The Problem
Bitcoin holders face a fundamental inefficiency: the world’s largest crypto asset generates no native yield.| Problem | Explanation | Market Size |
|---|---|---|
| Limited institutional BTC yield on-chain | BTC wrappers (WBTC, cbBTC, BBTC, tBTC) earn only 1-2% in lending markets | 27-28B USD in BTC wrappers |
| Borrowing stablecoins against BTC is capital-inefficient | BTC-backed borrowers pay 5-12% interest while collateral earns nothing | 40B USD market |
| Suppressed BTC lending yields | BTC wrappers primarily serve as static collateral with minimal utilization | Under 1% typical lending APY |
The Solution
Economic exposure is through iBTCY issued by SD Global Capital Limited; BTCY is the ERC-4626 vault that makes iBTCY usable in DeFi while tracking the same NAV. BTCY targets on-chain access to the Starboard Sygnum BTC Alpha Fund (SSBAF), a market-neutral arbitrage strategy managed by Starmark Investment Management Limited (FCA-regulated). SSBAF targets 8-10% net returns at the fund level. After the 32% instant liquidity buffer and a 50 bps platform fee, holders target approximately 4-6% net annual yield, denominated in BTC. SSBAF launched in October 2025; the underlying strategy has been operated by Starboard Digital since March 2021. Target returns are not guaranteed.BTCY is a yield-bearing asset, not a stablecoin. Its value fluctuates based on NAV performance and is denominated in BTC.
Key Parameters
| Parameter | Value |
|---|---|
| Target Yield | 4-6% annually (BTC-denominated) |
| Underlying Strategy | Starboard Sygnum BTC Alpha Fund |
| Network | Ethereum Mainnet |
| Minimum Investment | 100,000 USD equivalent in BTC |
| Platform Fee | 50 bps annually |
| Instant Liquidity | Up to 32% of NAV |
| Transparency | Proof of Solvency dashboard |
Two Tokens, One Product
BTCY operates as a two-token system designed for both regulated access and DeFi composability:| Token | Full Name | Description |
|---|---|---|
| iBTCY | Institutional BTC Yield | KYC-gated primary token, transfer-restricted |
| BTCY | BTC Yield | Permissionless ERC-4626 vault for DeFi |
- iBTCY: The primary token representing your position. KYC-gated, transfer-restricted to whitelisted wallets. Holders are unsecured creditors of the issuer.
- BTCY: An ERC-4626 vault backed 1:1 by iBTCY. Permissionless transfers, enabling use as collateral, DEX liquidity, and yield derivatives.
iBTCY vs BTCY
Understand when to use each token
Use Cases
- DeFi Collateral: Use BTCY on lending protocols (Morpho, Euler) while earning yield
- Liquidity Provision: Provide BTCY liquidity on DEXs (Curve)
- Treasury Management: Institutional BTC yield with regulated custody
- Yield Strategies: Access yield derivatives via Pendle, Spectra
Protocol and venue names are illustrative only and do not imply endorsement, integration, listing, or ongoing support by the issuer. Third-party integrations are subject to those protocols’ governance and terms.
Who Is This For?
- Institutional investors seeking BTC-denominated yield with regulated custody
- DeFi protocols looking to integrate yield-bearing BTC collateral
- BTC holders who want their collateral working while borrowing stablecoins
Next Steps
How It Works
Subscription and redemption flows
For Developers
Integrate BTCY in your protocol
NAV & Proof of Solvency
Live dashboard and NAV methodology
Available only to eligible professional/qualified investors on an invite-only basis, subject to onboarding and compliance approval. For informational purposes only and not investment advice. Not an offer to the public or a solicitation where unlawful. No retail distribution. Not available to US Persons.Disclaimers · Platform and issuer