Understanding Your Reports
Tesseract Investment Oy issues two monthly reports to clients of the Earn Direct service: a Periodic Portfolio Statement and a Custody Statement. Both are provided in electronic format and are available to download and print from the platform.
This page explains what each report contains, what the figures represent, and how key calculations work.
The Two Reports at a Glance
Purpose
Performance and activity review under the portfolio management mandate (MiCA Article 81)
Confirmation of assets held and transferred under the custody mandate (MiCA Article 75)
Issued by
Tesseract Investment Oy (portfolio manager)
Tesseract Investment Oy (custodian)
Frequency
Monthly (minimum quarterly under MiCA)
Monthly (minimum quarterly under MiCA)
Key data
Holdings, interest earned, deposits/withdrawals, fees
Assets in custody, assets deployed, transfers in and out
The two reports are complementary. The Portfolio Statement focuses on performance and yield; the Custody Statement focuses on where assets are held and how they moved.
Periodic Portfolio Statement
Header
Each statement is identified by:
Client Name and Client ID — your organisation name and unique identifier on the Tesseract platform
Reporting period — the calendar month covered (e.g. 1.5.2026–31.5.2026)
Service provider — Tesseract Investment Oy
Portfolio Valuation & Performance
This table is the core of the statement. It shows, for each asset in your portfolio, how much you held at the start and end of the period, what it was worth in euros, and how the value changed.
List of assets
The product and asset (e.g. USDC Lending)
Quantity held (start)
Number of units held at the opening of the period
Cash value (start)
Always shown as 0 — Tesseract does not hold or return fiat currency; all assets are received and returned in-kind
Market Value (start)
Euro value of the opening position, calculated using CoinMarketCap market rates
Quantity held (end)
Number of units held at the close of the period, after all interest has accrued
Cash value (end)
Always shown as 0 — same as above
Market Value (end)
Euro value of the closing position
Change
Difference in euro market value between start and end
Performance
Percentage change: (End Market Value − Start Market Value) / Start Market Value
Market value note. All valuations use the previous day's market rates sourced from CoinMarketCap. Because crypto-asset prices fluctuate, the euro value of your position can change even if no interest has been earned or no transactions have occurred.
Example — Portfolio Valuation
Suppose a client holds USDC in the Lending product at a 7% gross annual rate:
Quantity held
100,000.000000 USDC
100,594.521918 USDC
Market value
€94,500.00
€95,062.82
Change
+€562.82
Performance
+0.60%
The quantity increase of 594.52 USDC represents interest earned over 31 days at 7% per annum (calculated as 100,000 × 7% ÷ 365 × 31 = ~594.52 USDC). The euro value change reflects both the interest accrued and any movement in the USDC/EUR exchange rate.
A note on performance percentages
Where a position begins the period at a very small quantity (or near-zero market value), the percentage change can appear extremely large. This is a mathematical consequence of the percentage formula — a move from €0.001 to €5 in market value is technically a very high percentage gain, but reflects a small absolute amount. Always read the Change column (absolute euros) alongside the Performance column (percentage).
Transactions Summary
This table lists every transaction recorded in your portfolio during the period, one row per event per asset per day.
Date
Calendar date of the transaction
Type
Nature of the transaction: Interest Earned, Deposit, or Withdraw
Asset
The crypto-asset involved
Quantity
Amount of the asset transacted
Price per unit
Euro market price of one unit of the asset on that date
Total transaction value
Quantity × Price per unit, rounded to the nearest euro
Transaction types
Interest Earned — recorded daily for every asset in which you have a position. Interest accrues continuously and is credited to your account each day. The quantity credited is small on a daily basis; over a full month it accumulates to the total reflected in the Portfolio Valuation table.
Deposit — a transfer of assets into your account by you or on your behalf.
Withdraw — a transfer of assets out of your account to your designated wallet.
Why do daily interest entries show €0 in total transaction value?
Interest accrues on very small quantities each day. At current market prices, the daily interest on a modest position often rounds to less than €1, so the total transaction value column displays €0. The actual quantity credited (shown in the Quantity column) is precise and accumulates meaningfully over the month.
Example — Interest calculation for USDC
A client deposits 100,000 USDC. The applicable gross annual rate is 7%.
Annual interest
100,000 × 7% = 7,000 USDC
Daily interest
7,000 ÷ 365 = 19.178082 USDC
Day 1 interest entry
0.019178082 USDC (×1 unit price of €1 = ~€0 rounded)
Month total (31 days)
19.178082 × 31 = 594.52 USDC
Each day appears as a separate row in the Transactions Summary with the precise daily quantity. The month total is visible in the Portfolio Valuation table as the difference between opening and closing quantity.
Example — Deposit and withdrawal entries
On 15 May, a client deposits 5,000 USDC and on 22 May withdraws 2,000 USDC:
15/05/2026
Deposit
USDC
5,000 USDC
€1
€5,000
22/05/2026
Withdraw
USDC
2,000 USDC
€1
€2,000
Both entries appear in the Transactions Summary. The net effect (+3,000 USDC) is reflected in the closing quantity in the Portfolio Valuation table, in addition to any interest accrued.
Suitability Assessment Update
This section confirms the date of the most recent suitability assessment conducted by Tesseract Investment Oy under MiCA Article 81, and the basis on which it was last updated (for example, if the client provided new information or Tesseract updated its assessment criteria).
Where no update occurred during the period, the section notes that no new suitability assessment data is available. This does not indicate any issue with the mandate — it simply means the existing assessment remained current for the period.
Costs & Charges
This section provides a full ex-post disclosure of all fees and charges applicable to the reporting period.
Setup fee
None — no one-time setup fee is charged
Entry and exit fees
None — no fees on deposits into or withdrawals from the portfolio
Management fee
Charged as a percentage of assets under management per annum
Performance fee
30% of net profits, subject to a high-water mark; calculated and charged daily in arrears
Transaction fees and costs
Third-party execution costs deducted directly from the portfolio upon execution; Tesseract does not charge commission on trade execution
Inducements
Any inducement received by Tesseract in connection with the portfolio management mandate is transferred in full to the client and reported here
All fees are deducted from the portfolio in crypto-assets, not in fiat currency.
Performance fee and high-water mark — how it works
The performance fee is 30% of net profits, calculated daily. The high-water mark means the performance fee is only charged on gains that exceed the portfolio's previous peak value. If the portfolio declines in a period, no performance fee is charged, and the fee only resumes once the portfolio has recovered to its prior peak and continued to grow beyond it.
Example — Performance fee calculation
Opening portfolio value
100,000 USDC
Closing portfolio value (before fee)
100,594.52 USDC
Net profit
594.52 USDC
Performance fee (30%)
178.36 USDC
Closing portfolio value (after fee)
100,416.16 USDC
New high-water mark
100,416.16 USDC
If in the following month the portfolio value falls to 100,200 USDC, no performance fee is charged for that period. The fee only applies again once the portfolio exceeds 100,416.16 USDC.
Custody Statement
Header
Each statement is identified by:
Client Name and Client ID — matching the Portfolio Statement
Reporting period — the calendar month covered
Custodian — Tesseract Investment Oy
Crypto Assets in Custody
This table shows the state of each asset at the end of the reporting period, from a custody perspective.
List of assets
The product and asset (e.g. USDC Lending)
Amount in custody
Units held idle in the custody account, not yet deployed
Amount deployed
Units actively deployed to the lending portfolio on the client's behalf
Total value
Euro market value of the total position (in custody + deployed), using CoinMarketCap rates
Amount in custody vs Amount deployed
When a client deposits assets, they pass through the custody account before being deployed. Once deployed, the balance moves from Amount in custody to Amount deployed. In normal operation — where assets are fully deployed — the Amount in custody will show 0 and the full balance appears under Amount deployed.
TBC : Negative values in Amount deployed can appear due to rounding or timing differences between interest accrual and the daily accounting cycle. These are not errors and do not represent a loss of assets.
Example — Custody table
USDC Lending
0
100,416.16 USDC
€95,018.29
ETH Lending
0
2.50000000 ETH
€4,625.00
BTC Lending
0
0.05000000 BTC
€3,301.50
Total
€102,944.79
All assets have been fully deployed to the lending portfolio. No assets are held idle in custody.
Segregation confirmation. The Custody Statement explicitly confirms that client assets have been legally and operationally segregated from Tesseract's own assets. This confirmation appears in the Additional Information section of every statement.
Activity and Transfers
This table records every movement of assets during the period — into and out of the custody account and between custody and deployment.
User deposit
Assets received from the client's wallet into the Tesseract custody account
Sent to deployment
Assets moved from the custody account to the lending deployment
Sent to custody
Assets returned from deployment back to the custody account (e.g. ahead of a withdrawal)
Withdraw to user
Assets sent from the custody account back to the client's wallet
Example — Deposit flow
A client deposits 5,000 USDC on 15 May. The custody statement shows:
15/05/2026
User deposit
USDC
5,000 USDC
€4,725
15/05/2026
Sent to deployment
USDC
5,000 USDC
€4,725
The deposit is received into custody and immediately deployed. Both entries are recorded, giving a complete chain of custody for the assets.
Example — Withdrawal flow
A client withdraws 2,000 USDC on 22 May. The custody statement shows:
22/05/2026
Sent to custody
USDC
2,000 USDC
€1,892
22/05/2026
Withdraw to user
USDC
2,000 USDC
€1,892
Assets are recalled from deployment into custody, then transferred to the client's wallet. The sequence confirms full traceability from deployment to the client's address.
How the Two Reports Relate
The Portfolio Statement and Custody Statement cover the same period and the same client, but from different perspectives.
Shows interest earned
✓ (Transactions Summary)
✗
Shows euro performance
✓ (Portfolio Valuation)
✗
Shows fees charged
✓ (Costs & Charges)
✗
Shows assets in custody vs deployed
✗
✓
Shows deposit/withdrawal flows
✓ (as Deposit / Withdraw)
✓ (as User deposit / Withdraw to user + internal transfers)
Confirms asset segregation
✗
✓ (Additional Information)
A deposit of 5,000 USDC on 15 May appears in the Portfolio Statement as a single Deposit entry, and in the Custody Statement as two entries (User deposit followed by Sent to deployment). Both records refer to the same event — the Custody Statement simply provides greater granularity on the internal movement of assets.
Risks. Discretionary portfolio management of crypto-assets involves significant risks, including smart contract risk, DeFi protocol risk, oracle risk, liquidity risk, market stress risk, counterparty risk, custody risk and regulatory change risk, and the risk of total loss of capital. Yields are indicative only, not guaranteed, and will vary.
This website is a marketing communication of Tesseract Investment Oy, a crypto-asset service provider authorised under Regulation (EU) 2023/1114 (MiCA) by the Finnish Financial Supervisory Authority (FIN-FSA). It is directed at institutional counterparties under a non-disclosure agreement with Tesseract. It is not an offer or solicitation.
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