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Institutional Digital Assets Yield is the Institutional Yield vault that lends against digital asset collateral. Loans are extended to institutional borrowers that meet strict lending criteria, with high-quality, liquid collateral (currently BTC) posted at qualified custodians. In this structure, there is no collateral ownership transfer to the lender, and rehypothecation of collateral is contractually prohibited, with collateral sitting in segregated accounts at the custodian. Every loan is capped at 60% LTV (typically lower). The lending operation reports to the Financial Market Authority (FMA) in Liechtenstein and is independently attested monthly. Depositors see real-time, per-loan data sourced from the same systems the regulator monitors.

Collateral & Custody

Collateral framework, qualified custodians, LTV structure, and margin calls

Transparency

Real-time reporting, monthly attestation, and what data depositors can access
For the deposit flow, the SPV structure, withdrawals, and the Loan Agreement, which are shared across all Institutional Yield vaults, see the product overview and Legal Structure.

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How the vault deploys capital

Capital deposited into the vault flows through the Institutional Yield SPV to the lending operation, which originates overcollateralized loans to KYC-verified institutional borrowers. Each loan is backed by collateral held at qualified custodians under tripartite agreements. Collateral ownership remains with the borrower; the custodian holds the collateral independently, and rehypothecation is contractually prohibited. Interest earned on the loan portfolio flows back through the structure to the vault, and share value appreciates proportionally. Rates are set at origination for each loan term.

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Vault characteristics

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Lending criteria

The vault deploys only to lending operations that meet strict criteria. The following must be met for loans to flow from the vault to borrowers: