PennyWorks
PennyWorks, operated by HybridFi Inc., is a DeFi-native bookkeeping and NAV calculation platform serving crypto funds, fund administrators, and high-net-worth investors with complex multi-chain, multi-protocol on-chain activity.
- Company typePrivate
- Founded2021
- HeadquartersHoboken, United States
- Headcount1–10
- GTM typeB2B
- OfferingSoftware
What PennyWorks does
PennyWorks, operated by HybridFi Inc. (a Delaware-incorporated company with public legal disclosures dated February-March 2022), is a DeFi-native bookkeeping and NAV calculation platform serving crypto funds, fund administrators, and high-net-worth individual investors with complex on-chain activity. The platform is built and led by former operators of a DeFi fund — CEO/Co-Founder Ivan Zhang, CTO Karol Przybytkowski, and COO Marc Homsy — who built the system to solve operational gaps in existing crypto bookkeeping tools before commercializing it. The service is US-domestic only; the company explicitly states it does not serve non-US persons and is not registered as a broker-dealer or investment adviser with the SEC.
The core technology is a multi-chain, multi-protocol accounting and NAV engine that ingests on-chain wallet data, centralized exchange statements, OTC trades, and manual adjustments into a unified ledger, supporting all major EVM chains plus Solana, SUI, and Stacks, and hundreds of DeFi protocols. It covers complex DeFi activities including yield farming, staking, looping, LP positions, and bespoke tokens/pools/vaults, with NFT valuation (Uniswap V3 Position NFTs, NFT-backed loans) and configurable tax lot matching (FIFO, LIFO, HIFO, bespoke). Reporting modules include full account journals, capital gains and open lots, asset flows, income statement, balance sheet, a true yield calculator (money-weighted rate of return), performance attribution, position-level risk monitoring, and an API or on-chain broadcast infrastructure for NAV delivery. The company commits to covering 100% of client activity, with new chain/protocol support typically added in 2-3 days and most clients live in 2-4 weeks.
PennyWorks operates a hybrid go-to-market combining a software product (dashboards, API, file drop) with white-glove professional services including onboarding, reconciliation, and bespoke protocol support. Pricing is custom-quoted based on reporting frequency and activity complexity, structured as multi-year contracts. Distribution is primarily direct sales (Calendly-driven demos) supplemented by a flagship channel partnership with fund administrator Formidium for regulated DeFi funds, allowing PennyWorks to slot into existing fund-admin workflows. Named customers include Hashnote (a Circle Company) and individual investor Dr. Tripp Stewart, with management noting that some clients are publicly traded companies.
PennyWorks firmographics
Firmographics- Name
- PennyWorks
- Legal name
- HybridFi Inc.
- Website
- https://pennyworks.com
- Company type
- Private
- Founded year
- 2021
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- PennyWorks, operated by HybridFi Inc., is a DeFi-native bookkeeping and NAV calculation platform serving crypto funds, fund administrators, and high-net-worth investors with complex multi-chain, multi-protocol on-chain activity.
- Ownership category
- akta.pro rank
PennyWorks industry classification
Industry- Product category
- DeFi Accounting & NAV Software
- NAICS
- Trusts, Estates, and Agency Accounts (525920), Pension Funds (525110)
- SIC
- Miscellaneous Business Credit Institution (6159), Finance Services (6199)
- akta.pro primary industry
- DeFi Asset Management & On-Chain Index Protocols (FSADAMAK)
- akta.pro secondary industries
- DAO Treasury, Governance & On-Chain Finance Tools (FSADAMAL), Liquidity Management & Market-Making Protocols (FSADAMAH)
Keywords
Where PennyWorks is headquartered
LocationHeadquarters
- HQ city
- Hoboken
- HQ country
- United States
- HQ region
- North America
Offices2 records
Markets served
PennyWorks business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure
Revenue model
- Custom-quoted subscription / service fee: Custom pricing is a function of reporting frequency and the complexity of client activity; clients are quoted individually after a sales call. Combines access to the product/dashboards (recurring subscription) with a white-glove onboarding, reconciliation and ongoing service.
- White-glove professional services (onboarding, reconciliation, bespoke support): Hand-hold service where PennyWorks ingests wallet addresses and exchange statements/API keys, reconciles them against on-chain state, and delivers clean books; supports bespoke protocol/chain integrations as a paid service.
- Fund-admin partnership revenue (via Formidium and similar partners): Delivered as part of a full-stack solution with fund-admin partners; PennyWorks handles DeFi-specific accounting while partners handle subscriptions, redemptions, audit reports and LP reports.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Multi-year contract | Custom-quoted offering (white-glove service + product dashboards), priced by reporting frequency and activity complexity. |
Go-to-market motion4 records
Distribution channels4 records
Marketing channels8 records
PennyWorks product offering
Product offeringCore offering
PennyWorks provides a DeFi-native accounting and NAV calculation platform that ingests on-chain wallet data, centralized exchange statements, OTC trades, and manual adjustments into a unified ledger, producing bottom-up audit-ready records across all major chains (EVMs, Solana, SUI, Stacks) and hundreds of DeFi protocols. The product is delivered together with a white-glove onboarding, reconciliation, and ongoing service, and can be bundled with fund-administration partner Formidium for regulated DeFi funds.
Product overview
PennyWorks offers a single unified DeFi-native bookkeeping and NAV calculation platform that pairs a software product (with dashboards and an API) with a white-glove service. The core platform, PennyWorks NAV, ingests wallet addresses and centralized exchange API keys to produce a unified ledger covering 100% of on-chain and off-chain transactions. Built on top of this platform are reporting modules (Full Account Journals, Capital Gains and Open Lots, Asset Flows, Income Statement, Balance Sheet), analytics features (True Yield Calculator, Performance Attribution, Position Level Risk), infrastructure (API/on-chain broadcast), and the NFT Support Module. The white-glove service wraps the platform with hands-on onboarding, reconciliation, and bespoke support, and is also offered as a full-stack solution in partnership with fund administrator Formidium for regulated DeFi funds.
Differentiator
Problem solved
Functional benefit
Products and services
- PennyWorks NAV Platform DeFi-native bookkeeping and NAV calculation platform that covers 100% of clients' on-chain and off-chain crypto transactions daily, producing audit-ready accounting records (balance sheet, P&L, full journal entries) constructed bottom-up from blockchain source data across all major chains (EVMs, Solana, SUI, Stacks) and hundreds of DeFi protocols. Used by DeFi funds, fund administrators, and publicly traded companies with on-chain activity.
- White-Glove Bookkeeping Service Full-service offering that combines software access with hands-on support: the PennyWorks team ingests client wallet addresses and exchange API keys, ingests full transaction history, reconciles against on-chain state, and delivers clean books. Most clients are live in 2-4 weeks. The service also supports bespoke protocol/chain integrations on request and is bundled with fund administrator Formidium for full-stack regulated DeFi fund delivery.
Quantifiable outcome
- 100% of transactions covered daily, headache-free
- +2 more outcomes
Companies that use PennyWorks
Customer profileNamed customers2 records
Segments4 records
Ideal customer profiles4 records
PennyWorks technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration3 records
AI capability4 records
Feature9 records
PennyWorks partnerships and signals
Strategic signalPartnerships
Two partnerships are on record, tiered core (flagship fund-admin partner) and minor.
- Formidiumcore (flagship fund-admin partner)Formidium is described as 'a leading fund admin' with whom PennyWorks is 'partnered'. Through this partnership, regulated DeFi funds get a single end-to-end solution: PennyWorks handles the DeFi-specific accounting while Formidium handles the remaining fund admin functionalities (subscriptions, redemptions, audit reports, LP reports). PennyWorks can also seamlessly slot into a client's existing fund-admin workflow regardless of which fund admin they use.
- Circle (parent of Hashnote)minorHashnote is referenced on PennyWorks' homepage as a customer (testimonial from Leo Mizuhara) under the brand 'Hashnote - a Circle Company'. This is a customer relationship rather than a formal partnership; included here only as an ecosystem relationship, with the Hashnote customer detail captured separately in select_customers.
Scale indicators7 records
Recent moves5 records
Expansion highlights5 records
PennyWorks competitors and assessment
Company assessmentDirect peers
- Cryptio: Cryptio provides enterprise-grade crypto accounting, audit-ready financial reporting and tax tools for funds, corporates and crypto-native businesses, directly competing with PennyWorks in on-chain bookkeeping and fund-grade financial reporting.
- Bitwave: Bitwave offers crypto-native accounting, bookkeeping and tax automation for enterprises and digital asset holders, overlapping with PennyWorks' audit-ready bookkeeping and tax-lot tracking capabilities.
- Ledgible: Ledgible delivers digital asset tax, accounting and reporting software for institutions and individuals, serving fund administrators and corporate crypto holders — a comparable niche to PennyWorks' institutional DeFi accounting offering.
Emerging players
- CoinTracker: CoinTracker is a consumer-led crypto portfolio and tax tracking platform; while more retail-focused, it overlaps with PennyWorks' individual investor and tax-lot matching capabilities and represents the self-serve alternative.
- Koinly: Koinly provides crypto tax calculation and portfolio tracking across hundreds of exchanges and wallets, overlapping with PennyWorks' multi-chain ingestion and tax lot matching but skewing toward individual investors.
- TokenTax: TokenTax offers crypto tax preparation and accounting for active traders and funds with complex DeFi activity, competing for the same high-net-worth individuals and small funds that PennyWorks also serves.
- Blockpit: Blockpit is a European crypto tax and portfolio tracking platform with strong regulatory focus; comparable to PennyWorks' tax-lot matching and audit-readiness features, though primarily serving European customers.
Broad incumbents
- Lukka: Lukka provides institutional data, valuation and middle/back-office software for crypto and digital assets, including fund administration and tax reference data; a broader incumbent whose NAV and valuation capabilities overlap PennyWorks' core offering.
- TaxBit: TaxBit is an institutional-scale crypto tax and accounting platform serving enterprises, exchanges and consumers with audit-ready reporting; overlaps with PennyWorks' tax lot matching and enterprise bookkeeping capabilities at a broader scale.
Others
- Formidium: Formidium is PennyWorks' flagship fund-admin partner; it competes in the same regulated-fund customer set through its broader fund administration services while distributing PennyWorks as its DeFi accounting layer.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
PennyWorks social profiles
Digital presencePennyWorks financial estimates
Financial estimateRevenue estimate
Valuation estimate
PennyWorks leadership team
Management profileNumber of profiles
Profiles3 records
PennyWorks funding detail
Funding detailFunding overview
Funding rounds1 record
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
PennyWorks M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about PennyWorks
What does PennyWorks do?
PennyWorks provides a DeFi-native accounting and NAV calculation platform that ingests on-chain wallet data, centralized exchange statements, OTC trades, and manual adjustments into a unified ledger, producing bottom-up audit-ready records across all major chains (EVMs, Solana, SUI, Stacks) and hundreds of DeFi protocols. The product is delivered together with a white-glove onboarding, reconciliation, and ongoing service, and can be bundled with fund-administration partner Formidium for regulated DeFi funds.
Is PennyWorks a public or private company?
PennyWorks is a private company. It is classified as venture growth investor backed and is currently operating.
When was PennyWorks founded?
PennyWorks was founded in 2021. It employs 1 to 10 people.
Where is PennyWorks based?
PennyWorks is headquartered in Hoboken, United States, in the North America region.
How does PennyWorks make money?
Three revenue lines are on record. Custom-quoted subscription / service fee is the primary driver. The others are white-glove professional services (onboarding, reconciliation, bespoke support) and fund-admin partnership revenue (via Formidium and similar partners).
Who are PennyWorks's main competitors?
Direct peers on record are Cryptio, Bitwave and Ledgible. Emerging players are CoinTracker, Koinly, TokenTax and Blockpit. Broad incumbents are Lukka and TaxBit. Formidium is listed as an others.
Does PennyWorks have an API?
Yes. PennyWorks provides an API for delivering NAV data and bespoke reports. Reports can be delivered via dashboard, API, or file drop, whichever suits the client. The API is also described under "Protocol infrastructure" as providing API or on-chain broadcast of NAV, and bespoke reporting. The offering is part of a white-glove service for fund/DeFi clients rather than a public developer API.
What industry is PennyWorks in?
PennyWorks's product category is DeFi Accounting & NAV Software. Its primary akta.pro industry code is FSADAMAK, DeFi Asset Management & On-Chain Index Protocols, with a secondary code of FSADAMAL, DAO Treasury, Governance & On-Chain Finance Tools. Its NAICS code is 525920 and its SIC code is 6159.