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

# Mezzamine Credit

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

export const VaultFacts = ({vault}) => {
  const VAULTS = {
    "mezzamine-credit": {
      name: "Mezzamine Credit",
      facts: [["BTC APY", "7–10% · indicative"], ["Yield level", "Balanced"], ["Yield source", "Block production"], ["Status", "Live"], ["Yield type", "Fixed"], ["Term", "6–24 mo"], ["Fees", "See Treasury app"], ["Redemption", "Monthly P+I"], ["Min deposit", "3 BTC"], ["Collateral", "BTC · ASIC · hashrate"], ["Protection", "Delta-neutral hedge"], ["Counterparty", "Vetted miner"]]
    },
    "bitcoin-solver": {
      name: "Bitcoin Solver",
      facts: [["BTC APY", "10–15% · indicative"], ["Yield level", "High Yield"], ["Yield source", "Settlement spread (7–30 bps)"], ["Status", "Live"], ["Yield type", "Variable"], ["Term", "Auto-compound"], ["Fees", "See Treasury app"], ["Redemption", "24–48 hr"], ["Min deposit", "1 BTC"], ["Risk profile", "No directional / leverage / IL"], ["Protection", "Market-neutral"], ["Counterparty", "Solver protocol"]]
    },
    "mybtc": {
      name: "myBTC Mining RWA",
      facts: [["BTC APY", "6–10% · indicative"], ["Yield level", "Balanced"], ["Yield source", "Mining credit + liquid yield"], ["Status", "Upcoming · Q3 2026"], ["Settlement", "Native BTC"], ["Max LTV", "≤ 70%"], ["Distribution", "Compounds via mNAV"], ["Redemption", "Burn at mNAV · Secondary"], ["Min deposit", "3 BTC"], ["Fees", "See Treasury app"], ["Protection", "Delta-neutral hedge (100% notional)"], ["Custody", "Direct-to-contract · Anchorage"]]
    },
    "mezzamine-earn": {
      name: "Mezzamine Earn",
      facts: [["BTC APY", "3–4% · indicative"], ["Yield level", "Conservative"], ["Yield source", "1:1-backed reserves"], ["Status", "Upcoming"], ["Yield type", "Principal-protected"], ["Term", "—"], ["Fees", "—"], ["Redemption", "—"], ["Min deposit", "—"], ["Collateral", "BTC reserves"], ["Protection", "Principal-protected"], ["Counterparty", "Maestro (in-house)"]]
    },
    "mining-hashrate-loan": {
      name: "Mining Hashrate Loan",
      facts: [["BTC APY", "TBD"], ["Yield level", "High Yield"], ["Yield source", "Future block rewards"], ["Status", "Upcoming"], ["Yield type", "Advance"], ["Term", "1 wk–6 mo"], ["Fees", "—"], ["Redemption", "At maturity"], ["Min deposit", "—"], ["Collateral", "Hashrate · block rewards"], ["Protection", "Auto-withheld repayment"], ["Counterparty", "Vetted miner"]]
    }
  };
  const data = VAULTS[vault];
  if (!data) return <p>Unknown vault: {vault}</p>;
  const line = "1px solid rgba(128, 132, 140, 0.3)";
  return <div style={{
    display: "grid",
    gridTemplateColumns: "repeat(auto-fit, minmax(150px, 1fr))",
    borderTop: line,
    borderLeft: line,
    borderRadius: "2px",
    overflow: "hidden",
    margin: "1.25rem 0"
  }}>
      {data.facts.map(([k, v]) => <div key={k} style={{
    borderRight: line,
    borderBottom: line,
    padding: "11px 13px"
  }}>
          <div style={{
    fontFamily: '"JetBrains Mono", ui-monospace, monospace',
    fontSize: "10px",
    textTransform: "uppercase",
    letterSpacing: "0.06em",
    opacity: 0.55,
    marginBottom: "3px"
  }}>
            {k}
          </div>
          <div style={{
    fontSize: "13px",
    fontWeight: 600,
    lineHeight: 1.35
  }}>{v}</div>
        </div>)}
    </div>;
};

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

<VaultFacts vault="mezzamine-credit" />

<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 cols={2}>
  <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>