> ## Documentation Index
> Fetch the complete documentation index at: https://docs.aarc.xyz/llms.txt
> Use this file to discover all available pages before exploring further.

# Redemption

> Detailed redemption mechanics for iBTCY

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

## Redemption Paths

| Type          | Timeline   | Fee      | Best For                       |
| ------------- | ---------- | -------- | ------------------------------ |
| **Instant**   | T+0 to T+2 | 10 bps   | Quick exit (up to buffer)      |
| **Primary**   | 30-45 days | None     | Larger amounts, no fee         |
| **Secondary** | Instant    | DEX fees | Market exit via BTCY (planned) |

**Minimum redemption:** 100,000 USD equivalent in BTC

## Instant Redemption

Available for KYC-verified holders with iBTCY not subject to cool-down.

| iBTCY Source        | Cool-Down |
| ------------------- | --------- |
| Instant-minted      | 7 days    |
| Queue-minted        | None      |
| Unwrapped from BTCY | None      |

**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.

<Card title="Buffer Limits & Gating" icon="water" href="/investors/liquidity">
  Per-wallet limits, aggregate caps, and what happens during stress
</Card>

## Primary Redemption

Queued for SSBAF monthly dealing windows.

| Step           | Timing           |
| -------------- | ---------------- |
| Submit request | Any time         |
| Notice period  | 15 calendar days |
| Settlement     | 30-45 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.

## 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)

## Settlement

All redemptions settle in **native BTC** to your designated wallet.

| Option      | Fee        |
| ----------- | ---------- |
| Native BTC  | Included   |
| Wrapped BTC | 10 bps OTC |

## Worst-Case Timeline

| Scenario                   | Timeline                             |
| -------------------------- | ------------------------------------ |
| Normal (buffer available)  | T+0 to T+2                           |
| Buffer depleted            | 30-45 days                           |
| SSBAF gate triggered (80%) | 60-90 days typical when gate applies |
| Extreme circumstances      | 90+ days; may exceed 180 days        |
| Suspension                 | Indefinite                           |

<Warning>
  **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.
</Warning>

<Card title="Liquidity Framework" icon="water" href="/investors/liquidity">
  Buffer mechanics, gating rules, and suspension conditions
</Card>

***

<Note>
  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](/legal/disclaimers) · [Platform and issuer](/legal/platform-legal)
</Note>