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iBTCY offers multiple redemption paths to balance liquidity needs with operational constraints.

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Redemption Paths

TypeTimelineFeeBest For
InstantT+0 to T+210 bpsQuick exit (up to buffer)
Primary30-45 daysNoneLarger amounts, no fee
SecondaryInstantDEX feesMarket exit via BTCY (planned)
Minimum redemption: 100,000 USD equivalent in BTC

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Instant Redemption

Available for KYC-verified holders with iBTCY not subject to cool-down.
iBTCY SourceCool-Down
Instant-minted7 days
Queue-mintedNone
Unwrapped from BTCYNone
Process:
  1. Submit request via dashboard
  2. Validated against limits
  3. BTC sent from buffer (Archax)
  4. Settlement: T+0 to T+2
Fee: 10 bps, retained for remaining holders. When instant capacity is constrained, requests are processed first-in-first-out (FIFO) by receipt time, subject to per-wallet and aggregate limits.

Buffer Limits & Gating

Per-wallet limits, aggregate caps, and what happens during stress

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Primary Redemption

Queued for SSBAF monthly dealing windows.
StepTiming
Submit requestAny time
Notice period15 calendar days
Settlement30-45 days
Pricing: Month-end NAV (not request date). NAV may change; you bear the risk. Fee: None. Primary redemption requests are generally processed in first-in-first-out (FIFO) order within each dealing window, subject to fund-level gates and issuer processing capacity. Irrevocability: Once a primary redemption request is accepted under the Subscription Agreement, it is ordinarily irrevocable except as the Transaction Documents allow.

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Secondary Market

Trade BTCY on DEX at market price (no KYC for trading).
  • DEX liquidity on Curve targeted
  • To access issuer redemption, unwrap BTCY to iBTCY (requires KYC)

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Settlement

All redemptions settle in native BTC to your designated wallet.
OptionFee
Native BTCIncluded
Wrapped BTC10 bps OTC

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Worst-Case Timeline

ScenarioTimeline
Normal (buffer available)T+0 to T+2
Buffer depleted30-45 days
SSBAF gate triggered (80%)60-90 days typical when gate applies
Extreme circumstances90+ days; may exceed 180 days
SuspensionIndefinite
Redemptions may be significantly delayed due to buffer depletion, fund-level gates, market disruption, or suspension. Full settlement may take longer than 90 days; in extreme circumstances may exceed 180 days or be suspended indefinitely, as described in the Subscription Agreement.

Liquidity Framework

Buffer mechanics, gating rules, and suspension conditions
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