Change's Proof of Reserves [2025 UPDATE]

Company
April 21, 2025

Change is excited to share an updated Proof of Reserves (PoR) report, highlighting our continued commitment to transparency and security. This report ensures customers have a clear view of their assets as of March month-end. Let's delve into the details of our PoR reporting:

Static Closing Liabilities

At the end of March, we took a snapshot of Change’s customer liabilities, providing a clear picture of customer assets we hold. Small part of the customer assets are distributed across renowned liquidity providers and custodians, which is required to run the product like enabling daily trading activities and deposits/withdrawals to our customers, with the bulk secured in cold wallets for maximum security. As of March 31, 2025, 60.40% of customer spot trading balances were held in cold storage with Ledger and 39.60% of balances were held in hot storage with several different liquidity providers for daily operations.

Dynamic On-Chain Addresses and Assets

For self-custodial cold wallets, we have provided a list of addresses as of March 31, 2025 which can be explored via chain specific explorers, and while closing liabilities and provider balances are snapshots as of month-end, on-chain addresses and assets change in real-time as a result of transaction activity. This means that the numbers reflected in this report versus what is currently visible on-chain, will not be identical.

An additional challenge which customers need to be aware of is the concept of a UTXO. For UTXO-based blockchains such as Bitcoin and Litecoin, transactions executed on-chain since the time of writing mean that the wallet addresses provided below may not be conclusive. 

In the tables below, you will find the total liabilities and the proportion held in cold wallets and liquidity providers and custodian BitGo. For cold wallets you can see the wallet addresses below as well.

CCY Customer spot balance % of customer spot balance Customer staking balance % of customer staking balance Customer total balance % of company hot storage balance * % of company cold storage balance **
ADA 1579683.342 37.54% 2628258.767 62.46% 4207942.109 97.61% 2.39%
AKT 3690.056823 100.00% 0.00 0.00% 3690.056823 100.00% 0.00%
ALGO 534308.3792 100.00% 0.00 0.00% 534308.3792 100.00% 0.00%
APT 3160.864557 100.00% 0.00 0.00% 3160.864557 100.00% 0.00%
ARB 124177.1541 100.00% 0.00 0.00% 124177.1541 100.00% 0.00%
ASTR 58844.23055 100.00% 0.00 0.00% 58844.23055 100.00% 0.00%
ATOM 4766.234675 18.66% 20776.83563 81.34% 25543.07031 100.00% 0.00%
AVAX 1698.547698 24.22% 5313.212819 75.78% 7011.760517 100.00% 0.00%
BCH 318.1860095 100.00% 0.00 0.00% 318.1860095 19.05% 80.95%
BTC 196.7135639 70.62% 81.85189523 29.38% 278.5654591 53.57% 46.43%
CFG 20593.5009 100.00% 0.00 0.00% 20593.5009 100.00% 0.00%
DASH 994.4187675 100.00% 0.00 0.00% 994.4187675 100.00% 0.00%
DOGE 2523820.478 100.00% 0.00 0.00% 2523820.478 55.67% 44.33%
DOT 32174.64674 30.22% 74299.44713 69.78% 106474.0939 24.55% 75.45%
DYM 16227.78749 100.00% 0.00 0.00% 16227.78749 100.00% 0.00%
EGLD 279.3995027 100.00% 0.00 0.00% 279.3995027 100.00% 0.00%
ENJ 47443.61181 100.00% 0.00 0.00% 47443.61181 100.00% 0.00%
EOS 61745.0475 100.00% 0.00 0.00% 61745.0475 100.00% 0.00%
FET 83695.02905 100.00% 0.00 0.00% 83695.02905 100.00% 0.00%
FIL 13140.5914 100.00% 0.00 0.00% 13140.5914 100.00% 0.00%
FLOW 6316.228453 19.61% 25893.23867 80.39% 32209.46712 100.00% 0.00%
FLR 170346.1946 100.00% 0.00 0.00% 170346.1946 100.00% 0.00%
FTM 78558.62114 100.00% 0.00 0.00% 78558.62114 100.00% 0.00%
GLMR 33365.91983 100.00% 0.00 0.00% 33365.91983 100.00% 0.00%
GMX 193.631636 100.00% 0.00 0.00% 193.631636 100.00% 0.00%
ICP 10124.43176 100.00% 0.00 0.00% 10124.43176 100.00% 0.00%
INJ 1594.517637 100.00% 0.00 0.00% 1594.517637 100.00% 0.00%
KAVA 19565.44816 17.98% 89227.47327 82.02% 108792.9214 100.00% 0.00%
KSM 231.3614859 9.18% 2288.640823 90.82% 2520.002309 100.00% 0.00%
LTC 2835.639958 100.00% 0.00 0.00% 2835.639958 99.48% 0.52%
LUNA 1162411339 100.00% 0.00 0.00% 1162411339 100.00% 0.00%
MINA 19612.10282 5.16% 360291.4527 94.84% 379903.5555 100.00% 0.00%
MOVR 325.1606029 100.00% 0.00 0.00% 325.1606029 100.00% 0.00%
NEAR 8324.406966 23.28% 27427.59995 76.72% 35752.00692 100.00% 0.00%
OP 12727.82282 100.00% 0.00 0.00% 12727.82282 100.00% 0.00%
QTUM 189.8155884 100.00% 0.00 0.00% 189.8155884 100.00% 0.00%
RUNE 23828.74116 100.00% 0.00 0.00% 23828.74116 100.00% 0.00%
SEI 73258.30752 100.00% 0.00 0.00% 73258.30752 100.00% 0.00%
SGB 777280.8236 100.00% 0.00 0.00% 777280.8236 100.00% 0.00%
STRK 42470.01166 100.00% 0.00 0.00% 42470.01166 100.00% 0.00%
STX 18207.41209 100.00% 0.00 0.00% 18207.41209 100.00% 0.00%
SUI 100217.1372 100.00% 0.00 0.00% 100217.1372 100.00% 0.00%
TIA 2870.379876 100.00% 0.00 0.00% 2870.379876 100.00% 0.00%
XLM 1425981.283 100.00% 0.00 0.00% 1425981.283 3.78% 96.22%
XRP 2042732.604 100.00% 0.00 0.00% 2042732.604 27.91% 72.09%
XTZ 17482.74683 24.07% 55162.80852 75.93% 72645.55535 23.16% 76.84%

Ethereum tokens

CCY Customer spot balance % of customer spot balance Customer staking balance % of customer staking balance Customer total balance % of company hot storage balance * % of company cold storage balance **
AAVE 366.3441439 100.00% 0.00 0.00% 366.3441439 30.16% 69.84%
ALT 101710.1464 100.00% 0.00 0.00% 101710.1464 100.00% 0.00%
ANKR 61354.55974 100.00% 0.00 0.00% 61354.55974 100.00% 0.00%
APE 28774.13303 100.00% 0.00 0.00% 28774.13303 88.26% 11.74%
API3 2513.31109 100.00% 0.00 0.00% 2513.31109 100.00% 0.00%
AUDIO 20225.19025 100.00% 0.00 0.00% 20225.19025 100.00% 0.00%
AXS 3032.738326 100.00% 0.00 0.00% 3032.738326 58.25% 41.75%
BAL 2544.247874 100.00% 0.00 0.00% 2544.247874 84.92% 15.08%
BAND 378.9627468 100.00% 0.00 0.00% 378.9627468 100.00% 0.00%
BAT 166297.0574 100.00% 0.00 0.00% 166297.0574 4.49% 95.51%
BIGTIME 14468.15144 100.00% 0.00 0.00% 14468.15144 100.00% 0.00%
BLUR 18209.52444 100.00% 0.00 0.00% 18209.52444 100.00% 0.00%
BOBA 64217.10352 100.00% 0.00 0.00% 64217.10352 100.00% 0.00%
CHZ 115182.3748 100.00% 0.00 0.00% 115182.3748 62.62% 37.38%
COMP 809.4458219 100.00% 0.00 0.00% 809.4458219 44.33% 55.67%
CRV 92617.45766 100.00% 0.00 0.00% 92617.45766 23.88% 76.12%
CVX 589.0822573 100.00% 0.00 0.00% 589.0822573 100.00% 0.00%
DAI 3057.754906 100.00% 0.00 0.00% 3057.754906 63.28% 36.72%
DYDX 15393.1326 100.00% 0.00 0.00% 15393.1326 68.44% 31.56%
ENA 5823.190988 100.00% 0.00 0.00% 5823.190988 100.00% 0.00%
ENS 415.7930597 100.00% 0.00 0.00% 415.7930597 100.00% 0.00%
ETH 1244.237133 57.28% 927.8352237 42.72% 2172.072357 20.24% 79.76%
ETHFI 1517.033302 100.00% 0.00 0.00% 1517.033302 100.00% 0.00%
EUL 488.8692107 100.00% 0.00 0.00% 488.8692107 100.00% 0.00%
FXS 1055.308256 100.00% 0.00 0.00% 1055.308256 100.00% 0.00%
GAL 859.2273144 100.00% 0.00 0.00% 859.2273144 100.00% 0.00%
GALA 2242854.676 100.00% 0.00 0.00% 2242854.676 100.00% 0.00%
GNO 6.44458458 100.00% 0.00 0.00% 6.44458458 100.00% 0.00%
GRT 172912.279 37.84% 284083.3109 62.16% 456995.5899 99.98% 0.02%
IMX 5588.970192 100.00% 0.00 0.00% 5588.970192 100.00% 0.00%
INCH 44403.54234 100.00% 0.00 0.00% 44403.54234 91.06% 8.94%
JASMY 278237.1012 100.00% 0.00 0.00% 278237.1012 100.00% 0.00%
KEEP 26851.64382 100.00% 0.00 0.00% 26851.64382 55.86% 44.14%
KNC 28512.67147 100.00% 0.00 0.00% 28512.67147 23.97% 76.03%
LDO 10604.96789 100.00% 0.00 0.00% 10604.96789 100.00% 0.00%
LINK 25587.59093 100.00% 0.00 0.00% 25587.59093 19.90% 80.10%
LRC 31927.9806 100.00% 0.00 0.00% 31927.9806 100.00% 0.00%
MANA 81163.75131 100.00% 0.00 0.00% 81163.75131 86.66% 13.34%
MATIC 158065.2396 45.34% 190570.6412 54.66% 348635.8808 100.00% 0.00%
MIR 1187649.542 100.00% 0.00 0.00% 1187649.542 59.92% 40.08%
MKR 3.10121342 100.00% 0.00 0.00% 3.10121342 100.00% 0.00%
MULTI 34819.93869 100.00% 0.00 0.00% 34819.93869 100.00% 0.00%
OCEAN 42499.86493 100.00% 0.00 0.00% 42499.86493 100.00% 0.00%
ONDO 28153.9071 100.00% 0.00 0.00% 28153.9071 100.00% 0.00%
PAXG 27.98980117 100.00% 0.00 0.00% 27.98980117 51.70% 48.30%
PENDLE 1759.94212 100.00% 0.00 0.00% 1759.94212 100.00% 0.00%
PEPE 23581436310 100.00% 0.00 0.00% 23581436310 100.00% 0.00%
PERP 3886.060183 100.00% 0.00 0.00% 3886.060183 100.00% 0.00%
PORTAL 8086.099823 100.00% 0.00 0.00% 8086.099823 100.00% 0.00%
POWR 5465.912403 100.00% 0.00 0.00% 5465.912403 100.00% 0.00%
QNT 326.3751189 100.00% 0.00 0.00% 326.3751189 100.00% 0.00%
RARI 18309.13022 100.00% 0.00 0.00% 18309.13022 36.55% 63.45%
REP 14352.50516 100.00% 0.00 0.00% 14352.50516 52.00% 48.00%
RPL 793.3036796 100.00% 0.00 0.00% 793.3036796 100.00% 0.00%
SAND 75057.48262 100.00% 0.00 0.00% 75057.48262 52.47% 47.53%
SHIB 8165908706 100.00% 0.00 0.00% 8165908706 51.33% 48.67%
SNX 14519.85598 100.00% 0.00 0.00% 14519.85598 27.46% 72.54%
STG 18891.23735 100.00% 0.00 0.00% 18891.23735 100.00% 0.00%
STORJ 27014.2641 100.00% 0.00 0.00% 27014.2641 100.00% 0.00%
SUPER 12716.24787 100.00% 0.00 0.00% 12716.24787 100.00% 0.00%
SUSHI 34985.04238 100.00% 0.00 0.00% 34985.04238 23.54% 76.46%
UMA 225.2225136 100.00% 0.00 0.00% 225.2225136 100.00% 0.00%
UNI 9942.164904 100.00% 0.00 0.00% 9942.164904 5.53% 94.47%
USDC 29219.26292 72.16% 11275.46373 27.84% 40494.72665 100.00% 0.00%
USDT 83897.45201 100.00% 0.00 0.00% 83897.45201 43.34% 56.66%
YFI 0.37975079 100.00% 0.00 0.00% 0.37975079 100.00% 0.00%
YGG 20374.02625 100.00% 0.00 0.00% 20374.02625 100.00% 0.00%
ZETA 5585.554737 100.00% 0.00 0.00% 5585.554737 100.00% 0.00%
ZRX 12132.58387 100.00% 0.00 0.00% 12132.58387 100.00% 0.00%

Solana tokens

CCY Customer spot balance % of customer spot balance Customer staking balance % of customer staking balance Customer total balance % of company hot storage balance * % of company cold storage balance **
ATLAS 1717999.202 100.00% 0.00 0.00% 1717999.202 100.00% 0.00%
BODEN 0.00642925 100.00% 0.00 0.00% 0.00642925 100.00% 0.00%
BONK 3427574863 100.00% 0.00 0.00% 3427574863 100.00% 0.00%
DRIFT 2918.681698 100.00% 0.00 0.00% 2918.681698 100.00% 0.00%
HNT 1709.125227 100.00% 0.00 0.00% 1709.125227 100.00% 0.00%
JTO 1174.749362 100.00% 0.00 0.00% 1174.749362 100.00% 0.00%
JUP 27890.20142 100.00% 0.00 0.00% 27890.20142 100.00% 0.00%
MELANIA 2486.862014 100.00% 0.00 0.00% 2486.862014 100.00% 0.00%
MNGO 722550.0522 100.00% 0.00 0.00% 722550.0522 100.00% 0.00%
ORCA 858.8979917 100.00% 0.00 0.00% 858.8979917 100.00% 0.00%
OXY 1199364.291 100.00% 0.00 0.00% 1199364.291 100.00% 0.00%
PYTH 74905.0601 100.00% 0.00 0.00% 74905.0601 100.00% 0.00%
RAY 6799.596293 100.00% 0.00 0.00% 6799.596293 100.00% 0.00%
RENDER 14247.64096 100.00% 0.00 0.00% 14247.64096 100.00% 0.00%
SOL 6147.964418 45.70% 7305.399561 54.30% 13453.36398 19.85% 80.15%
TNSR 15179.06028 100.00% 0.00 0.00% 15179.06028 100.00% 0.00%
TREMP 0.0087308 100.00% 0.00 0.00% 0.0087308 100.00% 0.00%
TRUMP 3962.013209 100.00% 0.00 0.00% 3962.013209 100.00% 0.00%
WEN 352012547.9 100.00% 0.00 0.00% 352012547.9 100.00% 0.00%
WIF 62063.78431 100.00% 0.00 0.00% 62063.78431 100.00% 0.00%

Tron tokens

CCY Customer spot balance % of customer spot balance Customer staking balance % of customer staking balance Customer total balance % of company hot storage balance * % of company cold storage balance **
BTT 9936449403 100.00% 0.00 0.00% 9936449403 100.00% 0.00%
TRX 60498.18084 44.93% 74164.05207 55.07% 134662.2329 100.00% 0.00%

*As of March 31, 2025. For operational needs, including customer deposits/withdrawals and spot trading, Change holds a proportion of customer assets in hot wallets, both with liquidity providers and BitGo.

**Snapshot of assets in cold storage taken on March 31, 2025 at 23:59 UTC

Cold storage addresses

CCY Address
AAVE 0x7DEB055643d8954BbBA09582107e71C8Ee55dE40
ADA addr1qxrxy6z4purw7ay8u4n5fremr92h3wws2xc3lqqzjaaynumhawe7f8phkz39z00j2plxdxu955630gxduaaqmlmz764q8c522q
ADA addr1q8a4ale2f8gj4vmu7cxmkj4nw3k74ghk89546pyqufpuedfsn8mq9jw6wmra2nrla7hv8shau4mxhn4dgptenjyqzadsvxw297
ADA addr1q9mpe20sd8p82fe4mfc73lqjqs3qwk49m4vlsdpkgz5xpzxn3clskn0y2j2z2thusznx9ehnusprc72mderfljmaac7qc24k75
ADA addr1qxq9e5wta0mk5akp58p3enuy59r6s5fan33drr94aq053c8e4mpmqz8yq5g0g8yvg7zmycdsshcdl3qed6q08tp5meps2gck6n
APE 0x7DEB055643d8954BbBA09582107e71C8Ee55dE40
AXS 0x7DEB055643d8954BbBA09582107e71C8Ee55dE40
BAL 0x7DEB055643d8954BbBA09582107e71C8Ee55dE40
BAT 0x7DEB055643d8954BbBA09582107e71C8Ee55dE40
BCH 152P3aDHzLVMxnJZ3qizcQWw7uTraWjpeA
BCH 13HRWiZx9LMUH3YByhSeSZxYu1wD6upZLo
BCH 1L6dYz57X4unBhmf86qMD8SphbqTAwAejo
BCH 1JvEEkZJgi4gjskGi1H2SkQYHvuNmDhhuD
BCH 1KH7WqwsTXfibF3PRoXbG3myfXGg9dFsCm
BCH 1GW37C6cTWtXGQpRf4evogdfrh6EZfPNRL
BCH 19rdb8fNvABTMaKyTXuYhVzrMwhgJEb3yJ
BCH 19SLtyopFyyBQNv166qX7Pc2hoosgncpWq
BTC bc1q43krjn8qvfydqs9lq8crg26er4c26hkpd2mpw7
BTC bc1qhsuvec03zslh9qvauksh2wc9hy9za7csxem5ea
BTC bc1q9rqfux88j6az0wl957u2jdykgw5m5r72hcaclu
BTC bc1qqqdlw28eaunej4u9juk8uthluskkzrf5u6e2mg
BTC bc1qpugnj8qhkcx8pjf32j7xc8d745hzj7jmpjmjdq
BTC bc1qazu0s74zzdn0he2x78vqr9ff25fj6x6ahskdxg
BTC bc1qf53n5f30y8325wl8u58dv05r7mmge8xrhlgp00
BTC bc1qzvl7hnualsq8x8zxde4kl9ye3e4cf7vnj74lz4
BTC bc1qjyls722jnlmr35uu7vd8am3se7x0l7d3xvws58
BTC bc1qjmwzl95uzkfa82f74tgr9w4h24flna02azyk54
CHZ 0x7DEB055643d8954BbBA09582107e71C8Ee55dE40
COMP 0x7DEB055643d8954BbBA09582107e71C8Ee55dE40
CRV 0x7DEB055643d8954BbBA09582107e71C8Ee55dE40
DAI 0x7DEB055643d8954BbBA09582107e71C8Ee55dE40
DOGE DCFU4KgNDhUS4p44gKQBMk44FefsgP2vNF
DOGE D97fE2TmzCfc76mMEtehPddJFVbQYy1pqC
DOGE D6QE6cXBNRYo2mn7K6Kpz4RYysKc2opTi8
DOGE DJXgHpYEtTa3a6CecPwQE4pvGeuYdbYaGh
DOGE DCWCaMLmH8NNh9t1pc7p1vxteCiLJ7X9Zf
DOGE DH4EYYc8ByXmqgFxqQ3EaDk9tVHSVgbnae
DOGE DBmtR1j5CxNdKGo8suoP3yeJWZC5kK7cJU
DOT 13Bsto1AwMjigLw8f19rJDnkx1SfTBG5sdGtU6xguxihfbcz
DOT 12eeTmy9PogtDeEoYH6M6Xyp5QjbwGY8vTejGCeDUQUPXVLv
DYDX 0x7DEB055643d8954BbBA09582107e71C8Ee55dE40
ETH 0x7DEB055643d8954BbBA09582107e71C8Ee55dE40
ETH 0xF72C53fDf361D0f7EC1f299ED0b2A3CFbf7CDB37
ETH 0x72630267178FEBB923fECAdfC6FcC1EE9c77D2Af
ETH 0x50291d75F6A786C52BE91754fC8b2314900C6b6F
GRT 0x7DEB055643d8954BbBA09582107e71C8Ee55dE40
INCH 0x7DEB055643d8954BbBA09582107e71C8Ee55dE40
KEEP 0x7DEB055643d8954BbBA09582107e71C8Ee55dE40
KNC 0x7DEB055643d8954BbBA09582107e71C8Ee55dE40
LINK 0x7DEB055643d8954BbBA09582107e71C8Ee55dE40
LTC LRZmMGnCT6WYmaBdyNJ3yagdi2FYScenBv
LTC LiMTpbw6DpJd127tyjXaxBvd4rrHaZPNP9
LTC LfBsWHRZRa3cKEsbhAjrXkfUKmJcp8xLB5
LTC LgDt3khYKSfHnHQqcvmZ9n7XirQdrgWi3L
LTC LgSq3HVnP28i3b89Aeqep57zwWKcrFYA29
LTC LSQa9f6Ptf2E9UJ72RHhsc8GnwKc5SpWiC
LTC LXMce6kecwgTBFFRHKenDu4xcHDtB4osHR
LTC LLZJTgfGbh1myBTzoVHdxnrhyEcEws5TqJ
LTC LQKTczD3iuuJ2BQtWgikxvXrBDFBToEXdr
MANA 0x7DEB055643d8954BbBA09582107e71C8Ee55dE40
MATIC 0x7DEB055643d8954BbBA09582107e71C8Ee55dE40
MATIC 0x50291d75F6A786C52BE91754fC8b2314900C6b6F
MIR 0x7DEB055643d8954BbBA09582107e71C8Ee55dE40
MKR 0x7DEB055643d8954BbBA09582107e71C8Ee55dE40
OCEAN 0x7DEB055643d8954BbBA09582107e71C8Ee55dE40
PAXG 0x7DEB055643d8954BbBA09582107e71C8Ee55dE40
RARI 0x7DEB055643d8954BbBA09582107e71C8Ee55dE40
REP 0x7DEB055643d8954BbBA09582107e71C8Ee55dE40
SAND 0x7DEB055643d8954BbBA09582107e71C8Ee55dE40
SHIB 0x7DEB055643d8954BbBA09582107e71C8Ee55dE40
SNX 0x7DEB055643d8954BbBA09582107e71C8Ee55dE40
SOL Btpr9sjHbqYdpeCriprqS6S8R2mjEYqDqprcjpGt8TJD
SOL BR2r4cXqf3oaPGKugN5YStj6j8n43sKXKdhT2n2t9bSU
SUSHI 0x7DEB055643d8954BbBA09582107e71C8Ee55dE40
UNI 0x7DEB055643d8954BbBA09582107e71C8Ee55dE40
USDC 0x7DEB055643d8954BbBA09582107e71C8Ee55dE40
USDT 0x7DEB055643d8954BbBA09582107e71C8Ee55dE40
UST 0x7DEB055643d8954BbBA09582107e71C8Ee55dE40
XLM GA665X3K2OXF4CWEOMD7FECCRRV2NL4XMK2YJ4RJYIW2S7TZQXJBCQZE
XRP raJ9n5GGBLpZeJUsNVxDPZJ3Jov6cR4YV3
XRP rEfyRmv3aaz3r7aoEC9tJxGkqG76dKym6w
XRP rG43s3Nsg44t3hkbzU5TsgGkcGsiQLAsmj
XTZ tz2WJ51RQSux4ydFKdxpHvWPxjw6Psn628G2
XTZ tz2KU8gsdSjP74Zmw4daZrhF8WPhEGv89iys

Liquidity provider statements

The statements of assets held as of March 31, 2025 from our service providers: