--- title: "Arca Review 2026: ArCoin Fees, Redemptions and Why Its Adviser Owns 91%" url: https://altstreet.investments/platforms/reviews/arca kind: platform-review updated: 2026-11-14 description: "Arca review 2026: the ArCoin Treasury fund held $451,341 and its adviser owned 91.53%; 0.78% net against 95.56% gross; token supply matched reported shares within half a share; $188M of private crypto funds." publisher: AltStreet (https://altstreet.investments) license: Public factual pages may be read, quoted and cited with attribution and a link. Bulk redistribution is not permitted. --- # Arca Review 2026: ArCoin Fees, Redemptions and Why Its Adviser Owns 91% Arca's Treasury fund was the first SEC-registered fund to issue its shares as tokens, and its aggregate token supply has matched the share count the fund reports within half a share at every semiannual date AltStreet checked. Six years after launch the fund held $451,341, and its own adviser owned 91.53% of the shares at the latest disclosed ownership date, April 1, 2026. AltStreet score: 53.4 (B-), scored November 14, 2026. Method: https://altstreet.investments/platforms | Field | Value | | --- | --- | | Platform | Arca | | What it is | Digital Asset Manager: Registered Tokenized Treasury Fund and Private Crypto Funds | | Asset class | U.S. Treasury bills (registered interval fund issued as an Ethereum token); liquid tokens, NFTs and early-stage crypto ventures (private funds) | | Website | ar.ca | | Review first published | November 14, 2026 | | Last updated | November 14, 2026 | | AltStreet relationship | None: no affiliate, sponsorship or partnership | ## The short version The Arca U.S. Treasury Fund is an SEC-registered interval fund that holds Treasury bills and issues its shares as ArCoin (RCOIN), an Ethereum token, to U.S. investors from $1,000. It launched on July 6, 2020 as the first registered fund to issue shares as digital securities. At June 30, 2026 it held $451,341 of net assets; its adviser owned 91.53% of the shares on April 1, 2026, so outside holders had about $38,000 in it (AltStreet arithmetic), and new share sales were $2,300 in 2025. The net expense ratio is 0.78% against 95.56% gross (prospectus, May 1, 2026): the adviser caps covered expenses at 0.75% through April 30, 2027 and paid $1,376,941 of them in 2023 to 2025 while waiving fees of $190 to $217 a year. Aggregate token supply matched the fund's reported shares outstanding within half a share at every semiannual reporting date AltStreet checked. Repurchase demand has been light: $2,072 in 2025 and zero in the first half of 2026. The prospectus describes trading on the Securitize Markets ATS since June 2024, while the November 2, 2026 repurchase notice says no secondary market exists. Arca's private business is larger: Arca Investment Management reports $188.1 million of regulatory assets under management (Form ADV, November 4, 2026) across crypto funds for qualified purchasers, including two BlockTower funds folded in on April 30, 2025. Those funds publish no terms or results. - **$451,341** Arca U.S. Treasury Fund net assets at June 30, 2026, six years after launch; the prospectus says the fund estimates it 'needs to raise $100 million' (N-CSRS; prospectus, May 1, 2026). - **91.53%** Share of the fund owned by its adviser, Arca Capital Management, on April 1, 2026; trustees and officers own 0% (SAI). On that date the largest ArCoin wallet also held 91.53% of on-chain supply (AltStreet arithmetic). - **$1,376,941** Expenses the adviser reimbursed in 2023 to 2025 to hold covered expenses at the 0.75% cap (0.78% net against 95.56% gross in the May 1, 2026 prospectus), against advisory fees of $190 to $217 a year, all waived (SAI; AltStreet arithmetic). - **0.5 share** Largest gap between aggregate on-chain ArCoin supply and the shares outstanding the fund reports, at every semiannual date AltStreet checked, December 2020 to June 2026 (archive eth_call against N-CSR and N-CSRS). - **$188.1M** Regulatory assets under management reported by Arca Investment Management, the adviser to Arca's private crypto funds, across 8 accounts (Form ADV Item 5.F, November 4, 2026, adviserinfo.sec.gov/firm/summary/298298); the Treasury fund adviser reports $32.8M. Data note: Fund figures are from the audited annual reports, the June 30, 2026 semiannual report and N-PORT filings. On-chain figures are AltStreet's reads of Ethereum at block 26,413,707 (November 14, 2026). Wallet ownership is not identified by AltStreet; the transfer agent's records, not the chain, are the fund's official register. ## Key figures | Figure | What it is | Context | | --- | --- | --- | | 91.53% | The first registered fund to issue its shares as tokens is, six years on, almost entirely its manager's own money. | Share of the Arca U.S. Treasury Fund owned by its own adviser, April 1, 2026. Net assets $451,341 at June 30, 2026; outside holders about $38,000. | | $1,376,941 | Expenses the adviser reimbursed in 2023 to 2025 to hold covered expenses at its 0.75% cap. | Net expense ratio 0.78% against 95.56% gross (prospectus, May 1, 2026); the cap runs to April 30, 2027. | | 0.5 share | Largest gap between aggregate on-chain ArCoin supply and reported shares outstanding at every semiannual date AltStreet checked, 2020 to 2026. | AltStreet's archive reads of Ethereum against the N-CSR and N-CSRS. | | $188.1M | Regulatory assets under management reported by Arca's private crypto fund adviser (Form ADV, November 4, 2026). | Including two BlockTower feeders since April 30, 2025; terms and results not public. | ## Verdict Arca's registered Treasury fund does what its prospectus says: it holds Treasury bills, its aggregate token supply matched its reported shares outstanding within half a share at every semiannual date AltStreet checked, it offers monthly repurchases and its audits are clean. It is also about $451,000 in size, 91.53% owned by its adviser and kept at a 0.78% net expense ratio by an adviser subsidy of about $400,000 to $500,000 a year, and its repurchase notices still say no secondary market exists while its prospectus describes ATS trading. Arca's larger business, private crypto funds for qualified purchasers, discloses little beyond Form ADV. **Best for** - Small investors who specifically want a registered Treasury fund held as an Ethereum token and accept that it may be closed or changed. **Look elsewhere if** - You want a tokenized Treasury fund with real outside scale. - You need assurance the 0.78% net cost will last beyond April 30, 2027. - You want published terms and results for a crypto fund. **Strengths** - SEC-registered, Treasury-only, audited by RSM US every year with no qualified opinion. - Aggregate on-chain supply matched reported shares within half a share at every semiannual date checked since 2020. - Monthly repurchase offers never oversubscribed; no disciplinary record or lawsuit located. **Limitations** - $451,341 of net assets, 91.53% adviser-owned. - A 95.56% gross expense ratio carried by the adviser under a cap renewed yearly. - Site and repurchase notices contradict the prospectus on the secondary market and other points. - Private funds publish no terms or results. ## Who it fits | Investor | Fit | Why | | --- | --- | --- | | Investors who want to hold a registered Treasury fund as an Ethereum token | neutral | | | Investors seeking the cheapest or largest tokenized Treasury fund | poor-fit | | | Qualified purchasers looking at crypto hedge or venture funds | neutral | | ## Questions **Is Arca legit?** Arca's two advisers are registered with the SEC, the Treasury fund files audited reports with the SEC, and AltStreet located no disciplinary action or lawsuit against Arca. What to weigh is the fund's size and ownership: $451,341 at June 30, 2026, 91.53% owned by Arca's own adviser, with a 0.78% net expense ratio held there by the adviser's reimbursements. **What is ArCoin?** ArCoin (RCOIN) is the share of the Arca U.S. Treasury Fund, issued as an ERC-20 token on Ethereum at 0x252739487C1fa66eaeaE7CED41d6358aB2a6bCa9. One token is one share. The fund holds Treasury bills, not crypto, and the transfer agent's records are the official register. **What does the Arca U.S. Treasury Fund cost?** 0.78% a year net under the prospectus of May 1, 2026: a 0.75% expense cap plus 0.03% of acquired fund fees, against 95.56% gross. The adviser pays the difference until at least April 30, 2027 and can recoup it within three years if expenses fall below the cap. **Can I sell ArCoin?** Yes, three ways: tender in the fund's monthly repurchase offer (6% of shares a month since May 2026, at NAV, no fee), sell on the Securitize Markets ATS (commission on both sides, no public prices), or transfer to another whitelisted wallet. Repurchases have been tiny: $2,072 in 2025 and nothing in the first half of 2026. **What are Arca's private funds?** Crypto funds for qualified purchasers run by Arca Investment Management: a liquid token master fund ($119.6 million) with four feeders including two BlockTower funds, the Arca Endeavor venture fund ($31.7 million) and the Arca NFT funds ($33.6 million), per Form ADV of November 4, 2026. Their fees and results are not public. **Who owns Arca?** Praesidium Holdings, Inc., a privately held Delaware corporation, owns both advisers through Praesidium Partners and Arca Labs. Neither Form ADV names an individual 25% owner. BlockTower's liquid funds joined Arca on April 30, 2025. ## Update history **November 14, 2026: Owner pass 1: net expense ratio stated as 0.78%, on-chain conclusion limited to aggregate supply, liquidity contradiction brought forward, private-fund figures labeled** Published after owner pass 1 on the same day as the draft. The headline cost is now the 0.78% net expense ratio against 95.56% gross (prospectus, May 1, 2026), with the 0.75% cap described as applying to covered expenses through April 30, 2027 and 95.53% as the fund's reported 2025 gross expense ratio. The on-chain finding is stated as what AltStreet measured: aggregate token supply matched reported shares outstanding within half a share at every semiannual date checked, with the April 1, 2026 wallet comparison (91.53% on chain and in the SAI) kept apart from the November 14 figure of 91.32%. The disagreement between the prospectus, which describes ATS trading, and the repurchase notices, which say no secondary market exists, moves into the summary; 'redemptions are a non-issue' becomes 'repurchase demand has been light'. The $188.1 million is labeled as the private-fund adviser's reported regulatory assets under management with a link to the dated Form ADV, the comparison table notes that master and feeder gross assets overlap, and the inference that the CFTC exemptions 'sit with' the Treasury fund adviser is removed. 'Never grew' becomes 'Outside subscriptions remained small'. Score unchanged. ## Evidence appendix Platform website captured November 14, 2026. The full EDGAR record of the Arca U.S. Treasury Fund and every Arca Form D; Form ADV Parts 1A and 2A of both advisers; BrokerCheck, IAPD and OFAC; 223 web pages and 25 fund documents with Wayback history; every ArCoin and predecessor event log, month-end archive supply and current holders on Ethereum; CourtListener and press. **Highlights** - SAI: Arca Capital Management, LLC owned 91.53% of outstanding shares as of April 1, 2026. - Annual report 2025: 'net assets of $443,597 across thirty-two different investors'. - Prospectus: the transfer agent can 'freeze, revoke and reassign ArCoins'. - Repurchase notice, November 2, 2026: the offer is made 'since no secondary market exists for these shares'. **Primary source pages** - Prospectus and SAI, May 1, 2026 (486BPOS acc. 0001580642-26-002799). - Annual report, December 31, 2025 (N-CSR acc. 0001580642-26-001676); semiannual report, June 30, 2026 (N-CSRS acc. 0001580642-26-005955). - Repurchase notice, November 2, 2026 (N-23C3A acc. 0001580642-26-007341) and the 69 before it. - Form ADV Part 1A: Arca Capital Management (August 25, 2026, adviserinfo.sec.gov/firm/summary/305964), Arca Investment Management (November 4, 2026, adviserinfo.sec.gov/firm/summary/298298); Part 2A brochures (March 30 and 31, 2026). - ArCoin contract 0x252739487C1fa66eaeaE7CED41d6358aB2a6bCa9 on Ethereum, read at block 26,413,707. ## Related - Full review (HTML): https://altstreet.investments/platforms/reviews/arca - Every platform review: https://altstreet.investments/platforms/reviews - Methodology and scoring: https://altstreet.investments/platforms - Category hub: https://altstreet.investments/categories/tokenized-rwa --- Source page: https://altstreet.investments/platforms/reviews/arca Machine index: https://altstreet.investments/llms.txt AltStreet reads what platforms, funds and issuers file with the SEC and what they tell investors, and publishes the difference. Figures are as filed or as captured on the date stated; nothing here is investment advice.