audited. Allocators are asked to accept figures they cannot verify.

03No evidence attached to allocator outputsReports are presented without traceable linkage to underlying position data.

Solution

Independent system of record for risk state. Records every exposure and limit in a single, consistent layer. Enforces limits before breach, not after. Produces signed, independently verifiable outputs.

Audit architecture →Operating model →

Operating Infrastructure

Data AggregationCross-venue ingestion and normalization

Risk EngineExposure, VaR, liquidity, and scenario modeling

MonitoringLimit enforcement and breach detection

ReportingSigned, independently verifiable outputs

Firm Overview Footprint Positioning

Keystone · System of Record

System ClassificationIndependent risk infrastructure

Update ModelEvent-driven, real-time processing

Audit ArchitectureImmutable, hash-chained event log

Signature ModelAsymmetric, independently verifiable offline

Operational Cycle

Reports generated directly from system state. Every step is recorded and auditable.

Full operating model →