BTC in, BTC out
Loans are issued, serviced, and repaid in BTC, so the debt is denominated in the same asset the fleet produces. The borrower carries no currency mismatch.Collateral sized to the risk
Collateral is a mix of BTC reserves, pledged hashrate, and real-world mining assets, sized to the security required rather than to a punitive overcollateralization ratio. Because the fleet is underwritten into the package, as low as 20% of principal is posted in BTC.Hedged through bear markets
Program-level hedging supports the facility through bear markets, so a decline in BTC price does not trigger forced liquidation or collateral calls during downturns.Tenor matched to the fleet
Durations match the productive life of the assets financed, and repayment structures preserve operating cash flow. The facility is sized for the long-duration capex mining requires, without cash-flow starvation during the term.How Mezzamine Compares
Two points behind the table. A USD-denominated loan turns a BTC price decline into a solvency event, because the miner earns BTC but must find dollars to service the debt. A BTC-overcollateralized loan demands more collateral when BTC falls and the balance sheet is weakest. Under Mezzamine, incremental margin requirements arise when BTC rises and operating margins are widest, and a hashrate advance’s defining cost, the forfeiture of the full reward stream, does not apply: the operator keeps everything produced above the scheduled payment. The collateral mechanics are on Collateral & Security.