> ## Documentation Index > Fetch the complete documentation index at: https://docs.mezzamine.com/llms.txt > Use this file to discover all available pages before exploring further. # Overview > Native BTC yield through secured exposure to mining-backed credit. Prime Lending gives capital providers native BTC yield through secured exposure to mining-backed credit. Lenders supply BTC principal to BTC-denominated facilities extended to qualified mining operators, and receive principal and interest in BTC. Returns are generated by the productive economic activity that secures the Bitcoin network, not by token incentives or cross-chain mechanisms. | | Detail | | -------------- | -------------------------------------------------------------------------- | | Target BTC APY | 6 to 10% | | Realized | 9% average across active programs | | Denomination | BTC in, BTC out | | Term | Fixed rate, committed for the full term | | Early exit | Sell exposure into the myBTC secondary market, from myBTC launch (Q4 2026) | Prime Lending carries a higher rate than a pooled vehicle holding the same credit. It is direct exposure at institutional size, committed for the term. A pooled product such as [myBTC](/for-lenders/mybtc/overview) holds a liquid reserve sleeve to fund redemptions on demand, which lowers its blended rate in exchange for liquidity. Prime Lending carries no such sleeve, so the full credit yield accrues to the lender. Each commitment is backed by a layered structure built specifically around the way mining credit has failed in the past. That structure has four parts working together. Principal and interest are stated in BTC, so the borrower's liability matches the asset the financed fleet produces. A BTC decline does not inflate a fixed dollar obligation. Fleet revenue routes into a controlled program wallet and is released through a defined waterfall, with lender-held rights over mining receipts and approval over withdrawals. A two-layer hedge protects scheduled debt service and residual principal during the same BTC decline that historically caused mining-credit losses. Pledged BTC reserves, pledged hashrate, and real-world mining assets sit behind a perfected first-lien claim, sized to actual security requirements. ## Why unhedged mining credit fails Miner lending has repeatedly failed when BTC prices fell through fleet breakeven. Mining cash flow weakened at the same time that ASIC values declined, leaving lenders exposed to both missed payments and impaired collateral. This is wrong-way credit risk: the event that reduces the borrower's ability to repay also reduces the value of the collateral behind the loan. BTC denomination aligns the liability with the asset the fleet produces. Controlled receipts and diversified collateral establish enforceable recovery rights. Program-level hedging is designed to create value during the same decline that compresses mining margins and ASIC prices, so lender recovery depends less on a forced hardware sale at the bottom of the cycle. ## What a lender holds A lender supplies the BTC principal and receives principal and interest in BTC. The lender also holds contractual rights over pledged collateral, controlled mining receipts, and hedge proceeds. Mezzamine performs the credit and risk-management functions: it underwrites the borrower and fleet, sizes the facility, sets and monitors hedge targets, and models production and breakeven throughout the life of the loan.