# Bond Tokens

Bond tokens do not function like typical freely traded cryptocurrency tokens. Instead, they function as a simple, seamless way to deposit and withdraw from the Titanium Multi-Strategy Investment Fund, and maintain exposure to the value of the fund's asset holdings.

### Bond Token Deposit

When an investor deposits into the fund, they receive an allocation of Bond tokens equal to the USD value of their deposit at the time, minus fees.

### Bond Token Valuation

Each Bond token represents a share in the Multi-Strategy Investment Fund's current holdings. When the total value of positions and assets held by Titanium increases, so does the Bond token's value, and the same for when the value decreases.

The following is the Bond token's valuation formula:

**Fund asset holdings value / # of Bond tokens in the fund = Price per individual Bond token.**

The value of Bond tokens is adjusted every 24 hours at 01:00 EST time. This is a manual process carried out by the Titanium team.&#x20;

### Bond Token Sell/Swap

Investors can sell unstaked Bond tokens at the current price at any time via the Titanium dashboard.

**How selling occurs:**

1. Investor sends sell request through the Titanium Dashboard, locking in the current price per token displayed, and beginning the sale process.
2. USDC is withdrawn from the fund or hot wallet in order to fill the investor's sell request.
3. Within less than 24 hours from the time the sell request was initiated, USDC equivalent to the value of the tokens sold is directly deposited to the investor's connected wallet.

That's it!
