Strateca Finance
- RWA type
- Basis trade fund
- TVL
- Not verified
- Launched
- 2026
- Issuer
- Strateca Finance Limited
- Jurisdiction
- Panama
- Chains
- Ethereum
- Last reviewed
- Sep 1, 2026
Tokenized exposure to a Mexican statistical-arbitrage (basis trade) fund · assessed by PennyWorks
Summary
45 assessment items across three risk families. Yellow = information not available in the Strateca data room, the 14 Aug & 3 Sep 2026 calls, or public sources.
4a · Economic risk
- Liquidity risk3 items · 1 n/a
- Redemption restrictions2 items · 1 n/a
- Solvency risk8 items · 4 n/a
- Strategy soundness4 items · 1 n/a
4b · Operational risk
- Accounting risk3 items · 1 n/a
- Counterparty risk1 item
- Custody risk3 items · 1 n/a
- Governance & controls risk6 items · 3 n/a
- Solvency risk1 item
- Technical risk2 items · 2 n/a
4c · Legal risk
- Compliance risk6 items · 3 n/a
- Redemption risk6 items · 4 n/a
PennyWorks flags
- Token holders have no direct claim on the underlying fund units. The issuer's only asset is an unsecured intercompany loan claim on Tezcala Tecnología — and the loan agreements have not been provided.
- No third-party custody on-chain. The "Vantora Capital" Vaultra wallet is a brand of, and operated by, the Strateca team itself; approval policy and quorum are undisclosed.
- Same founders control every entity in the chain — Andrés Villaseñor is ~69.5% owner & sole director of Strateca, Chairman of Tezcala, and CEO/co-founder of CriptoBravo (Tezcala's 100% parent). No commercial agreements exist between them (client-confirmed).
- Concentration: effectively a single fund position (NIS), a single operating bank (Banco Mirasol), and ~90% unhedged MXN exposure at fund level.
- No issuer-level financials, audit, or NAV attestation — audited numbers exist only for the underlying funds, registered in Tezcala's name.
Top asks to close the gaps
- Strateca ↔ Tezcala intercompany loan agreements
- Token terms & conditions (claims, suspension, wind-down, eligibility)
- Vaultra workspace policy: admins, approvers, quorum, whitelists
- CriptoBravo consolidated audit (covers Tezcala) and CriptoBravo UBOs
- Third-party KYC / sanctions screening reports
- Encumbrance confirmation on fund units in Banco Cardenal custody
- Smart-contract audit of the Strateca vault
Flow of funds
Subscription → deployment (9 steps, per Strateca's data-room description). Redemptions travel the same path in reverse. Chips show in whose legal name each account or asset is held.
On-chain
Off-chain — Mexico
Redemption path (per 3 Sep 2026 call + public terms)
- Token holder redeems on strateca.co — daily, 0.1% fee, $0 minimum (public terms).
- Strateca ("Vantora") recalls part of the intercompany loan from Tezcala.
- Tezcala unwinds: sells VSA units via Operadora Zerva → MXN to Banco Mirasol → MXN→USDC via CriptoBravo or Orbix MX.
- USDC returns through the Vaultra wallet to the vault; shares are burned.
Gates, suspension rights and liquidity buffers: information not available.
Org relationships
Ownership (solid) vs. operational / undocumented links (dashed). Source: data room registers, 14 Aug & 3 Sep calls, public registries — see the entity & ownership chart v2 under Key sources.
Andrés Villaseñor
~69.5% owner & sole director of Strateca Finance Ltd · Chairman of Tezcala Tecnología · CEO & co-founder of CriptoBravo. One person controls every entity in the chain.
Strateca Finance Limited
Panama S.A., Folio 987143, inc. 22.02.2022, f/k/a Vantora Limited (renamed 17.04.2026). Not a registered fund (client-confirmed); no licence evidenced. Operates the Vaultra wallet under the "Vantora Capital" brand — a brand, not a separate entity. Other holders: R.M. Estrada 4.6%; register incl. Halcyon Research ~1.2%, Northgate Ventures, PeakLabs, ~40 minorities.
CriptoBravo, S.A. de C.V.
On CNBV fintech (ITF) registry. USDC↔MXN venue (accounts in Tezcala's name). Consolidated audit covers Tezcala — audit not provided; CriptoBravo UBOs not provided. CriptoBravo staff (L. Cárdenas — product, P. Fuentes — finance/treasury) run daily Strateca/Tezcala operations.
Tezcala Tecnología, S.A. de C.V.
Mexico City, inc. 05.11.2021, Folio Mercantil 48117-3 · capital MXN 8,500,000 · 100% owned by CriptoBravo. Directors: Andrés Villaseñor (Chairman), Joaquín Barrera. Holds all Mexican accounts and the VSA fund units in its own name. No standalone audit (covered only in CriptoBravo's consolidated audit).
Operadora Zerva · Banco Cardenal · Banco Mirasol · Indeval
Operadora Zerva: CNBV-licensed portfolio manager (VSA fund, ISIN MX41CVSA0021; NAV MXN 486.3m at 31.12.2025; 2025 net +33.9%). Banco Cardenal: CNBV-licensed custodian of fund units (manual reports, no API). Banco Mirasol: operating bank. Indeval: statutory CSD registration — all in Tezcala's name.
Orbix MX · Vaultra
Orbix MX: CNBV "In Operation" list — alternative USDC↔MXN venue. Vaultra: wallet technology provider for the issuer's self-operated custody wallet (not a custodian of record).
4a · Economic risk — deep dive
17 items · 5 documented · 5 partially available · 7 not available. Open any row for the assessment.
Economic riskLiquidity risk3 items
Off-chain NAV update frequencyLiquidity risk · Daily / Weekly / MonthlyDocumented
Daily. The VSA fund's unit price is published daily by Operadora Zerva; the performance fee accrues daily in the unit price (3 Sep call). Latest audited NAV: MXN 486.3m at 31.12.2025.
On-chain NAV update frequencyLiquidity risk · Monthly / QuarterlyNot available
No on-chain NAV update mechanism, dashboard or oracle has been identified for the Strateca vault.
Portfolio durationLiquidity risk · Redemption frequency for depositors vs. duration of assetsPartially available
Depositors can redeem daily (public terms). The underlying is an open-ended CNBV-registered hedge fund running short-duration basis trades, but the VSA fund's own dealing frequency, notice periods and settlement times are not documented — so the true duration mismatch cannot be measured. Entry windows already constrain deployment (3 Sep call).
Economic riskRedemption restrictions2 items
In-kind redemptions mechanismRedemption restrictions · If, when and how a token holder can redeem the underlying assetDocumented
None. Redemptions are cash-only in USDC. Token holders have no mechanism to claim the underlying VSA fund units — those are registered to Tezcala Tecnología at Indeval and custodied at Banco Cardenal.
Redemption gatesRedemption restrictions · % of fund that can redeem at the same timeNot available
No gate policy is documented (DDQ Token issuer Q21 remains open). It is unknown what happens if redemptions exceed available liquidity.
Economic riskSolvency risk8 items
Asset compositionSolvency risk · Balance sheet of token issuerNot available
No balance sheet or financial statements of Strateca Finance Limited have been provided or found publicly. Only the underlying funds' audited figures exist — in Tezcala's name, not the issuer's.
LTVSolvency risk · Portfolio loan-to-valuePartially available
Not applicable by design: there is no credit portfolio — the deployed assets are fund units. However, leverage inside the VSA fund itself is not disclosed, and the issuer's own asset is an unsecured intercompany loan to Tezcala (100% exposure, no collateral evidenced).
Off-chain NAVSolvency risk · NAV / attestation showing token issuer having a claim on the underlying assetNot available
This is the central gap. Audited NAV exists for the VSA fund — but in Tezcala's name. There is no attestation, audit confirmation or loan documentation evidencing Strateca's claim on Tezcala's cash at Banco Mirasol, in-flight MXN, or fund units at Banco Cardenal. Loan "proofs" were said to exist (3 Sep call) but were not provided.
On-chain NAVSolvency risk · Ongoing updates to NAV of the token issuerNot available
No ongoing on-chain NAV of the issuer is published (no oracle, no proof-of-reserves style dashboard).
PerformanceSolvency risk · Regular updates on APY globally and by positionPartially available
Fund level: audited — VSA 2025 net return +33.9% (MXN). Vault level: an APY figure is displayed on strateca.co. No per-position performance dashboard or regular reporting is available.
Portfolio concentrationSolvency risk · Percentage of assets held in 1–2 positionsDocumented
Effectively 100% in a single position — the VSA basis-trade fund — with temporary parking in money-market funds (BM2 / Zerva MM) or overnight deposits during subscription windows.
Portfolio healthSolvency risk · Metrics at a global and/or position levelNot available
No ongoing portfolio-health metrics or dashboard are provided at issuer or position level.
Quality of assetsSolvency risk · Historical ratings and/or volatility of underlying assetPartially available
The VSA fund is CNBV-registered and independently audited, with monthly performance reports in the data room. But the fund's inception is 14.05.2025 — a short track record — there are no ratings, and only ~15% of exposure is USD-hedged, leaving ~85% of the MXN leg unhedged at fund level. No long-run volatility history exists.
Economic riskStrategy soundness4 items
Commercial agreementsStrategy soundness · Agreements between token issuer, underlying asset & related entitiesNot available
Client-confirmed in writing: "No, not available." No commercial or service agreements exist between Strateca, Tezcala, CriptoBravo or the funds — including the intercompany loan agreements that constitute the issuer's only asset.
Flow of fundsStrategy soundness · How a deposit flows from the token issuer to the final receiverDocumented
Fully documented — a 9-step description from USDC deposit to VSA fund units in Banco Cardenal custody / Indeval registration. See the Flow of funds page (02) for the full chart with per-node ownership labels.
Source of yieldStrategy soundness · Where the yield comes from; who is paying for it and whyDocumented
Statistical arbitrage / basis trade in Mexican capital markets via the VSA fund: capturing the spread between futures and spot, driven by high MXN interest rates. The market pays the basis; returns accrue in the fund's daily unit price (net of fees).
StrategyStrategy soundness · Boundaries of the token issuer's strategyPartially available
Described boundaries: USDC → MXN → VSA fund subscription, with temporary cash in Banco Mirasol, BM2 / Zerva MM funds or overnight deposits. No written investment policy or mandate document has been provided (DDQ Q15 open) — the boundaries rest on verbal description.
4b · Operational risk — deep dive
16 items · 4 documented · 5 partially available · 7 not available. Open any row for the assessment.
Operational riskAccounting risk3 items
Accounting method of assetsAccounting risk · Mark-to-market vs. costPartially available
The underlying VSA fund units are marked to market daily via the published unit price (audited fund reports). The issuer's own accounting method is undisclosed — no issuer financials exist.
Off-chain NAV providerAccounting risk · Name of entity doing the NAVPartially available
Fund level: Operadora Zerva, S.A. de C.V. (CNBV-licensed) prices the VSA fund; independent audit on the fund. No independent NAV provider exists at issuer / vault level.
On-chain NAV computation methodAccounting risk · Snapshot vs. txn-based NAVNot available
Not applicable / not disclosed — no on-chain NAV is computed for the vault, so no methodology exists to assess.
Operational riskCounterparty risk1 item
CounterpartiesCounterparty risk · List of banks, brokers, exchanges etc.Documented
Fully mapped: CriptoBravo & Orbix MX (exchanges, CNBV-registered), Banco Mirasol (operating bank, CNBV), Operadora Zerva (portfolio manager, CNBV), Banco Cardenal (custodian, CNBV), Indeval (CSD), Vaultra (wallet tech). See the Org page (03).
Operational riskCustody risk3 items
Bank redundanciesCustody risk · Number of banksDocumented
One operating bank — Banco Mirasol holds Tezcala's MXN accounts; Banco Cardenal acts only as securities custodian. Single-bank concentration on the cash leg is a noted risk, partly mitigated by short dwell times.
Custodian statusCustody risk · Name of licence / status of custodian of underlying assetsPartially available
Off-chain: Banco Cardenal, S.A., a CNBV-licensed bank and authorised custodian, holds the fund units (in Tezcala's name); reporting is manual, no API. Licence numbers were not supplied. On-chain: no custodian — the Vaultra wallet is self-operated by the Strateca team.
Segregation policyCustody risk · Custodian's policy on segregating customer assetsNot available
Banco Cardenal's segregation policy has not been provided, and there is no confirmation of how Tezcala's holdings are segregated from house assets across the chain.
Operational riskGovernance & controls risk6 items
Board & voting powerGovernance & controls risk · For token issuer & underlying assetDocumented
Strateca Finance: sole director Andrés Villaseñor; voting follows the share register (Villaseñor ~69.5%). Tezcala: directors Andrés Villaseñor (Chairman) and Joaquín Barrera; 100% of votes held by CriptoBravo. There is no independent board member anywhere in the structure.
Controls — third-party selectionGovernance & controls risk · Who controls the selection of third partiesNot available
No counterparty-selection policy has been provided; who decides on exchanges, banks and brokers, and by what criteria, is undocumented.
Directors & UBOGovernance & controls risk · For token issuer & underlying assetDocumented
Documented. Strateca: UBO Andrés Villaseñor ~69.5% of 52,900 shares; R.M. Estrada 4.6%; register incl. Halcyon Research ~1.2%, Northgate Ventures, PeakLabs, ~40 minorities. Tezcala: 100% CriptoBravo; directors as above. (CriptoBravo's own UBO breakdown remains outstanding — see Org page.)
Governance — issuer ↔ underlying transfersGovernance & controls risk · Process & approvals for transfers between token issuer & underlying assetNot available
No authorisation matrix, approval process or reconciliation procedure is documented for transfers between the Vaultra wallet and Tezcala's CriptoBravo account — or for any other leg of the chain.
Multisig key ownersGovernance & controls risk · Who controls the walletsPartially available
The Strateca team operates the Vaultra custody wallet under the "Vantora Capital" brand (confirmed 3 Sep call). The Vaultra workspace configuration — admins, approvers, quorum thresholds, whitelisted destinations — has not been provided.
Whitelist mechanicsGovernance & controls risk · Who controls which assets are whitelistedNot available
No information on asset or address whitelisting — in the vault contract or the Vaultra workspace — is available.
Operational riskSolvency risk1 item
Audit reportsSolvency risk · Reports of token issuer and/or underlying asset with commentaryPartially available
Provided: audited financial & performance reports for the VSA fund (Y2025), the Zerva MM fund and the BM2 MM fund. Not available: any audit of Strateca Finance Ltd; any standalone audit of Tezcala (covered only in CriptoBravo's consolidated audit, which itself has not been provided).
Operational riskTechnical risk2 items
Oracle providerTechnical risk · Name of oracle provider for on-chain NAVNot available
No oracle provider — no on-chain NAV feed exists for the vault.
Smart contract auditTechnical risk · Name of smart contract auditor, and audit reportNot available
No smart-contract audit of the Strateca vault contract has been provided or found publicly.
4c · Legal risk — deep dive
12 items · 2 documented · 3 partially available · 7 not available. Open any row for the assessment.
Legal riskCompliance risk6 items
Jurisdictions servedCompliance risk · Which nationalities can hold the tokenNot available
No token terms & conditions, offering document or eligibility / restricted-jurisdictions list has been provided or found publicly.
KYC / KYBCompliance risk · Report using third partyNot available
No third-party KYC/KYB report is available. The KYC provider, if any, is not disclosed (DDQ Q20 open).
Regulatory complianceCompliance risk · Compliance of token issuer & underlying asset with local licence requirementsPartially available
Strateca Finance Ltd is a standard Panamanian sociedad anónima (S.A.) — not a registered fund (client-confirmed) and no SMV (Panama securities regulator) or other licence is evidenced. Tezcala is an unlicensed commercial company (NACE 62.10). The regulated layer sits with third parties: CriptoBravo & Orbix MX (CNBV "In Operation" list), Operadora Zerva (CNBV), Banco Cardenal/Banco Mirasol (CNBV). No compliance report or legal opinion on licence requirements is available.
Regulatory jurisdictionCompliance risk · Set-up docs and regulatory jurisdictionDocumented
Documented. Strateca Finance Limited: Panama S.A., Folio 987143, inc. 22.02.2022, renamed from Vantora Limited on 17.04.2026 (Certificate of Incorporation & name change in data room). Tezcala Tecnología, S.A. de C.V.: Mexico City, Folio Mercantil 48117-3, RFC TTE211105QB4 (Certificate of Activity, 02.06.2026).
Reputation / historyCompliance risk · Résumé / previous work of board members, directors, UBOsPartially available
Andrés Villaseñor has a public track record as CEO & co-founder of CriptoBravo, one of Mexico's established crypto exchanges. No independent background checks on directors or UBOs have been performed or provided.
Sanctions / AMLCompliance risk · Report using third partyNot available
No third-party sanctions or AML screening report is available. Sanctions screening, blockchain analytics and Travel Rule arrangements are undisclosed.
Legal riskRedemption risk6 items
Claim over underlyingRedemption risk · Legal claim of token holder on underlying assetsPartially available
The structure is understood but not legally evidenced: the vault token is a claim on the vault/issuer; the issuer's asset is an unsecured intercompany loan claim on Tezcala; Tezcala owns the fund units and cash in its own name. Token holders therefore stand two entities removed from the assets. Token T&Cs and the loan agreements — the documents that would define the claim — have not been provided.
EncumbrancesRedemption risk · Legal claims, liabilities, restrictions on underlying asset beyond token issuerNot available
No confirmation that the fund units in Banco Cardenal custody, or Tezcala's accounts, are free of pledge, lien, rehypothecation or other encumbrance. Senior liabilities of the issuer are also unconfirmed.
Freezing / blacklisting mechanismRedemption risk · Triggers (internal vs. external) to freeze a user's funds or blacklistNot available
No documentation of freeze or blacklist functions in the vault contract, nor of the internal policies that would trigger them.
Redemption mechanismRedemption risk · Process for a token holder to redeem: lock-up period, etc.Documented
Public terms: daily redemption, 0.1% fee, $0 minimum, no lock-up. Operationally (3 Sep call): Strateca recalls the intercompany loan from Tezcala → Tezcala sells VSA units via Operadora Zerva → MXN→USDC via CriptoBravo/Orbix MX → USDC back to the vault.
Suspension rightsRedemption risk · Legal docs & internal policies on process to suspend redemptionsNot available
No legal documents or internal policies describing who may suspend redemptions, on what triggers, have been provided.
Wind-down provisionsRedemption risk · Policy & process for wind-downNot available
No wind-down policy or insolvency analysis is available for the issuer, Tezcala, or the structure as a whole (incl. what happens to in-flight funds if an exchange in the chain fails).
Reflects the PennyWorks transparency assessment only — not investment advice. Conduct your own due diligence. Yellow highlighting marks information that was not available in the Strateca data room, the 14 Aug & 3 Sep 2026 calls, or public sources at the time of assessment (Sep 2026). Information provided by the project has not been independently verified unless stated.