Follow the book month by month

The hedge desk prices a structure to lifetime distributions; this desk runs it month by month and writes the monthly report. Every month's P&L is split into the line that moved — carry, coin price, stops realised against the prior, early completions, the hedge mark and settlement, basis — using a model mark at the purchase yield for attribution. It is not an independently approved fair value. Under it, the margin path the treasury must fund, the book's delta alongside its actual gross futures exposure, and the rebalancing rule as a parameter with a measured cost. Read in the dollar book or the coin book: the seat changes the lifetime figures and the BTC cash bridge. USD attribution and the rebalancing cost comparison remain separately labelled. The displayed path’s ranking metric and seed are printed with the completed report. BTC equivalents and the dollar cash-retention screen describe separate conventions; they do not prove that the BTC conversion strategy can meet later cash calls.