Proof of Reserves

Onchain. Permissionless. Verifiable.

Cryptographic proof that every on-chain token is backed 1:1 by a real asset in custody. Verifiable by anyone. Cross-referenced against independent broker-dealer statements. No trust required, by construction.

Reserve Status

Live view of total assets in custody against total on-chain liabilities.

Total Assets in Custody

IBKR + Alpaca

$147.3M

Total Onchain Liabilities

All chains combined

$147.3M

Collateralization Ratio

 

1 : 1

Fully Backed

Last Updated

 

Apr 17, 2026

14:30 UTC

On-chain distribution

Ethereum

$81.3M

Base

$44.6M

Arbitrum

$21.4M

Where the Underlying Sits

Institutional custody accounts for Flo Capital SPC (Cayman) at two SEC-registered broker-dealers. Interactive Brokers serves as primary and Alpaca as secondary so the issuance chain stays operational if either relationship becomes unavailable, while segregated customer-asset accounts protect the underlying in any insolvency scenario.

Interactive Brokers LLC

Primary

Share of AUM

68%

Value

$100.1M

FIX API reconciliation. Customer property held in segregated brokerage accounts.

Alpaca Securities LLC

Secondary

Share of AUM

32%

Value

$47.2M

REST API reconciliation. Customer property held in segregated brokerage accounts.

Methodology

The scope of what the proof covers, how the numbers are produced, and the limits of what the engagement opines on.

On-chain liabilities

Total Flo token supply per series across every supported chain, aggregated directly from each token contract. Reported in both unit count (per CUSIP) and USD-equivalent.

Off-chain assets

Positions held in institutional custody accounts for Flo Capital SPC (Cayman) at Interactive Brokers (primary) and Alpaca Securities (secondary). Pulled via broker FIX / REST API and reconciled against the official daily statements.

Reconciliation

Per-CUSIP comparison. Tolerances are zero on unit count and $0.01 on USD-equivalent valuation. Any delta is explained on the face of the attestation.

Valuation source

End-of-period last trade on the primary listing. Where a security is suspended or in corporate action, the auditor applies the documented fallback methodology and discloses it.

Scope limits

The attestation is an Agreed-Upon Procedures engagement, not a full financial audit of the SPC. It confirms the backing ratio at a point in time; it does not opine on Flo Capital SPC's financial statements as a whole.

Independence

The attestor has no financial or operational relationship with Flo outside of the engagement. Independence statement included on every report.

Historical Snapshots

Trailing six months. Every period has been 1:1 with zero delta. Any non-zero delta would be disclosed on the face of the attestation with explanation.

PeriodAssetsLiabilitiesRatioDelta
March 2026$147.3M$147.3M1.0000$0
February 2026$139.2M$139.2M1.0000$0
January 2026$128.6M$128.6M1.0000$0
December 2025$114.9M$114.9M1.0000$0
November 2025$98.4M$98.4M1.0000$0
October 2025$87.1M$87.1M1.0000$0

How PoR Fits into the Insolvency Picture

Proof of reserves confirms backing at a point in time. Legal segregation is what protects holdings if an entity in the chain fails.

1

Daily Merkle root + daily Accountable attestation

Verifies 1:1 backing at each daily reporting cycle. Does not protect against insolvency, that's what the next two layers do.

2

BVI issuer + Cayman SPC custodian

Flo Global Markets Ltd. (BVI) issues the notes and onboards the investor. Flo Capital SPC (Cayman) is a bankruptcy-remote Segregated Portfolio Company with a trust-like shareholding arrangement and an independent director that holds the underlying assets. Both entities sit structurally separate from Flo's operating company.

3

Segregated customer-asset accounts at the broker-dealer

At the broker-dealer layer, customer securities and cash are segregated from BD own property and are not available to BD creditors. SIPC provides additional protection up to $500K per account.

Verify It Yourself

Three steps to independently confirm your balance is included in the proof of reserves, no permission needed.

1

Download your Merkle proof

Visit the attestation reports page and download your personalized Merkle proof JSON file. This contains your leaf node (a hash of your balance) and the sibling hashes needed to reconstruct the tree root.

Go to reports
2

Verify your leaf node

Using the script below (or any SHA-256 Merkle verifier), recompute the root hash from your leaf and proof siblings. Compare the result against the root hash stored on-chain in the PoR contract.

3

Cross-reference BD report

Download the latest IBKR or Alpaca daily activity statement, which shows total assets under management. Confirm this matches or exceeds the total on-chain liabilities published by the PoR contract.

verify_reserves.pypython
 1import json
 2import hashlib
 3from web3 import Web3
 4
 5# 1. Connect to the PoR contract
 6w3 = Web3(Web3.HTTPProvider("https://eth.llamarpc.com"))
 7POR_CONTRACT = "0x1a2b3c4d5e6f7890abcdef1234567890abcdef12"
 8ABI = json.load(open("por_abi.json"))
 9contract = w3.eth.contract(address=POR_CONTRACT, abi=ABI)
10
11# 2. Fetch the latest onchain Merkle root
12root = contract.functions.getMerkleRoot().call()
13print(f"Onchain Merkle root: {root.hex()}")
14
15# 3. Load your personal Merkle proof (from /transparency/reports)
16with open("my_proof.json") as f:
17    proof = json.load(f)
18
19leaf = proof["leaf"]        # your balance hash
20siblings = proof["proof"]   # sibling hashes
21
22# 4. Recompute the root from your leaf
23computed = bytes.fromhex(leaf)
24for sibling in siblings:
25    pair = sorted([computed, bytes.fromhex(sibling)])
26    computed = hashlib.sha256(pair[0] + pair[1]).digest()
27
28# 5. Verify
29assert computed == root, "Verification FAILED"
30print("Verification PASSED - your balance is included in the proof")
31
32# 6. Cross-reference with broker-dealer position report
33# Download the latest IBKR or Alpaca daily statement and compare total AUM
34# against the onchain liabilities figure published by the PoR contract.

Proof of Reserves, FAQ

The questions that matter about what PoR actually does and does not do.

What does proof of reserves actually prove?+
That at a specific timestamp, the on-chain token supply is matched 1:1 by positions held in segregated institutional brokerage accounts for Flo Capital SPC at Interactive Brokers and Alpaca. It does not, on its own, prove ongoing solvency; that is why we layer it with daily Agreed-Upon-Procedures attestations by Accountable, the bankruptcy-remote Flo Capital SPC structure, and segregated customer-asset accounts at the broker-dealer.
What does it not prove?+
It does not opine on the financial statements of any entity as a whole, does not prove that assets won't be withdrawn after the timestamp, and does not cover obligations outside the tokenized series (operating liabilities, vendor payables, etc.). Those are outside the scope of the PoR engagement by design.
How is this better than a snapshot attestation?+
Every mint and burn is visible on-chain in real time. The custodian posts signed attestations of BD holdings that can be verified cryptographically against the on-chain supply. Combined with the daily independent attestation by Accountable, this is the closest thing to continuous proof of reserves the asset class permits.
What if IB or Alpaca fails?+
Customer assets at a SEC-registered BD are held in segregated brokerage accounts and are not available to BD creditors in an insolvency. SIPC provides additional protection up to $500K per account ($250K for cash) in narrow insolvency scenarios.
What if the issuer or the SPC fails?+
The notes are issued by Flo Global Markets Ltd. (BVI), the issuer entity. Flo Global Markets Ltd. is the sole investor in Flo Capital SPC (Cayman), a bankruptcy-remote Segregated Portfolio Company with a trust-like shareholding arrangement and an independent director. The notes themselves are governed by Swiss law and issued under a base prospectus approved by the Liechtenstein Financial Market Authority (FMA), so holder entitlements and the issuance program are anchored in regulated documentation, not in Flo's operating company. The underlying assets sit in segregated brokerage accounts at a SEC-registered broker-dealer in the SPC's name; they are customer property of the SPC, separated from the broker-dealer's own estate. Note holders retain their direct entitlement to those assets.
Can I verify a holding that isn't mine?+
You can verify that the on-chain Merkle root is consistent with the total supply and with the custodian's signed attestation. You cannot de-anonymize individual holdings, by design. Each holder verifies their own leaf using a personal proof.
How often is reserves data updated?+
Two layers, both daily, each independently verifiable. (1) Daily Merkle snapshot at 00:00 UTC: the full Merkle root of holdings is rebuilt and posted on-chain on Base, Arbitrum, and Ethereum, enabling cryptographic reconciliation against on-chain supply. (2) Daily third-party attestation by Accountable: an independent verifier attests to the 1:1 reconciliation between on-chain supply and broker-side holdings at Interactive Brokers and Alpaca Securities, served via the public Accountable API. No NDA, no waitlist, no PDF gate.

Resources

Architecture

Proof of reserves architecture

The two-layer daily stack and contract address

CLI + JSON

Verifying proof of reserves

Merkle proof JSON schema and CLI verification

Third-party

Daily attestations

Cadence, methodology, public Accountable API

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