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General

BTCY is a yield-bearing BTC token targeting approximately 4-6% net annual return through exposure to the Starboard Sygnum BTC Alpha Fund (SSBAF), a market-neutral arbitrage strategy. It combines institutional exposure with an instant liquidity buffer and DeFi composability. Target returns are not guaranteed.
iBTCY is the primary token representing your position. It’s KYC-gated and transfer-restricted to whitelisted wallets.BTCY is an ERC-4626 vault backed 1:1 by iBTCY. It has permissionless transfers, enabling use as DeFi collateral, DEX liquidity, and yield derivatives.Both share identical NAV.
100,000 USD equivalent in BTC for both subscription and redemption.
No lock-up. However, instant-minted iBTCY has a 7-day cool-down for instant redemptions. You can always queue for monthly redemption or sell BTCY on secondary markets (when available).
  • Platform Fee: 50 bps annually
  • Instant Redemption: 10 bps per transaction
  • OTC Conversion: 10 bps (for wrapped BTC)
  • Subscription: None
  • Primary Redemption: None

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Investing

iBTCY is available to Professional and Qualified Investors only.Not eligible: US Persons, BVI residents, persons in Sanctioned Jurisdictions (Cuba, Iran, North Korea, Syria, Russia, Belarus, Crimea/Donetsk/Luhansk), and retail investors.
No. Exchange wallets (Coinbase, Binance, Kraken, etc.) cannot be verified for ownership. For compliance and security, we accept only self-custody wallets, institutional custody (Fireblocks, Copper, Anchorage, BitGo), and Safe Multisig.
The 6-hour cooling-off window allows investors to cancel their subscription if they change their mind. It also ensures proper NAV pricing alignment for batch processing.
Only if you want to receive native BTC on redemption. If you prefer wrapped BTC (WBTC, cbBTC, BBTC, tBTC), an Ethereum address is sufficient.
Queued subscriptions are deployed to SSBAF on the monthly dealing cycle. After SSBAF subscription completes, iBTCY is minted (15-30 days from queue date, depending on timing within the monthly cycle).
Yes. When you deposit wrapped BTC (WBTC, cbBTC, BBTC, tBTC), the backend automatically triggers OTC conversion to native BTC. No manual action required.
  • Individuals: 3-5 business days
  • Entities: 4-6 business days
KYC, forms, and wallet verification run in parallel to minimize delays.
Yes. Submit a change request via dashboard or email. The same verification process applies. For BTC addresses, re-whitelisting is required.
Cross-type redemption is allowed. OTC fees (10 bps) apply to wrapped BTC redemptions.
All redemptions settle in native BTC by default. If you provided only an Ethereum address (no native BTC address), you can receive wrapped BTC via OTC conversion (10 bps fee).

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Redemptions

Three paths:
  1. Instant: From buffer, T+0 to T+2, 10 bps fee
  2. Primary: Monthly dealing windows, 30-45 days, no fee
  3. Secondary: Swap BTCY on DEX at market price (planned)
Full settlement can take significantly longer than 90 days; in extreme circumstances redemptions may take 180 days or longer, or be suspended indefinitely under the Subscription Agreement. Indicative timelines (for example 60-90 days when an 80% fund-level gate applies) are not a maximum.
Instant redemptions may pause. You can still:
  • Queue for monthly (primary) redemption
  • Sell BTCY on secondary markets (when available)
Buffer recovers when SSBAF redemptions settle or new subscriptions arrive.
Yes, in extreme circumstances:
  • Market disruption events
  • SSBAF suspending redemptions
  • Blockchain disruption
  • Regulatory order
There is no limit on suspension duration.

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Yield & Risk

Through the Starboard Sygnum BTC Alpha Fund (SSBAF), which employs market-neutral strategies:
  • BTC/ETH basis trades
  • Funding rate arbitrage
  • Cross-asset arbitrage
The strategy targets 8-10% net at fund level, translating to 4-6% for iBTCY holders after buffer drag and platform fee.
iBTCY prioritizes liquidity. The 32% instant buffer earns no yield (drag). After this buffer drag and the 50 bps platform fee, holders net 4-6%. Direct fund access would yield more but requires longer redemption windows and offers no DeFi utility.
Yes. You may lose all or substantially all of your investment. Target returns are not guaranteed; actual returns may be significantly lower, zero, or negative. You are an unsecured creditor of the issuer with no ownership interest in the underlying assets. In issuer insolvency, holders rank behind secured creditors and may recover nothing.
iBTCY has 100% yield concentration in SSBAF. If SSBAF underperforms, closes, or becomes unavailable, iBTCY’s yield is directly impacted. The issuer would either transition to an alternative yield source (with investor notice) or initiate orderly wind-down.

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DeFi

Targeted integrations:
  • Collateral: Morpho, Euler
  • DEX Liquidity: Curve
  • Yield Derivatives: Pendle, Spectra
Under normal operations, BTCY transfers are permissionless. The BTCY contract includes an emergency pause reserved for critical security events (for example smart contract exploit or oracle manipulation), authorized via multi-party governance. The design intent is to keep transfers permissionless except in those critical events so liquidations can execute under normal conditions.
You can hold and trade BTCY freely. However, you cannot unwrap to iBTCY or access redemption proceeds without completing KYC verification. Your only exit would be selling BTCY on secondary markets.
Yes. Purchase BTCY on DEX, then complete KYC/onboarding with the issuer, and unwrap BTCY to iBTCY (requires allowlist approval).

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Technical

Ethereum Mainnet. iBTCY is ERC-20, BTCY is ERC-4626.
Yes. Smart contracts were audited by Cyfrin (February 2026). All identified issues were resolved prior to deployment. See the audit report and contract addresses.
iBTCY: 0x6A5fF33B097891100ec2a37B220B3E98E39E8Ae6 (ERC-20)BTCY: 0x497C761D268cBC2DB6f40CdB21B9AC019c37917D (ERC-4626)NAV oracle: 0x5a33E6CB085E2DdD0df558c0D7d71a27be6b9131. On-chain PoR feed is separate and not yet live.
NAV per iBTCY = (Buffer BTC + SSBAF Units × SSBAF NAV per Unit − Accrued Platform Fees) / Total iBTCY Supply. Daily indicative NAV via Chainlink; monthly official NAV for accounting. Live metrics: Proof of Solvency dashboard. See NAV & Transparency.
iBTCY is issued under the Subscription Agreement with SD Global Capital Limited (BVI law and BVI courts as stated there). Use of the Aarc platform may be governed by separate Singapore law terms operated by Plexus Labs Pte. Ltd. See Platform and issuer.
No. The Notes are perpetual with no stated maturity. They remain outstanding until redeemed under the Subscription Agreement or otherwise dealt with under the Transaction Documents.
You may continue to hold and transfer BTCY (transfers are permissionless under normal operations), but you generally cannot complete KYC, unwrap to iBTCY, or access issuer redemption. The practical exit is selling BTCY on secondary markets if a buyer exists. See Restricted Jurisdictions.
Platform onboarding and website use are governed by Plexus Labs’ Privacy Policy. Investment and compliance data for iBTCY is processed under the Subscription Agreement and issuer arrangements. See Platform and issuer.

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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