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SD Global Capital Limited is the sole contractual counterparty for iBTCY holders. Custodians and service providers listed below are engaged by the issuer for its own account. Investors do not acquire contractual rights against them; holder claims are solely against the issuer under the Transaction Documents (including exclusions of third-party rights described in the Deed Poll).
The issuer uses institutional-grade custody arrangements with regulated providers. Custody Architecture

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Custody Overview

ComponentCustodianRegulationRole
Buffer BTCArchax LtdFCA (UK)Instant redemptions
SSBAF assets (banking / primary custody)Sygnum Bank AGFINMA (Switzerland)Banking infrastructure and SSBAF primary custody
SSBAF assets (sub-custody, as applicable)Copper ClearloopUK-registeredSSBAF sub-custody within the fund’s service chain
Native BTC depositsCeffuLicensed in multiple jurisdictionsDeposit custodian for inbound investor BTC

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Custodian Concentration Risk

Archax Ltd acts as primary custody and settlement provider for both buffer BTC and SSBAF fund shares. Custodian concentration means failure, fraud, or insolvency at Archax could impair both instant liquidity and yield-generating positions. See Key Risks.

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Buffer Custody (Archax)

The 32% instant liquidity buffer is held with Archax Ltd.
FeatureDetail
RegulatorFCA (UK)
Account TypeSegregated custody
InfrastructureInstitutional MPC
InsuranceSubject to Archax’s applicable insurance arrangements, if any (see Risk Factors); not a guarantee of recovery
Key properties:
  • Assets intended to be held in segregated or designated accounts under applicable custody agreements and law
  • Subject to FCA custody requirements where applicable

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SSBAF Custody (Sygnum, Copper, Ceffu)

The yield-generating allocation is held through SSBAF’s multi-custodian structure.
CustodianRegulationRole
Sygnum Bank AGFINMA (Switzerland)Primary custody and banking infrastructure for SSBAF
Copper ClearloopUK-registeredSub-custody / settlement where applicable in the fund chain
CeffuMulti-jurisdictionNative BTC gateway for deposits
Key properties:
  • FINMA-regulated Swiss bank (Sygnum) where applicable
  • Segregation as described in relevant custody agreements

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No Direct Claim on Custody

iBTCY holders have no direct claim against custodians.Underlying assets are held for the account of the issuer (SD Global Capital Limited), not for the account of holders. Holders have contractual claims against the issuer only.In any custodian insolvency:
  • Treatment depends on applicable custody arrangements and law
  • May be subject to delay, restriction, shortfall, or dispute
  • Holder recourse is against the issuer only

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Custody Controls

ControlImplementation
SegregationAssets intended to be held in segregated or designated accounts per applicable custody agreements and law
AuthorizationMulti-party approval for movements
MonitoringReal-time balance verification
InsurancePer each custodian’s applicable arrangements, where provided; subject to limits and exclusions
AuditRegular third-party audits

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Asset Flow

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Subscription

Investor BTC → Archax (Buffer) → SSBAF Deployment (Monthly)

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Redemption

SSBAF → Buffer (Monthly) → Archax → Investor Wallet
For instant redemptions, BTC moves directly from Archax buffer to investor where buffer capacity allows.

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Counterparty Risk

PartyRisk LevelMitigation
Archax (buffer and fund shares)HighFCA-regulated; concentration risk remains
Sygnum (SSBAF)CriticalFINMA-regulated
Copper (SSBAF)HighInstitutional arrangements
Ceffu (deposits)HighLicensed arrangements
Failure of any custodian could result in loss or delayed access to assets.

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Proof of Reserves

Monthly verification confirms custody holdings match outstanding iBTCY supply.
ComponentVerification
Buffer BTCDashboard attestation via Accountable; on-chain PoR feed launching separately
SSBAF UnitsNAV reconciliation with Sygnum

NAV & Transparency

How reserves are verified on-chain
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