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Mezzamine program structure: a capital partner funds a ring-fenced program vehicle, which advances BTC to a mining operator; the mining pool routes controlled receipts back for debt service, and the vehicle holds the hedge and hardware recovery layers.

Linear hedge is the Fleet Hedge. Options hedge is the Principal Hedge.

Mezzamine originates BTC-denominated credit facilities for qualified mining operators. Loans are issued, serviced, and settled in BTC, aligning the currency of debt with the currency of mining revenue. This eliminates the fiat margin call risk and currency mismatch that characterize traditional USD-denominated mining loans.

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Cycle-aligned hedging

Each program incorporates BTC price hedging designed to protect lender principal. In bear markets, hedge positions generate value that supports the program. In bull markets, mining operations are profitable and deliver base yield. The program is therefore supported by hedging when mining economics are weakest and by mining revenue when conditions are favorable.

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Structured collateral

Programs are secured by a combination of pledged BTC reserves, pledged hashrate and block rewards, and real-world mining assets. Collateral coverage is established at origination and maintained through continuous monitoring of BTC price, mining profitability, network difficulty, and collateral market values. All financing is structured through bankruptcy-remote, ring-fenced program SPVs with first-lien security interests over pledged collateral and program assets.

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Institutional controls

Underwriting covers fleet-level economic modeling and stress testing across a range of BTC price environments, followed by continuous monitoring through the life of the facility. Programs are supported by institutional custody, settlement, diligence, compliance, and risk controls.