In digital asset fund management, operations are the product. Allocators can find return streams anywhere; what they underwrite is the control environment around them: who holds the keys, who can move assets, how positions are priced, and what happens when an exchange or protocol fails. This hub covers the operational layer of a digital asset fund end to end, from custody model selection and wallet authority through exchange and counterparty risk to NAV production, digital subscriptions, staking, DeFi access, and the failure modes that have actually killed funds. It reflects the operating standards applied across CV5 Digital SPC, where each strategy runs inside a segregated portfolio with independent administration and board oversight.

Custody

• Do you actually need a custodian for a digital asset fund?
• Choosing a custodian: what allocators expect
• Cold storage vs MPC vs prime brokers: what institutions actually choose
• Crypto custody due diligence for fund managers
• What custody investor protection actually means

Wallet authority and control

• Wallet authority architecture for crypto funds
• Why authority architecture is the most important design decision
• The hidden control problem in multi-exchange trading

Exchanges and counterparties

• Exchange risk is still the biggest hidden risk
• Exchange account control for digital asset funds
• Exchange onboarding: KYB and risk
• Exchange onboarding for regulated funds
• Counterparty risk in digital asset funds
• Credit and counterparty risk in crypto

NAV and administration

• Wallet to NAV: the operational chain
• The operational reality of daily NAV
• Daily NAV for crypto funds: is it possible?
• Administrator due diligence
• DeFi fund accounting: staking, yield farming and liquidity pools

Digital subscriptions and treasury

• Accepting BTC, USDC and USDT subscriptions
• Stablecoin subscriptions and redemptions
• Stablecoin liquidity and portfolio infrastructure

Staking and DeFi

• Staking for institutional funds
• Institutional DeFi yield within a regulated SPC framework
• Institutional DeFi access and governance
• Smart contract risk for funds

Failure modes

• Operational breakdowns that kill funds
• The hidden cost of poor trade operations
• The TrustedVolumes exploit: lessons for fund infrastructure
• The Drift Protocol hack and the infrastructure that would have stopped it
• The institutional digital asset fund stack

Frequently asked questions

Cold storage, MPC or prime broker custody?

Most institutional funds now blend MPC-based qualified custody with segregated cold storage for reserves; prime broker models add financing at the cost of concentration. The comparison analysis covers the trade-offs.

Is daily NAV realistic for a crypto fund?

Technically yes, but it depends on administrator capability, custodian data delivery and portfolio liquidity. See daily NAV for crypto funds.

What single operational gap most often fails ODD?

Unilateral asset movement authority: any one person able to move fund assets alone. The wallet authority architecture guide sets out the fix.

Related hubs

• Launch a digital asset fund
• Fund governance and ODD readiness
• Tokenised funds