1
Bring your loan and your ASICs
Send your existing BTC-backed facility terms and your fleet details.
2
Mezzamine underwrites the fleet
The fleet is verified at the source, from pool data to power contracts to financials, and stress-tested across thousands of BTC price paths.
3
Your ASICs join the collateral package
The new facility is secured by your ASICs plus a residual BTC pledge set per facility, under a first-lien claim. It is BTC-denominated and carries program-level hedging.
4
Your Bitcoin is released
The old facility is retired and the Bitcoin no longer needed as collateral is returned to you.
What changes
A USD-denominated loan forces you to convert more Bitcoin into dollars as BTC falls, and demands more collateral in a bear market when the balance sheet is weakest. The refinance is repaid in BTC and carries program-level hedging, so a BTC decline does not trigger a margin call. See Fleet Hedging.
Interest offset
The Bitcoin released by the refinance can be put to work, and the yield it earns can offset the interest on the facility.1
Deploy the released Bitcoin
Freed Bitcoin is deployed into BTC yield strategies at up to 9% APY, paid to you.
2
Yield offsets interest
The facility charges interest in BTC and the released Bitcoin earns yield in BTC. When enough is deployed at a yield that matches the facility rate, the two cancel and your net cost of borrowing approaches zero.