A crypto fund’s net asset value equals the net value of its assets divided by the number of units outstanding; it is calculated by an independent administrator according to a predetermined frequency and valuation rules. The choice of pricing source and cutoff time can significantly alter the reported value, as illustrated by USDe falling to about $0.65 on Binance on October 10, 2025, while trading close to $1 elsewhere. When a platform freezes withdrawals, the fund may keep the assets at market value, apply a haircut, place them in a separate compartment or suspend the calculation of the net asset value. In the article’s example, applying no haircut allows an investor redeeming 10,000 units to receive €1 million, but subsequently reduces the value of the remaining 90,000 units to €88.89, a loss of €1.11 per unit.
Source: Read the original article
