> ## 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.

# Subscription

> Detailed subscription mechanics for iBTCY

This page covers the detailed mechanics of subscribing to iBTCY. **After you sign the Subscription Agreement, you must fund the subscription within the payment period in that agreement (commonly 5 business days from the effective date) or the agreement may terminate.**

## Accepted Assets

| Currency         | Process                   | Fee                  |
| ---------------- | ------------------------- | -------------------- |
| **Native BTC**   | Direct deposit to custody | **0%** (Recommended) |
| WBTC (BitGo)     | Converted via Archax OTC  | 10 bps               |
| cbBTC (Coinbase) | Converted via Archax OTC  | 10 bps               |
| BBTC (Binance)   | Converted via Archax OTC  | 10 bps               |
| tBTC (Threshold) | Converted via Archax OTC  | 10 bps               |

<Info>
  Native BTC is recommended for zero conversion fees.
</Info>

## Minimum Investment

| Requirement          | Amount                        |
| -------------------- | ----------------------------- |
| Minimum Subscription | 100,000 USD equivalent in BTC |

## Subscription Flow

### Step 1: Transfer BTC

Send BTC to the designated deposit address from your whitelisted wallet.

<Warning>
  The deposit address is shared across investors. Your deposit is identified by your whitelisted sending address. Only send from your verified wallet.
</Warning>

### Step 2: Cooling-Off Period (6 hours)

| Parameter    | Value                    |
| ------------ | ------------------------ |
| Duration     | 6 hours from BTC receipt |
| Cancellation | Full refund available    |
| BTC Location | Held in custody          |

During this window, you may cancel your subscription entirely. Cancellation is all-or-nothing.

After the cooling-off period closes, the subscription is **irrevocable** except where the Subscription Agreement allows cancellation of a **queued** portion (see Step 4).

## Irrevocability and risk transfer

| Stage                 | Can you cancel?                                 | When does economic risk transfer?                                |
| --------------------- | ----------------------------------------------- | ---------------------------------------------------------------- |
| Cooling-off (6 hours) | Yes, full refund                                | Not yet                                                          |
| After cooling-off     | No (instant portion); queued portion per Step 4 | On **on-chain iBTCY mint confirmation** for the relevant portion |

Once iBTCY is minted to your whitelisted wallet, you bear NAV and product risk from that point, subject to the Transaction Documents.

### Step 3: Instant Minting

After cooling-off closes:

1. New target AUM calculated
2. Buffer capacity assessed (32% target)
3. iBTCY minted for portion absorbed into buffer
4. Remaining amount enters queue

**Example:**

* Fund AUM: 50M USD, Buffer: 16M USD at 32%
* New subscription: 5M USD
* New target AUM: 55M USD, required buffer: 17.6M USD
* Instant capacity: 1.6M USD (expands buffer to target)
* Queued: 3.4M USD

### Step 4: Queue Processing

For amounts exceeding instant capacity:

| Action              | Timeline                                     |
| ------------------- | -------------------------------------------- |
| Cancellation window | Until 5 business days before SSBAF deadline  |
| SSBAF deployment    | Monthly dealing window (typically month-end) |
| iBTCY minting       | 15-30 days after queue close                 |

Cancellation is all-or-nothing for the queued portion.

### Step 5: Receive iBTCY

iBTCY is minted to your whitelisted Ethereum wallet.

| Source         | Cool-Down                              |
| -------------- | -------------------------------------- |
| Instant-minted | 7-day cool-down for instant redemption |
| Queue-minted   | No cool-down                           |

## Cool-Down Explained

The 7-day cool-down on instant-minted iBTCY prevents subscribe-and-immediately-redeem arbitrage.

**Important:**

* Cool-down applies to **instant redemptions only**
* You can always queue for primary (monthly) redemption
* You can wrap to BTCY and trade on secondary markets
* Cool-down travels with the token on transfer

## Pricing

Subscriptions are priced at the **last published NAV** (daily indicative).

| Timing       | NAV Used                |
| ------------ | ----------------------- |
| Instant mint | Daily indicative NAV    |
| Queue mint   | NAV at SSBAF deployment |

## Deposit Paths

### Native BTC (Recommended)

```
Your BTC Wallet → Ceffu Custody → iBTCY Minted
```

* 0% fee
* Requires BTC sending address whitelisting

### Wrapped BTC

```
Your EVM Wallet → Archax OTC → Native BTC → iBTCY Minted
```

* 10 bps OTC conversion fee
* Requires EVM sending address whitelisting

## Confirmation

You'll receive email notifications at each stage:

1. BTC received
2. Cooling-off started
3. Instant mint completed (if applicable)
4. Queue position confirmed (if applicable)
5. Queue mint completed (if applicable)

Track real-time status on the dashboard at [app.aarc.xyz](https://app.aarc.xyz).

<CardGroup cols={2}>
  <Card title="Redemption" icon="arrow-right-from-bracket" href="/investors/redemption">
    How to redeem iBTCY
  </Card>

  <Card title="Liquidity Framework" icon="water" href="/investors/liquidity">
    Buffer mechanics and gating
  </Card>
</CardGroup>

***

<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>