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PennyWorks

Introduction

Independent, audit-ready NAV for onchain funds.

PennyWorks is the independent third-party valuation provider for funds holding digital assets. You share read-only access, and we build the books: a NAV, financial statements, and tax lots that trace back to every transaction and reconcile to the chain.

The problem

Section titled “The problem”

A fund’s NAV is the one number its investors subscribe and redeem on, and the one an allocator judges it by. In traditional finance, striking it is close to mechanical: a fund accountant pulls trades from a broker or exchange API and the balance sheet is nearly complete. A DeFi fund has no such API. The NAV has to be built from the chain, transaction by transaction, across every wallet, protocol, and chain the fund touches, plus the OTC and off-chain legs that never appear onchain at all. Most tools book the easy ninety percent of volume perfectly and quietly misbook the rest, and a misbooked transaction does not fail, it balances.

What you get

Section titled “What you get”
  • NAV. The per-unit number your LPs subscribe on, rebuilt from the chain and reconciled to it.
  • Financial statements. A balance sheet and P&L where every figure traces to a journal entry.
  • Capital gains and tax lots. Cost basis that survives wraps, bridges, and rebases.
  • Reporting and delivery. Your numbers where you need them: dashboard, API, or file, onchain or off.

How it works

Section titled “How it works”

You share read-only access; we build the books.

Asset ActivityAccounting EngineOutput & DeliverablesWalletsCEXs/DEXsOffchainCollect TransactionsIndex Smart ContractsGenerate JournalsPrice AssetsReconcile & AccrueHuman Review& PublishNAVFinance StatementsCapital Gains & Tax LotsPerformance AnalyticsOnchainOffchain

From your activity to your NAV

01 · Sources

Your activity

Onchain and off, read-only.

  • Wallets
  • Exchanges
  • OTC & offchain

02 · The engine

Double-entry from raw activity

Decoded, priced, reconciled.

03 · Outputs

Your NAV and reports

Reviewed, then delivered.

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Your activity. Wallets, exchanges (read-only API keys), and off-chain counterparties such as OTC desks and RWAs. We pull in every transaction; the only setup is sharing addresses and keys.

The engine. Every transaction, onchain, exchange or OTC, becomes double-entry journal entries with quantities and prices. Composed and wrapped positions are resolved to the economic position underneath them, and every asset is priced as of the transaction, including the hard ones with no clean market quote. At each period close the books are reconciled against the onchain snapshot, and income and expenses are accrued, including the yield that never had a transaction.

Your outputs. NAV, financial statements, capital-gains and tax-lot reports, and performance analytics. Every figure traces back to a journal entry, and every entry back to a transaction.

Human review, then delivery. The one manual step is a human signing off before anything reaches the client. Everything upstream is programmatic, delivered onchain or off, by dashboard, API, or file.

That is the flow at a level anyone can follow. The next page is why each of those steps is hard, and where other tools break: why DeFi NAV is hard.