# Bitcoin Capital Markets
Source: https://docs.gomaestro.org/concepts/bitcoin-capital-market

Connecting idle Bitcoin to compute infrastructure needs.

<Banner alt="A hydroelectric dam holding back an alpine reservoir — the kind of energy infrastructure Bitcoin mining underwrites" />

Bitcoin is a bundle of energy no issuer can tamper with — an **energy dollar**. Hundreds of billions of it sit idle on institutional balance sheets, doing no economic work. Maestro clears it into activity that does — financing the miners and energy infrastructure that secure the network, and returning the resulting yield to the Bitcoin that financed it.

<div>Energy is the value. Bitcoin is the currency. Maestro is the rail.</div>

## Two sides of one market

<CardGroup>
  <Card title="New Banks">
    Bitcoin treasuries, asset managers, and institutions holding idle BTC — balance sheets denominated in an asset that doesn't dilute.
  </Card>

  <Card title="New Industrialists">
    Miners building the power plants and data centers that secure Bitcoin and increasingly power AI compute — and need growth capital to expand.
  </Card>
</CardGroup>

Maestro is the **neutral financial rail** that enables the Bitcoin Capital Market to form and grow:

1. Idle Bitcoin enters as credit and liquidity.
2. Growth capital reaches the New Industrialists through Bitcoin investment products.

## The cycle

Energy produces Bitcoin; Bitcoin deploys into capital markets; capital finances real activity; that activity demands more energy. Each miner loan runs the same loop in miniature: *BTC loan → capex + energy → hashrate growth → BTC yield*.

```mermaid theme={null}
flowchart LR
    A[Energy] -- produces --> B["Bitcoin — the energy dollar"]
    B -- deploys --> C[Capital Markets]
    C -- finances --> D[Economic Activity]
    D -- demands --> A
```

Every product Maestro offers is an entry point into this loop: [Yield Vaults](/yield-vaults/vault-framework) and [myBTC](/mybtc/overview) route idle Bitcoin into industrial financing, and return it as [real economic yield](/concepts/yield-generation).

## Further reading

<CardGroup>
  <Card title="Proof it works" href="/concepts/sazmining-case-study">
    A live program, audited on-chain: 2 BTC became 57 PH/s of hashrate, generating a fixed 9% BTC yield.
  </Card>

  <Card title="Yield generation" href="/concepts/yield-generation">
    Where the yield comes from — real economic activity, not emissions.
  </Card>
</CardGroup>

<Card title="Participate in the market" icon="arrow-right" href="/get-started/getting-started">
  Contact the team to begin onboarding — via the [contact form](https://www.gomaestro.org/contact) or [institutional@gomaestro.org](mailto:institutional@gomaestro.org).
</Card>


# Dynamic hedging
Source: https://docs.gomaestro.org/concepts/dynamic-hedging

The delta-neutral hedge integrated into yield strategies to manage downside risk.

Maestro's mining credit programs integrate a **dynamic, delta-neutral hedge** — designed to protect downside exposure. The hedge is run as a derivatives program: explicit delta targets, position sizing matched to each loan book, and rebalancing as prices move.

<Banner alt="A snow-capped peak rising above a golden high-desert plain at dusk" />

## Hedge construction

The hedge is assembled from standard institutional instruments:

* **Options collars** that cap downside on the underlying exposure.
* **Perpetual futures** that offset Bitcoin price movement on the loan book.
* **Hashrate derivatives** that hedge mining-specific risk.

Each position is **sized and rebalanced to the strategy** it protects.

## How the hedge works

A typical mining loan behaves like a **call option on Bitcoin**: the strike is the miner's **energy cost plus operating cost, denominated in BTC**, and the mining operation itself is the underlying — the [ASIC-as-Call-Option](/concepts/glossary) framework.

* When Bitcoin rises, mining profitability rises with it, and the strategy delivers its **base yield**.
* When Bitcoin falls, the delta-neutral hedge is **designed to offset the loss** on the loan book, rather than relying on a margin call or collateral liquidation.

This makes the design **counter-cyclical**: a BTC drawdown is exactly when hedge proceeds activate. In bear cycles, **hedge P\&L is designed to support repayment**; in all other cycles, mining is structured to deliver the base yield.

<Note>
  All yield figures are **indicative BTC APY ranges**, not guarantees. Actual returns vary by
  program, market conditions, and counterparty. Figures are net of fees and
  BTC-denominated. Past performance is not indicative of future results.
</Note>

A backtest of the 2021–2022 Bitcoin bear market — among the deepest drawdowns in Bitcoin's history — illustrates the intended behavior: a hedged loan book would have recovered principal in full, while comparable USD-financed miners faced margin calls and, in some cases, bankruptcy. It is a historical stress test of the mechanism's design, not a forward-looking projection or a guarantee.

## Layered with collateral

The hedge is the first line; **collateral sits behind it**. Each program is structured to be **150% asset-backed** and **100% delta-neutral hedged**, with **10–20% of principal held as pledged BTC reserves**. Pledged BTC, hashrate, and assets are held as **first-lien security**.

Should recovery ever be needed, it is structured to move senior to junior through a defined waterfall:

1. **Pledged BTC & accounts receivable** — liquid, BTC-denominated reserves.
2. **Hedge profits** — proceeds from the delta-neutral hedge as Bitcoin declines.
3. **ASICs** — the mining hardware.
4. **Power contracts** — contracted energy supply.
5. **Hosting contracts** — colocation and operations agreements.
6. **Energy infrastructure** — substations, transformers, and related build-out.
7. **Other real assets** — remaining pledged assets.

## What the hedge does not do

Dynamic hedging manages downside risk — it does not remove it. The hedge provides a **level of downside protection, not a guaranteed principal-protected strategy**.

<Info>
  **Black swan events** outside the modeled scenarios can still impair principal — no hedge covers every path. **Hedging also reduces yield**, typically **1–3%** versus an unhedged rate, the deliberate cost of managing downside. Borrower default, custodial failure, and extreme market dislocation remain possible. The hedge describes the **design intent** of the instrument, not a guarantee.
</Info>

## Program rigor

Before any program launches, Maestro runs simulations across scenarios and actively monitors live programs:

<CardGroup>
  <Card title="Monte Carlo">
    Pre-launch simulations test miner resilience across a wide range of market conditions.
  </Card>

  <Card title="Historical backtests">
    Stress-tested through real markets (including the 2022 collapse) before capital is accepted.
  </Card>

  <Card title="Daily monitoring">
    Performance and risk thresholds are monitored daily.
  </Card>
</CardGroup>

See the hedge structure running live in the [SmashFi × Sazmining case study](/concepts/sazmining-case-study), and the vault it protects in [Mezzamine Credit](/yield-vaults/offerings/mezzamine-credit).

<Info>
  Maestro Institutional is operated by Go Maestro Inc. and is intended for accredited investors
  and qualified allocators only. Access is permissioned and subject to eligibility verification,
  with KYC required where a vault's terms specify; it is not directed at retail investors. Bitcoin and
  Bitcoin-denominated yield products carry material market, counterparty, regulatory, and
  technology risks. Yield figures are net of fees and BTC-denominated; past performance
  is not indicative of future results. Custody options vary by vault and strategy; depending on
  the vault, investors deposit directly into vault contracts or through a qualified custodian
  (Anchorage Digital).
</Info>


# Key concepts & glossary
Source: https://docs.gomaestro.org/concepts/glossary

The vocabulary of Maestro Institutional.

These are the terms used throughout Maestro Institutional documentation. Definitions are precise, not exhaustive — follow the links for full mechanics.

| Term                                   | Definition                                                                                                                                                                                                                                                                                                                                                                                                  |
| -------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| **Yield Vault Framework**              | The platform-wide standard every vault must meet before it's listed: permissioned access, transaction screening, vetted curators, and custody-ready integration. Eligibility and KYC requirements are set per vault. See [Vault framework](/yield-vaults/vault-framework).                                                                                                                                  |
| **Vault Curator**                      | The manager who designs and operates a vault's strategy — sourcing loans, running market-making, or executing trading — inside Maestro's compliance requirements. Curators are extensively vetted before a vault is listed; today the curator is Maestro itself, though qualified third parties can curate. See the [vault directory](/yield-vaults/vault-directory).                                       |
| **Liquidity Provider (LP)**            | The depositor whose Bitcoin funds a vault or myBTC pool, earning yield in return for allocating capital to a curator's strategy. Depending on the vault, an LP deposits directly into the vault contracts or through a qualified custodian — see [Custody options](/concepts/hybrid-custody).                                                                                                               |
| **myBTC**                              | Yield-bearing Bitcoin — a token blending mining credit and Bitcoin liquid vault yield into one BTC-denominated position, accruing value through mNAV appreciation. Not a stablecoin, and never USD-pegged. See [myBTC overview](/mybtc/overview).                                                                                                                                                           |
| **mNAV**                               | Mining Net Asset Value — the exchange rate tracking the net asset value of the pool backing myBTC. mNAV appreciates each epoch as the pool earns yield; deposits mint and redemptions burn at the prevailing mNAV. See [How myBTC works](/mybtc/how-it-works#mnav-how-value-accrues).                                                                                                                       |
| **Currency-Aligned Debt**              | Loans denominated and repaid in Bitcoin rather than fiat, so a loan and the collateral backing it are denominated in the same asset. That alignment removes the FX-driven liquidation risk of financing a Bitcoin asset with USD debt.                                                                                                                                                                      |
| **Collateral Coverage Ratio**          | The ratio of pledged collateral value to loan principal on a secured loan. A higher ratio gives lenders a larger buffer before a decline in collateral value threatens principal.                                                                                                                                                                                                                           |
| **First-lien / Overcollateralization** | First-lien means a loan holds the senior claim on a borrower's pledged collateral — reserves, hardware, hashrate, and contracts — ahead of any other creditor. Overcollateralization means that collateral is worth more than the loan itself, so a decline in value doesn't immediately impair principal.                                                                                                  |
| **ASIC-as-Call-Option**                | A hedging framework that treats mining hardware as a call option on Bitcoin: mining profitability and hedge value move together as the Bitcoin price moves. It's the conceptual basis for how Mezzamine protects lender principal without relying on overcollateralization alone.                                                                                                                           |
| **Delta-Neutral Hedging**              | A hedging strategy that offsets a loan book's Bitcoin price exposure using options and perpetual contracts. The hedge is sized to loan principal and rebalanced as prices move — designed so lender outcomes don't hinge on the direction of the BTC price.                                                                                                                                                 |
| **Counter-Cyclical Design**            | A structural property: a Bitcoin drawdown activates hedge proceeds at the same moment other yield products come under stress, so protection is built into the structure rather than dependent on market timing or manager discretion. See [Dynamic hedging](/concepts/dynamic-hedging) for the full framework.                                                                                              |
| **Custody Options**                    | Per vault, investors choose how to deposit: directly into the vault contracts on-chain, or through a qualified custodian Maestro has integrated with — Anchorage Digital. Which options are available depends on the vault strategy, and Maestro executes approved instructions only. See [Custody options](/concepts/hybrid-custody).                                                                      |
| **Real Economic Yield**                | Yield sourced from productive Bitcoin-denominated activity — mining credit and liquid market strategies — rather than token emissions or protocol subsidies. Earned, not emitted. See [How yield is generated](/concepts/yield-generation).                                                                                                                                                                 |
| **Intent Solver**                      | A strategy that fills users' cross-chain BTC swap intents and earns the settlement spread; the yield engine of the [Bitcoin Solver](/yield-vaults/offerings/bitcoin-solver) vault.                                                                                                                                                                                                                          |
| **BTC-Native Access**                  | Deposits, withdrawals, and yield distributions settle at a native-Bitcoin boundary — no EVM wallet required. Under the hood, Maestro's contracts run on EVM and strategies execute in bluechip wrapped BTC; the swap from native BTC happens inside the app's transaction flow. Holders who prefer wrapped BTC can deposit and withdraw it directly. See [Why BTC-denominated](/mybtc/why-btc-denominated). |


# Custody options
Source: https://docs.gomaestro.org/concepts/hybrid-custody

Vaults support direct deposits and qualified custodians.

Maestro's treasury platform supports **two custody options**:

1. Direct deposit
2. Qualified custodian

**Both options are permissioned** — access is limited to whitelisted investors. [Start onboarding](/get-started/getting-started) to get whitelisted.

## Direct deposit

* **Connect** your wallet or email via [Privy](https://www.privy.io/)'s wallet abstraction.
* **Swap** native BTC into wBTC straight from the app.
* **Deposit** wBTC into the vault.

## Deposit via qualified custodian

Maestro supports Anchorage's [Porto wallet](https://docs.anchorage.com/knowledge-base/porto/overview#what-is-porto):

* **Connect** to your Anchorage account via the [Anchorage browser extension](https://docs.anchorage.com/knowledge-base/platform/users/web3-access#chrome-browser-extension).
* **Swap** native BTC into wBTC straight from the app.
* **Deposit** wBTC into the vault.

## Which options a vault supports

Availability **depends on the vault strategy**. The [vault directory](/yield-vaults/vault-directory) states the options for each vault.

See [Security, custody & compliance](/trust-operations/security-custody) for screening and audits, and [Treasury Manager](/treasury-manager/overview) to connect your wallet or custodian.


# Case Study: SmashFi × Sazmining
Source: https://docs.gomaestro.org/concepts/sazmining-case-study

How idle Bitcoin became a fixed 9% BTC yield, paid from real mining production.

<Banner alt="Snow-capped peaks rising above a sea of cloud at dawn" />

SmashFi, a platform managing Bitcoin for everyday holders, deployed Bitcoin on [Mezzamine](https://www.mezzamine.com/). Its capital financed [Sazmining](https://www.sazmining.com/)'s mining operation expansion. A fixed **9% annual BTC yield, paid in kind**, from real block production.

## The problem both sides had

Bitcoin has no native credit market. Holders reaching for yield route through substitutes — BTC-backed lending that pays in the borrowed asset, incentives that run out of runway, trading strategies that break when the regime turns. Miners have the opposite problem: mining is the only business that generates new Bitcoin, but turning customer demand into deployed machines fast enough usually means dollar debt that works against a Bitcoin-denominated business.

> "Most Bitcoin holders are very sensitive to risk, and for good reason: a lot of yield products in crypto have not ended well. So the question is always where the yield is actually coming from, whether it is sustainable, and whether it is tied to real activity."
> — Brian Paik, SmashFi

## The facility in numbers

| Metric              | Value                                                       |
| ------------------- | ----------------------------------------------------------- |
| Blended yield       | **9%** annual BTC yield, in kind, across facilities         |
| Borrowed (2026)     | 7 BTC of growth capital                                     |
| Loan-to-value       | 70%, secured by mining hardware and BTC                     |
| Mined (first fleet) | 2.1+ BTC in \~4 months — exceeding the facility's principal |
| Capital efficiency  | 15× vs. a standard BTC-backed loan                          |

*Source: Sazmining + Mezzamine on-chain records · As of Jul 9, 2026*

## What 2 BTC became

Within four months, the first facility's 2 BTC of financing turned into **57 PH/s of deployed hashrate across 211 machines**. The mechanism was capital recycling: each round of machines was sold and its proceeds rolled into the next batch, so the same 2 BTC compounded across six purchases (March 23–May 20, 2026) rather than being spent once.

**Repayments**: mining block production services the loan through on-chain contracts, secured by **first-lien collateral** and protected by delta-neutral hedging — see [Dynamic hedging](/concepts/dynamic-hedging).

<Note>
  Figures are historical program results as of July 9, 2026 — not a forecast, and past performance is not indicative of future results.
</Note>

## Read the full case study

The complete letter — the full structure, collateral waterfall, and why in-kind yield holds across cycles — is published on the research page.

<Card title="SmashFi × Sazmining — the full letter" href="https://gomaestro.org/research/smashfi-sazmining">
  Mezzamine connected SmashFi's capital to Sazmining's operations — turning idle Bitcoin into productive capital generating 9% annual BTC yield.
</Card>

<Card title="Start onboarding" icon="arrow-right" href="/get-started/getting-started">
  The structure in this case study is live in [Mezzamine Credit](/yield-vaults/offerings/mezzamine-credit) — participation begins with onboarding.
</Card>

<Info>
  Maestro Institutional is operated by Go Maestro Inc. and is intended for accredited investors
  and qualified allocators only. Access is permissioned and subject to eligibility verification,
  with KYC required where a vault's terms specify; it is not directed at retail investors. Bitcoin and
  Bitcoin-denominated yield products carry material market, counterparty, regulatory, and
  technology risks. Yield figures are net of fees and BTC-denominated; past performance
  is not indicative of future results. Custody options vary by vault and strategy; depending on
  the vault, investors deposit directly into vault contracts or through a qualified custodian
  (Anchorage Digital).
</Info>


# How yield is generated
Source: https://docs.gomaestro.org/concepts/yield-generation

Real economic yield from mining credit and Bitcoin liquid vaults.

Maestro's strategies source their yield from real Bitcoin-denominated economic activity, not token incentives that dilute over time.

## The mining credit flywheel

Each program on [Mezzamine](https://www.mezzamine.com/), Maestro's miner-secured credit marketplace, generates yield in the following way:

<Steps>
  <Step title="LPs deposit">
    Liquidity providers deposit BTC into a [Yield Vault](/yield-vaults/vault-framework) or [myBTC](/mybtc/overview).
  </Step>

  <Step title="Capital funds vetted miner programs">
    Mezzamine vets miners and structures first-lien, BTC-denominated credit programs, secured by reserves, hardware, and hashrate.
  </Step>

  <Step title="Miners deploy capital">
    Borrowers deploy loan proceeds into ASIC hardware — CapEx and energy that expands hashrate.
  </Step>

  <Step title="Hashrate grows">
    Additional hashrate increases the miner's share of block rewards and transaction fees.
  </Step>

  <Step title="Block rewards service the loan">
    Miners repay principal and interest from mining revenue — [currency-aligned debt](/concepts/glossary), so the loan and the collateral backing it are denominated in the same asset.
  </Step>

  <Step title="BTC yield flows to LPs">
    Repayments flow back through the vault or myBTC pool as BTC-denominated yield.
  </Step>
</Steps>

## Two yield families

<CardGroup>
  <Card title="Mining credit">
    Powered by [Mezzamine Credit](/yield-vaults/offerings/mezzamine-credit) — secured ASIC and hashrate loans to vetted miners, repaid from block rewards. The platform's core yield engine.
  </Card>

  <Card title="Bitcoin liquid vaults">
    [Intent solver settlement](/yield-vaults/offerings/bitcoin-solver) and other liquid strategies earning spread and fees from real market activity.
  </Card>
</CardGroup>

<Card title="See the flywheel live" icon="file-badge" href="/concepts/sazmining-case-study">
  The Sazmining program — 2 BTC into 57 PH/s, paying a fixed 9% BTC yield.
</Card>


# Getting started
Source: https://docs.gomaestro.org/get-started/getting-started

Onboarding flow: from first conversation to funded position.

## Start onboarding

* [For investors](#investor-onboarding) — access curated vaults and earn structured yield, settled in native BTC.
* [For miners](#miner-onboarding) — raise credit against the Bitcoin you produce, without selling it.

## Investor onboarding

For Bitcoin treasuries, asset managers, and institutional investors allocating to [Yield Vaults](/yield-vaults/vault-directory) or [myBTC](/mybtc/overview).

<Steps>
  <Step title="Talk to us">
    Contact the team through the [contact form](https://www.gomaestro.org/contact) or at [institutional@gomaestro.org](mailto:institutional@gomaestro.org). This starts the onboarding process.
  </Step>

  <Step title="Eligibility & KYC">
    Maestro runs eligibility verification and KYC due diligence. Once confirmed as a qualified allocator, capital deployment is permitted.
  </Step>

  <Step title="Choose your vault & custody option">
    Review the [vault directory](/yield-vaults/vault-directory) and [myBTC](/mybtc/overview) and select the strategy that fits your investment mandate. Finally choose your [custody solution](/concepts/hybrid-custody).
  </Step>

  <Step title="Allocate & monitor">
    Deposit into approved vaults, and track real-time performance and NAV metrics in the [Treasury Manager](/treasury-manager/overview).
  </Step>
</Steps>

<Card title="Talk to us" icon="arrow-right" href="https://www.gomaestro.org/contact">
  Begin investor onboarding through the [contact form](https://www.gomaestro.org/contact), or at [institutional@gomaestro.org](mailto:institutional@gomaestro.org).
</Card>

## Miner onboarding

For Bitcoin miners seeking hashrate financing through [Mezzamine](https://docs.mezzamine.com)'s hardware-backed credit marketplace.

<Steps>
  <Step title="Talk to us">
    Contact the team through the [contact form](https://www.gomaestro.org/contact) or at [institutional@gomaestro.org](mailto:institutional@gomaestro.org).
  </Step>

  <Step title="Vetting & structuring">
    Tell us about your hashrate financing needs. Maestro will collect information about your business: ASIC fleet, historical hashrate, collateral structure, etc. Each program is tailored to your operation before it's presented to prospective lenders.
  </Step>

  <Step title="Program listed and funded">
    Once structured, the program is listed and funded as capital is committed.
  </Step>

  <Step title="Draw and repay">
    Draw capital against the facility, then service it through monthly principal-and-interest payments from block rewards over 6–24 month terms.
  </Step>
</Steps>

<Card title="Mezzamine — the miner-side docs" href="https://docs.mezzamine.com">
  For the full credit mechanics — collateral, loan lifecycle, borrower diligence, and program terms — see the Mezzamine documentation.
</Card>


# How it works
Source: https://docs.gomaestro.org/get-started/how-it-works

The flow every vault shares: deposit in BTC, earn, and redeem in BTC.

<Banner alt="Cerro Fitz Roy lit by pink alpenglow at dawn, Patagonia" />

Bitcoin is the largest pool of pristine collateral ever produced. Maestro helps you put it to work in **productive and sustainable investment vehicles**.

* Every *vault* is **Bitcoin-denominated**: *BTC in -> earn -> BTC out*.
* Every *strategy* is anchored by **productive capital markets**: block production, secured lending, and solver liquidity (no token incentives).

<Steps>
  <Step title="Select strategy">
    Choose a curated [Yield Vault](/yield-vaults/vault-directory) or [myBTC](/mybtc/overview), matched to your mandate and preferred yield type.
  </Step>

  <Step title="Deposit">
    Deposit directly into the vault contracts on-chain, or through a qualified custodian — available [custody options](/concepts/hybrid-custody) depend on the vault.
  </Step>

  <Step title="Earn">
    Your active position accrues yield in Bitcoin, earned from block production, secured lending, and solver liquidity. Positions and NAV are tracked live in [Treasury Manager](/treasury-manager/overview).
  </Step>

  <Step title="Withdraw">
    Withdraw natively in BTC or wBTC. Redemption schedule is set at the vault level.
  </Step>
</Steps>

```mermaid theme={null}
flowchart LR
    A[Select strategy<br/>vault or myBTC] --> B[Deposit<br/>your custody option]
    B --> C[Earn<br/>yield accrues in BTC]
    C --> D[Withdraw<br/>native BTC]
    D --> A
```

<Info>
  Maestro Institutional is built for qualified allocators and accredited investors — not retail. The vault lineup is public to review; participating runs through [onboarding](/get-started/getting-started), where eligibility is verified — and KYC completed where the vault requires it — before deposit.
</Info>

<CardGroup>
  <Card title="Start onboarding" icon="circle-play" href="/get-started/getting-started">
    Both paths begin with a conversation with the team; eligibility and KYC follow.
  </Card>

  <Card title="Browse the vaults" icon="layout-grid" href="/yield-vaults/vault-directory">
    The current lineup, yield levels, and terms.
  </Card>
</CardGroup>


# Maestro Institutional
Source: https://docs.gomaestro.org/index

Bitcoin-denominated yield from productive economic activity.

<Banner alt="The granite towers of the Torres del Paine massif rising above a glacier" />

Maestro offers **risk-optimized Bitcoin yield strategies** for institutional allocators. A Bitcoin-denominated yield from **productive economic activity**, such as *mining loans, private credit and trading order flow*.

Select a [vault strategy](/yield-vaults/vault-directory), choose your [custody option](/concepts/hybrid-custody), and earn in **native Bitcoin**.

<CardGroup>
  <Card title="Yield Vaults" href="/yield-vaults/vault-framework">
    Curated BTC yield strategies, from mining credit to algorithmic strategies.
  </Card>

  <Card title="myBTC — Mining RWA" href="/mybtc/overview">
    A yield-bearing Bitcoin asset anchored by mining credit and liquid yield strategies.
  </Card>

  <Card title="Treasury Manager" href="/treasury-manager/overview">
    The command center for institutional Bitcoin — deploy, monitor, and report in one place.
  </Card>

  <Card title="How it works" href="/get-started/how-it-works">
    The deposit-to-settlement vault flow. Bitcoin in -> earn -> Bitcoin out.
  </Card>

  <Card title="Proof it works" href="/concepts/sazmining-case-study">
    Case study: Sazmining turned 2 BTC into 57 PH/s of hashrate, at 9% BTC APY.
  </Card>

  <Card title="Getting started" href="/get-started/getting-started">
    The investor and miner onboarding paths. From first conversation to funded position.
  </Card>
</CardGroup>

## Who it's for

Every path begins the same way: [contact the team](https://www.gomaestro.org/contact) to open onboarding.

<CardGroup>
  <Card title="Bitcoin Treasuries" href="/get-started/getting-started#investor-onboarding">
    Balance-sheet yield on idle BTC.
  </Card>

  <Card title="Asset Managers" href="/get-started/getting-started#investor-onboarding">
    In-mandate BTC yield for client portfolios.
  </Card>

  <Card title="Institutional Investors" href="/get-started/getting-started#investor-onboarding">
    Custody-ready vaults across the risk spectrum.
  </Card>

  <Card title="Bitcoin Miners" href="/get-started/getting-started#miner-onboarding">
    Currency-aligned credit through Mezzamine.
  </Card>
</CardGroup>

<Info>
  Maestro Institutional is operated by Go Maestro Inc. and is intended for accredited investors
  and qualified allocators only. Access is permissioned and subject to eligibility verification,
  with KYC required where a vault's terms specify; it is not directed at retail investors. Bitcoin and
  Bitcoin-denominated yield products carry material market, counterparty, regulatory, and
  technology risks. Yield figures are net of fees and BTC-denominated; past performance
  is not indicative of future results. Custody options vary by vault and strategy; depending on
  the vault, investors deposit directly into vault contracts or through a qualified custodian
  (Anchorage Digital).
</Info>


# How myBTC works
Source: https://docs.gomaestro.org/mybtc/how-it-works

The engines, lifecycle, and mNAV mechanics behind yield-bearing Bitcoin.

myBTC is **yield-bearing Bitcoin**, built for Bitcoiners and Bitcoin treasuries: one deposit puts capital to work across two engines — Mezzamine Credit + Bitcoin Solver — with no further action required. For the case behind the denomination, see [Why BTC-denominated](/mybtc/why-btc-denominated).

<Banner alt="A forested ridge emerging from thick mist" />

## The two engines

<CardGroup>
  <Card title="Mining credit">
    Powered by [Mezzamine Credit](/yield-vaults/offerings/mezzamine-credit) — secured ASIC and hashrate loans to vetted miners, repaid from block rewards. This is myBTC's core yield engine.
  </Card>

  <Card title="Bitcoin liquid vaults">
    [Intent solver settlement](/yield-vaults/offerings/bitcoin-solver) and a liquid reserve blend into **2–6% BTC APY** — the instant liquidity that enables myBTC's flexible redemption, absorbing capital between mining-credit loan cycles.
  </Card>
</CardGroup>

<Note>
  All yield figures are **indicative BTC APY ranges**, not guarantees. Actual returns vary by
  program, market conditions, and counterparty. Figures are net of fees and
  BTC-denominated. Past performance is not indicative of future results.
</Note>

## The lifecycle

Deposit and redemption are always Bitcoin-denominated, and the allocation between the yield sources automatically rebalances as loan demand changes to maximize active yield generation:

<Steps>
  <Step title="Deposit BTC">
    Deposit native Bitcoin and mint myBTC 1:1 at the current mNAV.
  </Step>

  <Step title="Blended allocation">
    Capital splits across the two engines — mining credit and liquid vaults.
  </Step>

  <Step title="Dynamic rebalance">
    Allocation rotates toward mining credit as loan demand rises, and back toward liquid yield when it doesn't — capital stays productive either way.
  </Step>

  <Step title="Redeem to BTC">
    Burn myBTC for Bitcoin at the accrued mNAV — redemptions are serviced from the liquid engine's instant liquidity.
  </Step>
</Steps>

<Note>
  The [custody option](/concepts/hybrid-custody) chosen at deposit holds through redemption; available options depend on the vault.
</Note>

## mNAV: how value accrues

mNAV is the single number that expresses myBTC's value in Bitcoin: no rebasing, no separate yield token, **one exchange rate** that moves as the pool earns.

<Info>
  **mNAV** (mining net asset value) is the exchange rate tracking the net asset value of the pool backing myBTC. As the pool earns yield, mNAV appreciates each epoch, so a fixed amount of myBTC is redeemable for more BTC over time.
</Info>

A myBTC balance never changes on its own. Value accrues entirely through the exchange rate:

* **Deposits mint at the current mNAV.** BTC in, myBTC out.
* **Redemptions burn at the current mNAV.** myBTC in, BTC out — yield earned since deposit is captured automatically.
* **Distributions auto-compound.** No payouts to collect; yield is reflected directly in mNAV.
* **Positions are transferable.** myBTC can change hands on secondary markets — an exit route independent of vault redemption, priced against mNAV.

myBTC holds to a **single-token model** — yield accrues directly to the token held, with no separate yield token to manage.

## Oversubscription

When deposits exceed available Mezzamine loans, the excess flows into the liquid vaults rather than sitting idle; as new mining loans open — typically at a higher BTC APY — capital rotates back into mining credit. Every deposited BTC stays deployed, and the blended rate tracks the current mix.

myBTC blends the two engines into one position rather than requiring separate allocations to each vault in the [directory](/yield-vaults/vault-directory). For where the underlying yield comes from, see [how yield is generated](/concepts/yield-generation).


# myBTC — Mining RWA
Source: https://docs.gomaestro.org/mybtc/overview

A yield-bearing Bitcoin token blending mining credit and liquid yield, with flexible redemption and secondary trading.

<Banner alt="The Tre Cime peaks of the Dolomites rising above green alpine meadows" />

myBTC is **yield-bearing Bitcoin**: maintain long-term Bitcoin exposure while the asset itself earns yield, with **flexible redemption** and **secondary trading markets**. Two yield engines — Mezzamine mining credit and liquid solver yield — settled entirely in BTC, listed in the [vault directory](/yield-vaults/vault-directory).

<VaultFacts />

<Note>
  All yield figures are **indicative BTC APY ranges**, not guarantees. Actual returns vary by
  program, market conditions, and counterparty. Figures are net of fees and
  BTC-denominated. Past performance is not indicative of future results.
</Note>

## Where the yield comes from

Two engines generate the blended yield:

* **Mining credit** — structured mining loans: secured [Mezzamine Credit](/yield-vaults/offerings/mezzamine-credit) ASIC and hashrate loans, repaid monthly from block production. The core yield engine.
* **Bitcoin liquid vaults** — [Bitcoin Solver](/yield-vaults/offerings/bitcoin-solver) settlement spread plus a liquid BTC reserve. This engine holds the instant liquidity that enables **flexible redemption**, and absorbs capital between loan cycles.

Alongside the two engines runs a **delta-neutral, dynamic BTC hedge**: it offsets BTC price exposure to protect the pool's principal through cycles, with **counter-cyclical** protection that is strongest in bear markets. The hedge is a risk-management mandate, not a yield source — see [Dynamic hedging](/concepts/dynamic-hedging).

How the mix rebalances with loan demand — and how value accrues through mNAV — is covered in [How myBTC works](/mybtc/how-it-works).

## Why it stands out

myBTC carries the same mining exposure as [Mezzamine Credit](/yield-vaults/offerings/mezzamine-credit) — without the fixed-term constraints:

* **Mining yield, flexible terms** — Mezzamine Credit pays a fixed yield on a strict repayment schedule, with no early exit. myBTC wraps the same credit exposure in a token with flexible redemption.
* **Secondary trading markets** — the token is transferable: exit a position without waiting on redemption, or borrow against it to loop exposure.
* **Always deployed** — the liquid vaults absorb capital between loan cycles, so the position keeps earning while credit capacity fills — see [oversubscription](/mybtc/how-it-works#oversubscription).
* **Native BTC settlement** — deposit, accrue yield, and redeem entirely in Bitcoin.

This is a yield-bearing Bitcoin asset, **not a stablecoin** — myBTC is never pegged to the US dollar or any other fiat currency, and its value is denominated and redeemed entirely in BTC.

<Card title="Mezzamine — the credit engine" href="https://docs.mezzamine.com">
  This vault is powered by Mezzamine, Maestro's miner-secured credit platform. For the full
  credit mechanics — collateral, loan lifecycle, borrower diligence, and program terms — see the
  Mezzamine documentation.
</Card>

## Further reading

<CardGroup>
  <Card title="How it works" href="/mybtc/how-it-works">
    The two yield engines, the deposit-to-redemption lifecycle, and how value accrues through mNAV.
  </Card>

  <Card title="Why BTC-denominated" href="/mybtc/why-btc-denominated">
    How myBTC compares to USD yield tokens and BTC staking.
  </Card>
</CardGroup>

## Compliance & custody

* Independently audited ([Halborn](https://www.halborn.com/))
* [TRM Labs](https://www.trmlabs.com/) screening
* Direct deposit or [Anchorage](https://www.anchorage.com/) custody

<Card title="Request early access" icon="arrow-right" href="https://www.gomaestro.org/mybtc?contact=1">
  Join the first myBTC cohort ahead of the  launch — via the [contact form](https://www.gomaestro.org/mybtc?contact=1), or [institutional@gomaestro.org](mailto:institutional@gomaestro.org).
</Card>

Ahead of launch, the [weekly newsletter](https://www.gomaestro.org/research#subscribe) tracks progress and vault performance; the **Investor Report** is available on approval.

<Info>
  Maestro Institutional is operated by Go Maestro Inc. and is intended for accredited investors
  and qualified allocators only. Access is permissioned and subject to eligibility verification,
  with KYC required where a vault's terms specify; it is not directed at retail investors. Bitcoin and
  Bitcoin-denominated yield products carry material market, counterparty, regulatory, and
  technology risks. Yield figures are net of fees and BTC-denominated; past performance
  is not indicative of future results. Custody options vary by vault and strategy; depending on
  the vault, investors deposit directly into vault contracts or through a qualified custodian
  (Anchorage Digital).
</Info>


# Why BTC-denominated
Source: https://docs.gomaestro.org/mybtc/why-btc-denominated

myBTC brings Bitcoin-denominated yield, similar to yield-bearing stablecoins.

myBTC offers **Bitcoin exposure while earning yield** — denominated in BTC, built for Bitcoiners wanting to compound their Bitcoin holdings.

The yield-bearing stablecoin market has grown to **\~\$20B**, with protocols offering diverse yield sources:

* [Sky's sUSDS](https://sky.money/) — powered by T-bills and credit
* [Ethena's sUSDe](https://ethena.fi/) — powered by funding-rate arbitrage
* [USD.ai's USDai](https://usd.ai/) — powered by hardware-backed loans

> **myBTC brings the first yield-bearing Bitcoin**, backed by mining block rewards and productive capital markets.

<Banner alt="A green glacial valley carved between steep Himalayan walls" />

## How myBTC compares

myBTC applies the lessons of the yield-bearing stablecoin market to Bitcoin — powered by **real economic activity**, mining credit and sustainable yield strategies like [Bitcoin Solver](/yield-vaults/offerings/bitcoin-solver), rather than token emissions like staking rewards.

| Dimension    | myBTC                        | USD yield tokens           | BTC staking     |
| ------------ | ---------------------------- | -------------------------- | --------------- |
| Denomination | Native BTC                   | USD                        | Protocol token  |
| Yield source | Mining credit · liquid yield | T-bills · credit · funding | Token emissions |

## Why it matters

* **No FX drag** — yield compounds in Bitcoin, not dollars. A USD-denominated return can still be a loss in BTC terms if Bitcoin outperforms it over the holding period.
* **No conversion tax** — there's no BTC↔USD round-trip on deposit or redemption, so earning yield creates no taxable conversion event.
* **Real economic yield** — mining credit and live liquid strategies produce the return; nothing depends on an emissions schedule that compresses as more capital arrives.
* **Institutional alignment** — built for balance sheets that hold and report in Bitcoin, so yield is denominated in the same asset the balance sheet already holds.

The myBTC vault also carries the **delta-neutral, dynamic BTC hedge**, protecting the pool's principal through cycles. See [Dynamic hedging](/concepts/dynamic-hedging).

<Note>
  myBTC is a yield-bearing Bitcoin asset, not a stablecoin. See [How myBTC works](/mybtc/how-it-works#mnav-how-value-accrues) for how value accrues.
</Note>


# FAQ
Source: https://docs.gomaestro.org/resources/faq

Common questions about Maestro Institutional.

<Banner alt="Green alpine pastures beneath snow-streaked peaks" />

Answers to the most common questions; each links to the full page for detail.

<AccordionGroup>
  <Accordion title="Who can access Maestro Institutional?">
    Access is limited to qualified allocators and accredited investors — Maestro is not directed at retail. Eligibility and KYC are set per vault: each vault's terms state who can deposit, and KYC may be required depending on the vault. Every deposit and withdrawal is screened for sanctions exposure before it settles. See [Compliance & screening](/trust-operations/security-custody).
  </Accordion>

  <Accordion title="Where do my assets sit?">
    It depends on the vault and the option you choose. Each vault offers custody options — deposit directly into the vault contracts on-chain, or through a qualified custodian Maestro has integrated with (Anchorage Digital). An on-chain layer automates accounting, execution, and yield distribution around that option. See [Custody options](/concepts/hybrid-custody) and [Security & custody](/trust-operations/security-custody).
  </Accordion>

  <Accordion title="How is yield generated?">
    From real Bitcoin-denominated economic activity, not token incentives — primarily mining credit funded through the Mezzamine marketplace, plus liquid strategies that earn spread or fees from real market activity. See [How yield is generated](/concepts/yield-generation).
  </Accordion>

  <Accordion title="Is myBTC a stablecoin?">
    No. myBTC is a yield-bearing Bitcoin asset, never pegged to the US dollar or any other fiat currency — value is denominated and redeemed entirely in BTC. See [myBTC overview](/mybtc/overview).
  </Accordion>

  <Accordion title="What are the fees?">
    Fees are set per vault by the vault curator. The fee types are a management fee on assets under management, a performance fee on realized BTC yield only — never on principal — and an admin fee on certain lending vaults. Current fee schedules are provided on a per-vault basis in the [Treasury app](https://treasury.gomaestro.org). See [Fees & economics](/trust-operations/fees-economics).
  </Accordion>

  <Accordion title="How do I get started?">
    Onboarding depends on your role — investor (including asset managers) or miner — and both paths begin the same way: contact the team through the [contact form](https://www.gomaestro.org/contact) or at [institutional@gomaestro.org](mailto:institutional@gomaestro.org). See [Getting started](/get-started/getting-started) for the step-by-step path that matches yours.
  </Accordion>

  <Accordion title="Are Treasury vault contracts open source and audited?">
    Yes. Every Maestro-curated vault runs on open-source contracts — [maestro-vault-contracts](https://github.com/maestro-org/maestro-vault-contracts) — independently audited by [Halborn](https://www.halborn.com/) before capital moves. Full audit reports are available to qualified allocators under NDA. See [Audits](/trust-operations/security-custody#audits).
  </Accordion>
</AccordionGroup>


# Legal
Source: https://docs.gomaestro.org/resources/legal

Legal notices and disclosures.

The disclosures below apply across Maestro Institutional documentation; read them alongside any page-specific risk notes.

<Info>
  Maestro Institutional is operated by Go Maestro Inc. and is intended for accredited investors
  and qualified allocators only. Access is permissioned and subject to eligibility verification,
  with KYC required where a vault's terms specify; it is not directed at retail investors. Bitcoin and
  Bitcoin-denominated yield products carry material market, counterparty, regulatory, and
  technology risks. Yield figures are net of fees and BTC-denominated; past performance
  is not indicative of future results. Custody options vary by vault and strategy; depending on
  the vault, investors deposit directly into vault contracts or through a qualified custodian
  (Anchorage Digital).
</Info>

## Additional notes

* Maestro Institutional is operated by **Go Maestro Inc.**
* Content on this site is not directed at retail investors and is not an offer or solicitation in any jurisdiction where it would be unlawful.
* Statements about future products, launch timing, or platform capability are forward-looking and subject to market conditions, regulatory developments, and execution risk — see [Risk & disclosures](/trust-operations/risk-disclosures).
* Custody options vary by vault and strategy; depending on the vault, investors deposit directly into vault contracts or through a qualified custodian (Anchorage Digital) — see [Custody options](/concepts/hybrid-custody).

<CardGroup>
  <Card title="Terms of service" href="https://www.gomaestro.org/terms">
    The terms governing use of Maestro products and services.
  </Card>

  <Card title="Privacy policy" href="https://www.gomaestro.org/privacy">
    How Maestro collects, uses, and protects personal data.
  </Card>
</CardGroup>


# Links
Source: https://docs.gomaestro.org/resources/links

Key destinations across the Maestro ecosystem.

A single reference for the platforms and docs sites that sit alongside Maestro Institutional.

**[institutional@gomaestro.org](mailto:institutional@gomaestro.org)** — onboarding, allocations & support.

<CardGroup>
  <Card title="Treasury app" href="https://treasury.gomaestro.org">
    Sign in to manage allocations, monitor vaults, and review statements.
  </Card>

  <Card title="Talk to us" href="https://www.gomaestro.org/contact">
    Start onboarding as an investor, asset manager, or miner — via the [contact form](https://www.gomaestro.org/contact), or [institutional@gomaestro.org](mailto:institutional@gomaestro.org).
  </Card>

  <Card title="Mezzamine docs" href="https://docs.mezzamine.com">
    Documentation for Mezzamine, Maestro's miner-secured credit marketplace.
  </Card>

  <Card title="Developer docs" href="https://docs.developer.gomaestro.org">
    API reference and integration guides for building on Maestro.
  </Card>

  <Card title="Research & letters" href="https://www.gomaestro.org/research">
    Weekly performance reports, quarterly investor letters, whitepapers, and case studies. [Subscribe](https://www.gomaestro.org/research#subscribe) for the newsletter and the approval-gated Investor Report — investor content not published on the public research page.
  </Card>
</CardGroup>


# Treasury Manager
Source: https://docs.gomaestro.org/treasury-manager/overview

Where onboarded allocators deploy and monitor active Bitcoin positions.

<Banner alt="A lone figure on a rock summit overlooking layered mountain ridges at golden hour" />

[Treasury Manager](https://treasury.gomaestro.org) is the **command center for active Bitcoin investments** — an on-chain application to deploy capital into risk-managed yield strategies, monitor positions and NAV, and report to stakeholders.

## Capabilities

<CardGroup>
  <Card title="Vaults marketplace">
    Browse every active vault across various strategies, and deploy from the [vault marketplace](https://treasury.gomaestro.org).
  </Card>

  <Card title="Monitor performance">
    Track vault historical performance and your active positions across multiple metrics: TVL, APY, and earnings.
  </Card>

  <Card title="Custody integration">
    Connect to [Treasury Manager](https://treasury.gomaestro.org) directly with your wallet, or through a custodian account such as [Anchorage Digital](https://www.anchorage.com/). See [custody options](/concepts/hybrid-custody).
  </Card>
</CardGroup>

## Where it sits in the journey

[Onboarding](/get-started/getting-started) clears eligibility and KYC. A strategy is selected from the [vault directory](/yield-vaults/vault-directory) — or browsed live in the [vault marketplace](https://treasury.gomaestro.org) — and [custody options](/concepts/hybrid-custody) are chosen per vault. From there, every stage of the [vault flow](/get-started/how-it-works) — deposit, accrual, redemption — is operated and monitored in the [Treasury app](https://treasury.gomaestro.org).

## Further reading

<CardGroup>
  <Card title="Custody options" href="/concepts/hybrid-custody">
    Deposit directly into vault contracts, or connect Anchorage Digital as the qualified custodian.
  </Card>

  <Card title="Partners & integrations" href="/trust-operations/partners-integrations">
    The named partners behind the platform — custody, settlement, audit, and screening.
  </Card>
</CardGroup>

<Card title="Open the Treasury app" icon="external-link" href="https://treasury.gomaestro.org">
  Sign in to deploy, monitor, and report on live positions. New allocators begin with [onboarding](/get-started/getting-started).
</Card>


# Fees & economics
Source: https://docs.gomaestro.org/trust-operations/fees-economics

Fee types across vaults — set per vault by the curator, deducted in BTC.

Fees are set at the vault level by each vault's curator. They are **deducted in BTC** and settled monthly or upon withdrawal.

## Fee types

Three fee types appear across vaults:

| Fee                | Basis                                                       |
| ------------------ | ----------------------------------------------------------- |
| Management fee     | Assessed on assets under management                         |
| Performance fee    | A share of realized BTC yield — never assessed on principal |
| Administration fee | Applies to certain lending vaults                           |

Which of these apply — and at what rate — is set by the vault curator; current fee schedules are published per vault in the [Treasury app](https://treasury.gomaestro.org). Review the [risk disclosures](/trust-operations/risk-disclosures) alongside fee terms before allocating.

<Note>
  All yield figures are **indicative BTC APY ranges**, not guarantees. Actual returns vary by
  program, market conditions, and counterparty. Figures are net of fees and
  BTC-denominated. Past performance is not indicative of future results.
</Note>


# Partners & integrations
Source: https://docs.gomaestro.org/trust-operations/partners-integrations

The roles and named partners behind the platform.

<Banner alt="An alpine valley of meadows and winding paths beneath the Eiger" />

Two roles interact on the platform: depositors allocating capital, and curators running the strategies that capital funds. Around them, a set of named partners provides custody, intent settlement, auditing, and screening. This page lists each party and its function.

## Roles

| Role           | Function                                                                                                        |
| -------------- | --------------------------------------------------------------------------------------------------------------- |
| LP / depositor | Allocates BTC into a vault or myBTC pool and receives BTC-denominated yield                                     |
| Vault curator  | Designs and operates the strategy each vault runs — currently Maestro itself, including Mezzamine mining credit |

## Partners

Named partners only — real relationships, not an illustrative roster.

| Category               | Partner                                         | Role                                                                   |
| ---------------------- | ----------------------------------------------- | ---------------------------------------------------------------------- |
| Custody                | [Anchorage Digital](https://www.anchorage.com/) | OCC-chartered digital-asset trust bank; integrated qualified custodian |
| Intent network         | [Garden Finance](https://garden.finance/)       | Cross-chain intent settlement for the Bitcoin Solver strategy          |
| Intent network         | [NEAR Intents](https://near.org/intents)        | Cross-chain intent settlement for the Bitcoin Solver strategy          |
| Audit & security       | [Halborn](https://www.halborn.com/)             | Smart-contract audits and security review                              |
| Compliance & screening | [TRM Labs](https://www.trmlabs.com/)            | On-chain screening and know-your-transaction (KYT) risk scoring        |

See [Security, custody & compliance](/trust-operations/security-custody) for custody, screening, and audits, and [Risk & disclosures](/trust-operations/risk-disclosures) for the risks that remain.


# Risk & disclosures
Source: https://docs.gomaestro.org/trust-operations/risk-disclosures

The material risks of Bitcoin-denominated yield.

Bitcoin-denominated yield carries risk. For each risk listed here, this page states what the risk is, why it exists, and what is in place against it.

<AccordionGroup>
  <Accordion title="Smart-contract / protocol">
    Vault and token contracts move and account for Bitcoin on-chain. A vulnerability or exploit in those contracts could impair or freeze deposited funds. Contracts are independently audited before capital moves, and each vault runs in its own environment, so contract exposure is isolated strategy by strategy. See [Audits](/trust-operations/security-custody#audits).
  </Accordion>

  <Accordion title="Counterparty">
    Vault strategies extend credit to external counterparties — primarily vetted Bitcoin miners. A borrower that fails to repay, or a counterparty that fails to perform, can impair yield or principal. Each borrower's business documentation is reviewed and shared with prospective lenders before credit is extended, exposure is spread across multiple borrowers and vault strategies, and loans are **first-lien** with no rehypothecation of collateral.
  </Accordion>
</AccordionGroup>

**See also:** the [vault directory](/yield-vaults/vault-directory) for each vault's yield level — Conservative, Balanced, or High Yield.

<Info>
  Maestro Institutional is operated by Go Maestro Inc. and is intended for accredited investors
  and qualified allocators only. Access is permissioned and subject to eligibility verification,
  with KYC required where a vault's terms specify; it is not directed at retail investors. Bitcoin and
  Bitcoin-denominated yield products carry material market, counterparty, regulatory, and
  technology risks. Yield figures are net of fees and BTC-denominated; past performance
  is not indicative of future results. Custody options vary by vault and strategy; depending on
  the vault, investors deposit directly into vault contracts or through a qualified custodian
  (Anchorage Digital).
</Info>


# Security, custody & compliance
Source: https://docs.gomaestro.org/trust-operations/security-custody

How assets are held, how screening works, and how contracts are audited.

<Banner alt="A stone church standing firm on a green ridge below a vast mountain wall" />

Maestro is a technology platform. It takes **no custody by default** — the custody model depends on the vault — and it executes approved instructions only. Depending on the vault, deposited Bitcoin sits on-chain in the vault contracts or with a qualified custodian.

## Custody

Each vault states which custody options it supports: direct deposit into the vault contracts, or — on vaults that support it — deposit through a qualified custodian. **Anchorage Digital**, an OCC-chartered digital-asset trust bank, is the custodian currently integrated. [Custody options](/concepts/hybrid-custody) walks through both deposit flows — connect, swap, and deposit.

Each vault is **independent**: accounting, strategy execution, and collateral are scoped to the vault, so an issue in one strategy — a borrower default, a hedge dislocation — is contained to that vault rather than propagating across the platform.

<Warning>
  These are custody **options**, not a claim that the platform is "fully non-custodial." The direct-deposit path is self-directed on-chain; the custodian path grounds assets in qualified custody. Neither removes custody risk.
</Warning>

## Compliance & screening

Access to each vault is permissioned before any capital moves. Eligibility and KYC requirements are set by each vault, not by the platform. Every transaction is screened for sanctions and financial-crime risk before it settles.

* **Access is permissioned at the vault level.** Each vault sets its own eligibility and access rules, and you accept those terms before you deposit. Access is limited to qualified allocators, subject to the rules of the jurisdictions involved. KYC may be required, depending on the vault.
* **Screening runs platform-wide.** Every deposit and withdrawal is screened using TRM Labs for sanctions exposure and know-your-transaction (KYT) risk.

Eligibility, KYC, and any other requirements are defined in each vault's own terms — review them before you deposit. Maestro does not receive or store customer account information; that responsibility sits with the custodian on the custodian path, and with your own compliance function. A dedicated compliance function tracks regulatory developments across the jurisdictions Maestro operates in.

## Audits

Smart-contract audits from **Halborn** cover the vault and token contracts that move and account for Bitcoin on-chain. The contracts are open source: [maestro-vault-contracts](https://github.com/maestro-org/maestro-vault-contracts).

| Item                  | Provider | Scope                   |
| --------------------- | -------- | ----------------------- |
| Smart-contract audits | Halborn  | Vault & token contracts |

<Info>
  Full audit reports are available to qualified allocators under NDA. Contact your Maestro representative for access.
</Info>


# Bitcoin Solver
Source: https://docs.gomaestro.org/yield-vaults/offerings/bitcoin-solver

Intent-solver vault earning spread on cross-chain BTC swaps.

An intent-based solver vault that earns the **settlement spread** on cross-chain BTC → wrapped BTC
swaps, with no directional risk, no leverage, and no impermanent loss.

<VaultFacts />

<Note>
  All yield figures are **indicative BTC APY ranges**, not guarantees. Actual returns vary by
  program, market conditions, and counterparty. Figures are net of fees and
  BTC-denominated. Past performance is not indicative of future results.
</Note>

## How the spread is earned

The solver fills swaps between native BTC and wrapped BTC across
chains (Ethereum, Arbitrum, Base, and others); the vault supplies the liquidity, earning **7–30 bps per fill**. The
strategy runs on intent networks — **Garden Finance** and **NEAR Intents** — with Maestro as
curator managing the funds and executing the strategy.

Every trade is **market-neutral**, since it operates only on *Bitcoin-to-Bitcoin* routes. The vault takes no price position, and spread earnings auto-compound.
See [How yield is generated](/concepts/yield-generation).

## Performance and liquidity

Vault returns are **variable** and track settlement volume, rising when cross-chain swap activity is heavy.

No margin calls, no lock-up, no directional exposure. Deposits stay liquid — redemptions settle in **24–48 hours**.

* **Live returns** — [Treasury app](https://treasury.gomaestro.org)
* **Month-to-month APY** — [Maestro vaults page](https://www.gomaestro.org/vaults)
* **Weekly performance report** — [Maestro research page](https://www.gomaestro.org/research)
* **Weekly newsletter** — [subscribe here](https://www.gomaestro.org/research#subscribe)

## Compliance & custody

* Independently audited ([Halborn](https://www.halborn.com/))
* [TRM Labs](https://www.trmlabs.com/) screening
* Direct deposit or [Anchorage](https://www.anchorage.com/) custody

<CardGroup>
  <Card title="Start onboarding" icon="circle-play" href="/get-started/getting-started#investor-onboarding">
    Participation begins with a conversation with the team — eligibility, KYC where required,
    then allocation.
  </Card>

  <Card title="Allocate via the Treasury app" icon="external-link" href="https://treasury.gomaestro.org">
    For onboarded allocators — deposit into Bitcoin Solver directly from the Treasury app.
  </Card>
</CardGroup>

<Info>
  Maestro Institutional is operated by Go Maestro Inc. and is intended for accredited investors
  and qualified allocators only. Access is permissioned and subject to eligibility verification,
  with KYC required where a vault's terms specify; it is not directed at retail investors. Bitcoin and
  Bitcoin-denominated yield products carry material market, counterparty, regulatory, and
  technology risks. Yield figures are net of fees and BTC-denominated; past performance
  is not indicative of future results. Custody options vary by vault and strategy; depending on
  the vault, investors deposit directly into vault contracts or through a qualified custodian
  (Anchorage Digital).
</Info>


# Mezzamine Credit
Source: https://docs.gomaestro.org/yield-vaults/offerings/mezzamine-credit

Senior secured mining credit, paid in Bitcoin, with dynamic hedging.

**Senior secured** yield against vetted Bitcoin miners, paid in Bitcoin. ASIC collateral exposure is
hedged **delta-neutral** for the life of the loan.

<VaultFacts />

<Note>
  All yield figures are **indicative BTC APY ranges**, not guarantees. Actual returns vary by
  program, market conditions, and counterparty. Figures are net of fees and
  BTC-denominated. Past performance is not indicative of future results.
</Note>

## How it earns

The vault lends against a miner's ASIC fleet and future block rewards. Interest is paid in Bitcoin
from the borrower's block production, while the vault's exposure to the underlying ASIC collateral
is continuously hedged delta-neutral.

## How the loan is structured

Each program is built on the same structure:

* **Facility** — a senior secured, first-lien facility extended to a single vetted Bitcoin miner.
* **Collateral** — layered across pledged BTC reserves, the borrower's ASIC fleet, and pledged future hashrate, all held as first-lien security.
* **Repayment** — monthly principal-and-interest payments drawn directly from block rewards, over terms of 6–24 months.
* **Hedging** — for the life of the loan, ASIC collateral exposure is hedged delta-neutral, sized dynamically to the outstanding balance.
* **Recovery waterfall** — claims move senior to junior across pledged BTC, hedge profits, hardware, and infrastructure, set out in [Dynamic hedging](/concepts/dynamic-hedging).

## Vetting and monitoring

Before a program launches, [Mezzamine](https://www.mezzamine.com/) collects business documents from the miner and shares
them with prospective lenders. Each program then passes the platform's
[program-rigor standard](/concepts/dynamic-hedging#program-rigor) — Monte Carlo modeling, historical stress tests, and daily monitoring once capital is accepted. Program status and repayment activity can be tracked in real time on the [Mezzamine app](https://app.mezzamine.com/) and the [Treasury app](https://treasury.gomaestro.org/).

## Live performance

* **Live returns** — [Treasury app](https://treasury.gomaestro.org)
* **Month-to-month APY** — [Maestro vaults page](https://www.gomaestro.org/vaults)
* **Weekly performance report** — [Maestro research page](https://www.gomaestro.org/research)
* **Weekly newsletter** — [subscribe here](https://www.gomaestro.org/research#subscribe)

Check out the [SmashFi × Sazmining case study](/concepts/sazmining-case-study) — a program paying a fixed **9% BTC APY**.

<Card title="Mezzamine — the credit engine" href="https://docs.mezzamine.com">
  This vault is powered by Mezzamine, Maestro's miner-secured credit platform. For the full
  credit mechanics — collateral, loan lifecycle, borrower diligence, and program terms — see the
  Mezzamine documentation.
</Card>

## Compliance & custody

* Independently audited ([Halborn](https://www.halborn.com/))
* [TRM Labs](https://www.trmlabs.com/) screening
* Direct deposit only

<CardGroup>
  <Card title="Start onboarding" icon="circle-play" href="/get-started/getting-started#investor-onboarding">
    Participation begins with a conversation with the team — eligibility, KYC where required,
    then allocation.
  </Card>

  <Card title="Allocate via the Treasury app" icon="external-link" href="https://treasury.gomaestro.org">
    For onboarded allocators — deposit into Mezzamine Credit directly from the Treasury app.
  </Card>
</CardGroup>

<Info>
  Maestro Institutional is operated by Go Maestro Inc. and is intended for accredited investors
  and qualified allocators only. Access is permissioned and subject to eligibility verification,
  with KYC required where a vault's terms specify; it is not directed at retail investors. Bitcoin and
  Bitcoin-denominated yield products carry material market, counterparty, regulatory, and
  technology risks. Yield figures are net of fees and BTC-denominated; past performance
  is not indicative of future results. Custody options vary by vault and strategy; depending on
  the vault, investors deposit directly into vault contracts or through a qualified custodian
  (Anchorage Digital).
</Info>


# Mezzamine Earn
Source: https://docs.gomaestro.org/yield-vaults/offerings/mezzamine-earn

Principal-protected, 1:1-backed BTC credit line.

Earn on Bitcoin without putting principal at risk — a **principal-protected** credit line, 1:1-backed
by reserves, built for allocators who cannot take principal risk.

<VaultFacts />

<Note>
  All yield figures are **indicative BTC APY ranges**, not guarantees. Actual returns vary by
  program, market conditions, and counterparty. Figures are net of fees and
  BTC-denominated. Past performance is not indicative of future results.
</Note>

## Who it's for

Designed for zero-loss mandates — municipalities, treasuries, and other conservative allocators
that require principal protection ahead of yield.

## Earn on reserves, draw on credit

Reserves earn a conservative, principal-protected BTC yield, while a credit line lets an allocator
draw Bitcoin liquidity against those reserves on demand. Interest accrues only on the portion of
credit actually drawn — not on the full reserve balance — so capital can stay at work even while
some of it is borrowed against. The net position stays positive whenever the yield earned on
reserves exceeds the interest owed on the drawn portion, which lets a treasury keep its Bitcoin
productive without giving up access to it.

## Where the yield comes from

The reserve yield is sourced from BTC-denominated instruments issued by publicly traded Bitcoin
treasury companies, structured with principal-protection covenants. At maturity, the issuer returns
**100% of principal** in the originally deposited denomination — the covenant that anchors the
zero-loss mandate this vault is built for. Reserves sit in the conservative end of the platform,
with an indicative yield in the 3–4% BTC APY range shown above; the strategy prioritizes principal
protection ahead of headline yield, which is why the range is deliberately modest.

<Card title="Mezzamine — the credit engine" href="https://docs.mezzamine.com">
  This vault is powered by Mezzamine, Maestro's miner-secured credit platform. For the full
  credit mechanics — collateral, loan lifecycle, borrower diligence, and program terms — see the
  Mezzamine documentation.
</Card>

## Compliance & custody

Independently audited (Halborn) · TRM Labs screening · qualified custody, confirmed at launch.

<Info>
  Maestro Institutional is operated by Go Maestro Inc. and is intended for accredited investors
  and qualified allocators only. Access is permissioned and subject to eligibility verification,
  with KYC required where a vault's terms specify; it is not directed at retail investors. Bitcoin and
  Bitcoin-denominated yield products carry material market, counterparty, regulatory, and
  technology risks. Yield figures are net of fees and BTC-denominated; past performance
  is not indicative of future results. Custody options vary by vault and strategy; depending on
  the vault, investors deposit directly into vault contracts or through a qualified custodian
  (Anchorage Digital).
</Info>


# Mining Hashrate Loan
Source: https://docs.gomaestro.org/yield-vaults/offerings/mining-hashrate-loan

Short-duration advance against a miner's future block rewards.

Get paid against your future block rewards today — a **short-duration advance** for vetted miners,
repaid automatically from pool payouts as they land.

<VaultFacts />

<Note>
  All yield figures are **indicative BTC APY ranges**, not guarantees. Actual returns vary by
  program, market conditions, and counterparty. Figures are net of fees and
  BTC-denominated. Past performance is not indicative of future results.
</Note>

## How it works

Terms run 1 week to 6 months. Repayment is auto-withheld from the miner's pool payouts as block
rewards are earned, rather than collected as a separate payment.

<Card title="Mezzamine — the credit engine" href="https://docs.mezzamine.com">
  This vault is powered by Mezzamine, Maestro's miner-secured credit platform. For the full
  credit mechanics — collateral, loan lifecycle, borrower diligence, and program terms — see the
  Mezzamine documentation.
</Card>

## Compliance & custody

Independently audited (Halborn) · TRM Labs screening · qualified custody, confirmed at launch.

<Info>
  Maestro Institutional is operated by Go Maestro Inc. and is intended for accredited investors
  and qualified allocators only. Access is permissioned and subject to eligibility verification,
  with KYC required where a vault's terms specify; it is not directed at retail investors. Bitcoin and
  Bitcoin-denominated yield products carry material market, counterparty, regulatory, and
  technology risks. Yield figures are net of fees and BTC-denominated; past performance
  is not indicative of future results. Custody options vary by vault and strategy; depending on
  the vault, investors deposit directly into vault contracts or through a qualified custodian
  (Anchorage Digital).
</Info>


# myBTC Mining RWA
Source: https://docs.gomaestro.org/yield-vaults/offerings/mybtc

Yield-bearing Bitcoin: mining credit + liquid yield in one token.

myBTC blends mining credit positions with liquid BTC yield into **yield-bearing
Bitcoin** — maintain Bitcoin exposure while it earns — with flexible redemption
and secondary trading markets.

<VaultFacts />

<Note>
  All yield figures are **indicative BTC APY ranges**, not guarantees. Actual returns vary by
  program, market conditions, and counterparty. Figures are net of fees and
  BTC-denominated. Past performance is not indicative of future results.
</Note>

<Card title="Explore myBTC" href="/mybtc/overview">
  Full mechanics, mNAV accounting, the two yield engines, and access details are covered in the myBTC
  section.
</Card>

## Compliance & custody

* Independently audited ([Halborn](https://www.halborn.com/))
* [TRM Labs](https://www.trmlabs.com/) screening
* Direct deposit or [Anchorage](https://www.anchorage.com/) custody

<Info>
  Maestro Institutional is operated by Go Maestro Inc. and is intended for accredited investors
  and qualified allocators only. Access is permissioned and subject to eligibility verification,
  with KYC required where a vault's terms specify; it is not directed at retail investors. Bitcoin and
  Bitcoin-denominated yield products carry material market, counterparty, regulatory, and
  technology risks. Yield figures are net of fees and BTC-denominated; past performance
  is not indicative of future results. Custody options vary by vault and strategy; depending on
  the vault, investors deposit directly into vault contracts or through a qualified custodian
  (Anchorage Digital).
</Info>


# Vault directory
Source: https://docs.gomaestro.org/yield-vaults/vault-directory

Bitcoin yield vaults — all settled in BTC.

**Premium vault strategies** denominated in Bitcoin, spanning secured credit to variable performance solver strategies. To participate, start with [onboarding](/get-started/getting-started).

<CardGroup>
  <Card title="Mezzamine Credit" href="/yield-vaults/offerings/mezzamine-credit">
    Senior secured mining credit with dynamic hedging. 7–10% BTC APY · Balanced · <span>Live</span>.
  </Card>

  <Card title="Bitcoin Solver" href="/yield-vaults/offerings/bitcoin-solver">
    Earn spread on cross-chain BTC intents. 10–15% BTC APY · High Yield · <span>Live</span>.
  </Card>

  <Card title="myBTC Mining RWA" href="/mybtc/overview">
    Yield-bearing Bitcoin: mining credit + liquid yield in one token. 6–10% BTC APY · Balanced · <span>Upcoming · Q3 2026</span>.
  </Card>

  <Card title="Mezzamine Earn">
    Principal-protected, 1:1-backed BTC credit line. Conservative · <span>Upcoming</span>.
  </Card>

  <Card title="Mining Hashrate Loan">
    Advance against a miner's future block rewards. High Yield · <span>Upcoming</span>.
  </Card>
</CardGroup>

Compare the five vaults at a glance — for the fee types and how each vault's curator sets them, see [Fees & economics](/trust-operations/fees-economics):

| Vault                                                        | Yield level  | BTC APY | Min deposit | Term          | Redemption                      | Status                          |
| ------------------------------------------------------------ | ------------ | ------- | ----------- | ------------- | ------------------------------- | ------------------------------- |
| [Mezzamine Credit](/yield-vaults/offerings/mezzamine-credit) | Balanced     | 7–10%   | 3 BTC       | 6–24 mo       | Monthly P+I                     | <span>Live</span>               |
| [Bitcoin Solver](/yield-vaults/offerings/bitcoin-solver)     | High Yield   | 10–15%  | 1 BTC       | Auto-compound | 24–48 hr                        | <span>Live</span>               |
| [myBTC Mining RWA](/mybtc/overview)                          | Balanced     | 6–10%   | 3 BTC       | —             | Burn at mNAV · Secondary market | <span>Upcoming</span> · Q3 2026 |
| Mezzamine Earn                                               | Conservative | —       | —           | —             | —                               | <span>Upcoming</span>           |
| Mining Hashrate Loan                                         | High Yield   | —       | —           | 1 wk–6 mo     | At maturity                     | <span>Upcoming</span>           |

<Note>
  All yield figures are **indicative BTC APY ranges**, not guarantees. Actual returns vary by
  program, market conditions, and counterparty. Figures are net of fees and
  BTC-denominated. Past performance is not indicative of future results.
</Note>

<Note>
  For live metrics and performance, browse the vault marketplace in the [Treasury app](https://treasury.gomaestro.org).
</Note>

<Card title="Participate in a vault" icon="arrow-right" href="/get-started/getting-started">
  Contact the team to begin onboarding — eligibility, KYC where required, then allocation. Miners raising credit follow the same path.
</Card>

<Info>
  Maestro Institutional is operated by Go Maestro Inc. and is intended for accredited investors
  and qualified allocators only. Access is permissioned and subject to eligibility verification,
  with KYC required where a vault's terms specify; it is not directed at retail investors. Bitcoin and
  Bitcoin-denominated yield products carry material market, counterparty, regulatory, and
  technology risks. Yield figures are net of fees and BTC-denominated; past performance
  is not indicative of future results. Custody options vary by vault and strategy; depending on
  the vault, investors deposit directly into vault contracts or through a qualified custodian
  (Anchorage Digital).
</Info>


# Vault framework
Source: https://docs.gomaestro.org/yield-vaults/vault-framework

On-chain structured Bitcoin yield vault platform.

<Banner alt="Twin snow-covered alpine summits under a clear sky" />

Maestro's vaults integrate with qualified custodians and curators to offer premium Bitcoin yield instruments on-chain.

## Shared platform properties

<CardGroup>
  <Card title="Permissioned">
    Access is limited to qualified allocators and accredited investors. Eligibility requirements are vault specific.
  </Card>

  <Card title="Screened">
    Every deposit and withdrawal is screened for sanctions exposure and transaction risk before it settles, using TRM Labs.
  </Card>

  <Card title="Qualified curators">
    Every vault curator is extensively evaluated; today Maestro itself curates the live vaults.
  </Card>

  <Card title="Custody-ready">
    Each vault states its [custody options](/concepts/hybrid-custody) — direct deposit, a qualified custodian, or both.
  </Card>
</CardGroup>

## Vault configurations

Every vault's yield is **BTC-denominated**, but vaults come in different configurations depending on the strategy:

* **Fixed or variable yield** — Mezzamine Credit offers a fixed-income instrument, whereas other vaults track strategy performance (Bitcoin Solver).
* **Capped or uncapped allocation** — credit programs typically have capped capacity, whereas other vaults remain open.
* **Flexible or scheduled redemption** — rolling-window withdrawals, or fixed distribution dates across the term.
* **Receipt tokens** — transferable positions that trade on a secondary market: an exit route and price discovery independent of vault redemption.

<Info>
  A new curator or strategy can be added without changing how deposits, monitoring, and redemptions work — see [How it works](/get-started/how-it-works).
</Info>

<CardGroup>
  <Card title="Browse the vault directory" icon="layout-grid" href="/yield-vaults/vault-directory">
    What varies — strategy, yield level, and terms — vault by vault.
  </Card>

  <Card title="Vault contracts on GitHub" icon="github" href="https://github.com/maestro-org/maestro-vault-contracts">
    The open-source vault contracts, independently audited by Halborn.
  </Card>
</CardGroup>