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Valuation and NAV

Fair Value and NAV from One Reproducible Price.

Crypto never closes, so there is no official closing price to mark a portfolio against. Blocksize publishes a closing price every 30 minutes and a 24-hour price, both aggregated across 70+ exchanges, with a published method and a timestamp on every value. A mark can be reproduced after the fact.

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  • BTC/USD REAL-TIME VWAP vwap_subscribe
  • ETH/USD REAL-TIME VWAP vwap_subscribe
  • SOL/USD REAL-TIME VWAP vwap_subscribe

Why the mark matters

A mark taken from one exchange carries that exchange's view of the market. Even the deepest exchanges sit within market-wide fair value only about 25% of the time, in a Blocksize study across 23 exchanges. A wrong benchmark misprices every position.

Box

25%

of the time within fair value, deepest exchanges

Activity (1)

48

closes per day

Shield

5 s

from interval end to publication

Database

70+

exchanges

30-minute closes

A closing price struck every thirty minutes and published five seconds after the interval. One fixed value per window, stamped at the end of it.

30-minute closes

24-hour VWAP

The same aggregation over a rolling 24-hour window, 00:00 to 24:00 UTC for the daily close. A stable mark for daily NAV and reporting.

24-hour VWAP

Published methodology

Every rule is public: venue selection, outlier filter, contingency logic. A reviewer can follow how a value came about.

Published methodology

Tokenized stocks

A mark for tokenized stocks, gold and silver at any hour, including weekends, from the RWA feeds.

Tokenized stocks

Validated on-chain. Delivered off-chain.

Every price Blocksize publishes into oracle networks is checked by independent node operators before it is accepted. The same feeds are delivered off-chain through one API.

  • 9,000+ crypto pairs
  • 70+ exchanges
  • 37 RWA feeds
  • sub-250 ms latency

Your NAV is only as honest as the price behind it

Under ASU 2023-08, crypto assets in scope are measured at fair value through net income for fiscal years beginning after 15 December 2024. ASC 820 and IFRS 13 look to the principal market. An aggregated price across 70+ exchanges serves as a Level 2 input or as corroboration for a chosen venue price. The classification stays with the firm and its auditors. Blocksize is not a benchmark administrator and publishes the method, the venues and the timestamp with every value, so the mark can be reproduced in an audit.

Read the methodology
Group 21

Net Asset Value in Crypto: What a Defensible NAV Actually Requires

A traditional fund strikes NAV against a closing bell. A crypto fund has no bell, no official price and no single market, so every published NAV rests on decisions most investors never see: when to value, from which source, how to handle a token that barely trades, and who owns the policy. This article walks through all four, shows where NAV calculations fail in practice, and sets out what a NAV needs to survive an audit, an allocator's due diligence or a dispute.
Element 1

Fair Market Value in Crypto: Choosing the Right Price for Tax

Every taxable crypto event needs a value in local currency at the moment it happened. The usual advice is to pick one exchange and use it consistently. That meets the consistency test and skips the harder one: whether the exchange was ever representative of the market. This article sets out what the four major tax authorities actually require, where a fixed exchange produces a consistently wrong number, what a reasonable method looks like, and how a defined exception keeps a method consistent without locking it to a bad price.
Element 14@2x

Crypto Reference Rates and Benchmarks: What Makes a Price a Reference Rate

A US spot Bitcoin ETF does not value itself off an exchange price. It uses a reference rate: one figure, computed across several exchanges over a fixed window by a published method, from an administrator regulated for the purpose. This article explains what separates a price from a reference rate and a reference rate from a regulated benchmark, walks through how the CME CF Bitcoin Reference Rate is calculated, sets out the range of rates from once-daily settlement to continuous, and names the five properties every reference rate needs.
Live 9,000+ pairs

Crypto feeds

One price per pair from 70+ exchanges
  • Real-time VWAP
  • Bid/ask
  • State price
  • Historical prices
  • Trades
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Live 37 feeds

RWA feeds

The tokenized market price, 24/7
  • Bid/ask
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Valuation

Valuation and NAV FAQ

Yes, as the pricing input. An aggregated price is a Level 2 input or corroboration, never Level 1. The classification stays with the firm and its auditors. Blocksize is not a benchmark administrator.

A 30-minute close is stamped at the end of its window: the 10:30 close covers 10:00 to 10:30. The 24-hour close runs 00:00 to 24:00 UTC.

Yes. Every value carries its timestamp and follows the published methodology. Historical closes are available per plan, see Pricing.

From the RWA feeds, which price tokenized stocks, gold and silver 24/7 from eligible exchange quotes. During US market hours each quote is checked against a TradFi benchmark; outside them no benchmark check runs.

Yes. Listing sites show a display average. Blocksize produces a validated feed for systems: outliers filtered, drifting venues excluded, methodology published, the same feed checked on-chain by independent operators.

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