Audit log

Every state-changing event for Janus Henderson Anemoy Treasury Fund (JTRSY): moderation decisions on community submissions, plus corrections and updates from the news pipeline. URL-based decisions carry three independent witnesses — the original source, an Internet Archive snapshot taken at submission time, and a Solana memo signed by our publicly-disclosed publisher key.

1. #1publishby system:backfill

   2026-07-22 17:12:30Z
   Score: ? → ? (no score change)
   anchorpending

   chain

   ●—

   hash

   GW8FdqR5W3nW…tzMF8HwBcopysha256 → base58

   verifying row…

   canonical bytes (20636 B) ▸

   {"actor":"system:backfill","investigation_id":"d524c5e4-dc63-4b7b-8252-1add9d3d6a26","kind":"publish","page_slug":"janus-henderson-anemoy-treasury-fund-jtrsy","published_at":"2026-07-22T17:12:30.543Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"Janus Henderson Anemoy Treasury Fund (JTRSY)","sections":[{"content":"JTRSY was originally launched in October 2023 as the Anemoy Liquid Treasury Fund on the Centrifuge blockchain. In September 2024, Janus Henderson Investors announced a partnership to serve as sub-investment manager through its wholly owned subsidiary Tabula, and the fund was subsequently rebranded as the Janus Henderson Anemoy Treasury Fund in early 2025. The fund is structured as a segregated portfolio company (SPC) regulated by the British Virgin Islands Financial Services Commission. Anemoy Asset Management Limited acts as the primary investment manager. The fund token (JTRSY) represents prima facie evidence of ownership under BVI law and is issued natively on the Centrifuge protocol with support across Ethereum, Base, Arbitrum, Celo, Fraxtal, and Solana (as of May 2025). A freely transferable DeFi wrapper, deJTRSY, enables composability across decentralized exchange and lending protocols.","heading":"Entity Overview and Structure","severity":"low","sources":[{"credibility":1,"name":"Janus Henderson to Partner with Anemoy and Centrifuge on Its First Tokenized Fund (BusinessWire)","type":"news_article","url":"https://www.businesswire.com/news/home/20240913847661/en/Janus-Henderson-to-Partner-with-Anemoy-and-Centrifuge-on-Its-First-Tokenized-Fund"},{"credibility":2,"name":"Janus Henderson Anemoy Treasury Fund — Anemoy Official Page","type":"official","url":"https://www.anemoy.io/funds/jtrsy"},{"credibility":2,"name":"Centrifuge to partner with Anemoy and Janus Henderson on the Liquid Treasury Fund","type":"official","url":"https://centrifuge.io/blog/liquid-treasury-fund-partnership"},{"credibility":2,"name":"POP: Anemoy Liquid Treasury Fund 1 — Centrifuge Governance Forum","type":"community_report","url":"https://gov.centrifuge.io/t/pop-anemoy-liquid-treasury-fund-1/5651"}]},{"content":"The fund operates as a regulated professional fund under the BVI Financial Services Commission. Anemoy Capital SPC Limited is listed as a regulated entity by the BVI FSC. The fund is offered exclusively to non-U.S. entities qualifying as Professional Investors under BVI regulations and Qualified Crypto Institutions. U.S. persons are explicitly excluded. Wallet whitelisting and KYC/AML screening are enforced at the smart contract level, meaning token transfers are restricted to pre-approved addresses. Janus Henderson Investors, the sub-investment manager, is itself a publicly regulated global asset manager headquartered in London; the firm was listed on the NYSE under ticker JHG until completing a take-private merger on June 30, 2026 at $52 per share. The fund has no known active enforcement actions, regulatory investigations, or sanctions designations from the SEC, CFTC, OFAC, or BVI FSC as of the research date.","heading":"Regulatory Status and Licensing","severity":"low","sources":[{"credibility":1,"name":"Anemoy Capital SPC Limited — BVI Financial Services Commission Regulated Entities","type":"regulatory","url":"https://www.bvifsc.vg/regulated-entities/anemoy-capital-spc-limited"},{"credibility":1,"name":"Janus Henderson Group plc Form 10-K FY2025 — SEC EDGAR","type":"regulatory","url":"https://www.sec.gov/Archives/edgar/data/1274173/000143774926005628/jhg20251231_10k.htm"},{"credibility":2,"name":"Janus Henderson Completes Take-Private Merger and Delisting — TipRanks","type":"news_article","url":"https://www.tipranks.com/news/company-announcements/janus-henderson-completes-take-private-merger-and-delisting"}]},{"content":"As of March 12, 2025, S&P Global Ratings assigned JTRSY an AA+f/S1+ fund credit quality rating — the highest rating ever assigned to a tokenized fund and the second-highest overall rating S&P awards. In addition, Moody's assigned the fund an Aa-Bf rating, and crypto-native ratings firm Particula upgraded its assessment from A+ to AA+ in May 2025. The convergence of ratings from three independent firms — one global credit agency (S&P), one global credit agency (Moody's), and one crypto-native specialist (Particula) — is notable and places JTRSY as the most-rated tokenized fund in the market as of mid-2025. The S&P rating specifically reflects the fund's credit quality, liquidity, and stability of the underlying short-duration U.S. Treasury Bill portfolio.","heading":"Credit Ratings and Third-Party Assessments","severity":"low","sources":[{"credibility":1,"name":"Janus Henderson Anemoy Treasury Fund Receives Highest Tokenized Fund Rating — Janus Henderson Investors","type":"official","url":"https://www.janushenderson.com/en-us/advisor/press-releases/janus-henderson-anemoy-treasury-fund-receives-highest-tokenized-fund-rating/"},{"credibility":2,"name":"JTRSY Receives Highest Tokenized Fund Rating by S&P — Centrifuge Blog","type":"news_article","url":"https://centrifuge.io/blog/janus-henderson-anemoy-rating"},{"credibility":2,"name":"Anemoy ($JTRSY) Rating Upgrade: AA+ — Particula","type":"research","url":"https://particula.io/rating-reports/particula-rating-update-anemoy-jtrsy-may-2025"},{"credibility":2,"name":"Rating Action May 2025 JTRSY — Centrifuge IPFS","type":"research","url":"https://centrifuge.mypinata.cloud/ipfs/QmeGLnWidpuyEJupqHPJdrAciEhrRCaafvXteHtMREidN4"}]},{"content":"Anemoy was co-founded in 2023 by Martin Quensel and Anil Sood. Quensel is a co-founder of Centrifuge, the protocol on which JTRSY is issued, and brings experience in regulated on-chain product development through prior integrations with MakerDAO and Aave. Anil Sood previously founded NBRHD Capital, a digitally native asset management firm that was acquired, and has a background in institutional ETF market-making at Knight Capital and Cantor Fitzgerald, where he served as a partner. The Janus Henderson side of the partnership is managed through Tabula, a wholly owned subsidiary of Janus Henderson focused on digital assets and ETF-style products. No adverse findings, regulatory sanctions, or public fraud allegations have been identified against any named individuals as of the research date.","heading":"Founders and Key Personnel","severity":"low","sources":[{"credibility":1,"name":"Janus Henderson to Partner with Anemoy and Centrifuge — Janus Henderson Corporate","type":"official","url":"https://www.janushenderson.com/corporate/press-releases/janus-henderson-to-partner-with-anemoy-and-centrifuge-on-its-first-tokenized-fund/"},{"credibility":3,"name":"Martin Quensel — LinkedIn","type":"other","url":"https://www.linkedin.com/in/martinquensel/"}]},{"content":"JTRSY is issued on the Centrifuge protocol, which was founded in 2017 and has operated for approximately eight years without a documented production exploit. The Centrifuge smart contract system underwent a Code4rena audit in September 2023, which identified eight medium-severity vulnerabilities and zero high-severity vulnerabilities. A subsequent Spearbit security review was conducted in March 2025. The protocol maintains a public bug bounty program. The JTRSY token implements ERC-7540 (an extension of ERC-4626), a token standard designed for regulated, asynchronous vaults. Transfers are restricted to KYC-verified, whitelisted wallets enforced at the contract level. The deJTRSY DeFi wrapper is freely transferable and enables composability on decentralized exchanges (Raydium, Uniswap) and lending protocols (Kamino). No smart contract exploits, bridge hacks, or oracle manipulation events involving JTRSY or the Centrifuge pools supporting it have been publicly reported as of July 2026.","heading":"Technology Infrastructure and Security","severity":"medium","sources":[{"credibility":2,"name":"Code4rena Audit — Centrifuge Liquidity Pools (September 2023)","type":"research","url":"https://github.com/centrifuge/security/blob/main/audits/liquidity-pools/2023-09-Code4rena.md"},{"credibility":2,"name":"Centrifuge Official Website","type":"official","url":"https://centrifuge.io/"},{"credibility":2,"name":"Centrifuge Debuts $400M Tokenized Treasury Fund on Solana — RockawayX","type":"news_article","url":"https://www.rockawayx.com/insights/centrifuge-debuts-400m-tokenized-treasury-fund-on-solana-defi"}]},{"content":"As of July 21, 2026, CoinGecko ranked JTRSY approximately 71st by market capitalization. Earlier data points show the fund at roughly $400 million AUM in May 2025 at the time of its Solana deployment, and approximately $871 million in market capitalization as of mid-2026 per DefiLlama's RWA dashboard. JTRSY competes in a tokenized U.S. Treasury segment that reached approximately $13.4 billion in total value by early Q2 2026, with leading issuers including BlackRock (BUIDL), Franklin Templeton (BENJI), Ondo Finance (OUSG), and WisdomTree. The tokenized treasury segment grew approximately 85% year-on-year through September 2025 according to industry reports.","heading":"Market Positioning and Scale","severity":"low","sources":[{"credibility":2,"name":"JTRSY — DefiLlama RWA Dashboard","type":"on_chain","url":"https://defillama.com/rwa/asset/JTRSY"},{"credibility":2,"name":"JTRSY — CoinGecko","type":"other","url":"https://www.coingecko.com/en/coins/janus-henderson-anemoy-treasury-fund"},{"credibility":2,"name":"Q1 2026 Real World Asset Tokenization Market Report — Investax","type":"research","url":"https://investax.io/blog/q1-2026-real-world-asset-tokenization-market-report"}]},{"content":"Several risk categories merit attention for prospective investors. First, investor access restrictions: the fund is legally available only to non-U.S. professional investors; U.S. persons are excluded, and all investors must complete KYC and be wallet-whitelisted before acquiring JTRSY. Second, counterparty and operational dependency: the fund's value delivery chain passes through USDC (Circle) for subscriptions and redemptions, an independent custodian and prime broker for T-bill custody, Centrifuge for on-chain tokenization, and an independent fund administrator for NAV calculation. Disruption at any point in this chain could impair liquidity or token usability even if the underlying portfolio remains intact. Third, smart contract risk: while the Centrifuge protocol has no documented production exploits, the deJTRSY wrapper introduces additional attack surface in DeFi integrations. Fourth, interest rate risk: declining short-term U.S. Treasury yields reduce the fund's yield advantage relative to competing products. Fifth, governance transition risk: Janus Henderson completed a take-private merger in June 2026, becoming a private company controlled by Trian, General Catalyst, and QIA. The long-term implications of this ownership change for the JTRSY sub-management arrangement are not yet publicly documented. None of these risks represent documented fraud, misappropriation, or regulatory violation; they are structural and market risks inherent to the product.","heading":"Key Risks and Considerations","severity":"medium","sources":[{"credibility":2,"name":"What is JTRSY? — Cube Exchange","type":"other","url":"https://www.cube.exchange/what-is/jtrsy"},{"credibility":1,"name":"Janus Henderson (NYSE: JHG) taken private in $6.5B, $52-per-share buyout — StockTitan","type":"regulatory","url":"https://www.stocktitan.net/sec-filings/JHG/8-k-janus-henderson-group-plc-reports-material-event-937bdb483af6.html"},{"credibility":1,"name":"Tokenised money market funds: new technology, familiar risks? — European Central Bank","type":"research","url":"https://www.ecb.europa.eu/press/financial-stability-publications/macroprudential-bulletin/html/ecb.mpbu202604_04.en.html"}]},{"content":"In May 2025, Centrifuge deployed JTRSY natively on the Solana blockchain at approximately $400 million AUM, integrating with Raydium (decentralized exchange), Kamino (lending protocol), and Lulo (yield aggregator). The fund was also deployed on Ozean, Clearpool's RWA-focused chain. On EVM chains, the fund had previously expanded to Ethereum mainnet, Base, Arbitrum, Celo, and Fraxtal. The deJTRSY wrapper, which is freely composable across DeFi protocols, enables collateral use cases and DEX liquidity without requiring KYC at the DeFi layer, though the underlying JTRSY token transfers remain permissioned.","heading":"DeFi Integrations and Multichain Expansion","severity":"low","sources":[{"credibility":2,"name":"Centrifuge Debuts $400M Tokenized Treasury Fund on Solana — RockawayX","type":"news_article","url":"https://www.rockawayx.com/insights/centrifuge-debuts-400m-tokenized-treasury-fund-on-solana-defi"},{"credibility":2,"name":"JTRSY to Become Available on Ozean — Anemoy","type":"official","url":"https://www.anemoy.io/news/jtrsy-coming-to-ozean"},{"credibility":2,"name":"Centrifuge and Ozean Integrate Regulated U.S. Treasury Fund Into DeFi Infrastructure — Blockchain Reporter","type":"news_article","url":"https://blockchainreporter.net/centrifuge-and-ozean-integrate-regulated-u-s-treasury-fund-into-defi-infrastructure"}]}],"sources_used":[{"credibility":1,"name":"Janus Henderson to Partner with Anemoy and Centrifuge — BusinessWire","type":"news_article","url":"https://www.businesswire.com/news/home/20240913847661/en/Janus-Henderson-to-Partner-with-Anemoy-and-Centrifuge-on-Its-First-Tokenized-Fund"},{"credibility":1,"name":"Janus Henderson Anemoy Treasury Fund Receives Highest Tokenized Fund Rating — Janus Henderson","type":"official","url":"https://www.janushenderson.com/en-us/advisor/press-releases/janus-henderson-anemoy-treasury-fund-receives-highest-tokenized-fund-rating/"},{"credibility":1,"name":"Anemoy Capital SPC Limited — BVI FSC Regulated Entities","type":"regulatory","url":"https://www.bvifsc.vg/regulated-entities/anemoy-capital-spc-limited"},{"credibility":1,"name":"Janus Henderson Group Form 10-K FY2025 — SEC EDGAR","type":"regulatory","url":"https://www.sec.gov/Archives/edgar/data/1274173/000143774926005628/jhg20251231_10k.htm"},{"credibility":2,"name":"Janus Henderson Completes Take-Private Merger — TipRanks","type":"news_article","url":"https://www.tipranks.com/news/company-announcements/janus-henderson-completes-take-private-merger-and-delisting"},{"credibility":2,"name":"JTRSY Receives Highest Tokenized Fund Rating by S&P — Centrifuge Blog","type":"news_article","url":"https://centrifuge.io/blog/janus-henderson-anemoy-rating"},{"credibility":2,"name":"Anemoy ($JTRSY) Rating Upgrade: AA+ — Particula","type":"research","url":"https://particula.io/rating-reports/particula-rating-update-anemoy-jtrsy-may-2025"},{"credibility":2,"name":"Rating Action May 2025 JTRSY — Centrifuge / Pinata IPFS","type":"research","url":"https://centrifuge.mypinata.cloud/ipfs/QmeGLnWidpuyEJupqHPJdrAciEhrRCaafvXteHtMREidN4"},{"credibility":2,"name":"Centrifuge Debuts $400M Tokenized Treasury Fund on Solana — RockawayX","type":"news_article","url":"https://www.rockawayx.com/insights/centrifuge-debuts-400m-tokenized-treasury-fund-on-solana-defi"},{"credibility":2,"name":"Code4rena Audit — Centrifuge Liquidity Pools (September 2023)","type":"research","url":"https://github.com/centrifuge/security/blob/main/audits/liquidity-pools/2023-09-Code4rena.md"},{"credibility":2,"name":"JTRSY — DefiLlama RWA Dashboard","type":"on_chain","url":"https://defillama.com/rwa/asset/JTRSY"},{"credibility":2,"name":"JTRSY — CoinGecko","type":"other","url":"https://www.coingecko.com/en/coins/janus-henderson-anemoy-treasury-fund"},{"credibility":2,"name":"Janus Henderson Anemoy Treasury Fund — Anemoy Official Page","type":"official","url":"https://www.anemoy.io/funds/jtrsy"},{"credibility":2,"name":"JTRSY to Become Available on Ozean — Anemoy","type":"official","url":"https://www.anemoy.io/news/jtrsy-coming-to-ozean"},{"credibility":2,"name":"Centrifuge and Ozean Integrate Regulated U.S. Treasury Fund Into DeFi — Blockchain Reporter","type":"news_article","url":"https://blockchainreporter.net/centrifuge-and-ozean-integrate-regulated-u-s-treasury-fund-into-defi-infrastructure"},{"credibility":2,"name":"POP: Anemoy Liquid Treasury Fund 1 — Centrifuge Governance Forum","type":"community_report","url":"https://gov.centrifuge.io/t/pop-anemoy-liquid-treasury-fund-1/5651"},{"credibility":1,"name":"Tokenised money market funds: new technology, familiar risks? — ECB Macroprudential Bulletin","type":"research","url":"https://www.ecb.europa.eu/press/financial-stability-publications/macroprudential-bulletin/html/ecb.mpbu202604_04.en.html"},{"credibility":2,"name":"Q1 2026 Real World Asset Tokenization Market Report — Investax","type":"research","url":"https://investax.io/blog/q1-2026-real-world-asset-tokenization-market-report"},{"credibility":1,"name":"Janus Henderson Group plc Fourth Quarter and Full-Year 2025 Results — Investor Relations","type":"official","url":"https://ir.janushenderson.com/News--Events/news/news-details/2026/Janus-Henderson-Group-plc-Reports-Fourth-Quarter-and-Full-Year-2025-Results/default.aspx"},{"credibility":2,"name":"What is JTRSY? — Cube Exchange","type":"other","url":"https://www.cube.exchange/what-is/jtrsy"}],"summary":"The Janus Henderson Anemoy Treasury Fund (JTRSY) is a tokenized British Virgin Islands professional fund that invests exclusively in short-term U.S. Treasury Bills with maturities under six months, issued on-chain via the Centrifuge protocol. The fund is regulated by the BVI Financial Services Commission, managed by Anemoy Asset Management with Janus Henderson Investors as sub-investment manager, and has received top-tier credit ratings including AA+f/S1+ from S&P Global Ratings as of March 2025. Access is restricted to non-U.S. professional investors and qualified crypto institutions, with subscriptions and redemptions settled in USDC.","timeline":[{"date":"2023-10-03","event":"Anemoy Liquid Treasury Fund 1 launched on the Centrifuge protocol, targeting short-term U.S. Treasury Bill exposure for non-U.S. professional investors.","source":"Centrifuge Governance Forum — POP: Anemoy Liquid Treasury Fund 1","source_url":"https://gov.centrifuge.io/t/pop-anemoy-liquid-treasury-fund-1/5651"},{"date":"2024-09-13","event":"Janus Henderson Investors announced a strategic partnership with Anemoy and Centrifuge to serve as sub-investment manager of the Liquid Treasury Fund through its Tabula subsidiary.","source":"BusinessWire — Janus Henderson to Partner with Anemoy and Centrifuge","source_url":"https://www.businesswire.com/news/home/20240913847661/en/Janus-Henderson-to-Partner-with-Anemoy-and-Centrifuge-on-Its-First-Tokenized-Fund"},{"date":"2025-02-01","event":"The Anemoy Liquid Treasury Fund was rebranded as the Janus Henderson Anemoy Treasury Fund (JTRSY) to reflect the deepened partnership with Janus Henderson.","source":"Anemoy News","source_url":"https://www.anemoy.io/news"},{"date":"2025-03-12","event":"S&P Global Ratings assigned JTRSY an AA+f/S1+ fund credit quality rating, the highest rating ever assigned to a tokenized fund.","source":"Janus Henderson Investors Press Release","source_url":"https://www.janushenderson.com/en-us/advisor/press-releases/janus-henderson-anemoy-treasury-fund-receives-highest-tokenized-fund-rating/"},{"date":"2025-05-07","event":"Crypto-native ratings firm Particula upgraded JTRSY's rating from A+ to AA+, citing improvements in institutional oversight and governance.","source":"Particula Rating Report","source_url":"https://particula.io/rating-reports/particula-rating-update-anemoy-jtrsy-may-2025"},{"date":"2025-05-22","event":"Centrifuge deployed JTRSY natively on the Solana blockchain at approximately $400 million AUM, integrating initially with Raydium, Kamino, and Lulo.","source":"RockawayX — Centrifuge Debuts $400M Tokenized Treasury Fund on Solana","source_url":"https://www.rockawayx.com/insights/centrifuge-debuts-400m-tokenized-treasury-fund-on-solana-defi"},{"date":"2026-06-30","event":"Janus Henderson Group completed a $6.5 billion take-private merger at $52 per share, led by Trian, General Catalyst, and QIA, and delisted from the NYSE.","source":"StockTitan SEC Filing Tracker","source_url":"https://www.stocktitan.net/sec-filings/JHG/8-k-janus-henderson-group-plc-reports-material-event-937bdb483af6.html"},{"date":"2026-07-21","event":"JTRSY ranked approximately 71st by market capitalization on CoinGecko, with market cap estimated at approximately $871 million per DefiLlama.","source":"CoinGecko / DefiLlama RWA Dashboard","source_url":"https://defillama.com/rwa/asset/JTRSY"}]},"v":1}

   Verify offline (run on your own machine)

   python -m src.verify_decision edc134b0-1951-46de-800a-52d481aa55bdcopy