CoinShares Adds On-Demand Audit Reports for Its Exchange-Traded Products

CoinShares announced Tuesday investors will be able to access audit reports, generated every 30 minutes, for the ETPs offered by its subsidiary XBT Provider.

Sep 1, 2020 at 12:38 p.m. UTC

Updated Sep 14, 2021 at 9:50 a.m. UTC

Digital asset management firm CoinShares said Tuesday it is adding a real-time audit feature to the crypto exchange traded products issued by subsidiary XBT Provider.

According to a press statement emailed to CoinDesk, investors will be able to access audit reports for XBT’s bitcoin, ether, litecoin and XRP products. CoinShares said it has partnered with U.S. based accounting firm Armanino to provide these reports and be the “first asset manager to offer real-time audit capacity,” on its crypto ETPs.

The entirety of CoinShares’ assets will be "independently verified 48 times a day,” or every 30 minutes, said Richard Nash, the firm’s chief operating officer, in the emailed statement.
According to Nash, one of the remarkable things about integrating the real-time audits is it will “utilize the technology that also underpins the assets,” he said.
Noah Buxton, director of Armanino’s blockchain and digital asset practice, explained the real-time audits depend on a set of agreed-on procedure’s being hardcoded into the system which when executed allow the generation of said audit reports every 30 minutes.

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