The dollars in your bank account just got a little less valuable. Good morning from inflation. 🌞🧊

When you have an asset with the qualities of Bitcoin (scarce, finite, most hold 0% or small allocations today) Earning yield on it must first and foremost focus on keeping it safe* Today, the two best ways are maintaining custody of your UTXOs, or finding a group with a strong track record and getting to know them well.

Two Prime’s Axiom vault puts WBTC in the flow of institutional Bitcoin lending. What does its first-loss capital actually cover? How do lenders exit? Expected returns? Our research report breaks down the yield, custody, and risks. Out tomorrow.

"Our firm used to front run those trades. This was public information." @alexandersblume There is an inherent tension in these yield strategies when seeking the best returns, and being as transparent as possible. Some level of confidentiality is good for business.

The Top BitcoinYield Strategies Today 📈 Checked: October 2, 2026 at 9:35 AM PST 🔸Paid in BTC: @Syntetika hBTC: 10.97% APY @AmbossTech Magma: 4.41% Avg Loan Rate APR* @MidasRWA mHyperBTC: 3.05% APY @SolvProtocol BTC+: 3.00% APY @Lombard_Finance Earn: 2.29% APY 🎪 Paid in ALTs: @yieldbasis cbBTC Token Yield: 6.95% APR @Starknet BTC Staking: 3.52% APR @babylonlabs_io Staking: 0.04% APR 🏦 BTC-Denominated Managed Funds: @syphercapital Fund: 2.40% See all tracked products at bitcoinyield.com

📺 LATEST POD: How @Two_Prime is bringing Bitcoin credit onchain. Our conversation with CEO @alexandersblume is now live. Blume explains why the firm put its own capital first in the loss waterfall, and how an onchain vault can expand access to its institutional credit strategies. We also cover: 🔸 Who borrows Bitcoin, why they borrow it, and the expected returns 🔸 The tradeoffs between transparency, returns, and liquidity. 🔸 Concerns about incentive farming, borrowing dollars against BTC to pursue yield, and covered-call strategies. 🔸 What he believes it will take to build a multi-billion-dollar Bitcoin vault + much more Watch the full episode: youtu.be/V_bXUl0UAdg

.@Two_Prime put 150 BTC of it's own balance sheet as first-loss capital. He explains why committing the firm's own Bitcoin matters when asking investors to trust a lending strategy—and how that commitment sits alongside reporting, regulation, and track record. 🎙️ @alexandersblume

The LBTC exit question Suppose you buy Lombard's LBTC on a DEX today. Who owes you native BTC when you leave? Lombard’s LBTC terms draw a line between a Holder and a Direct User. Holding the token, however acquired, does not by itself give you a redemption claim against the issuer. Direct issuer redemption requires eligibility, IP screening and a valid redemption request for that transaction. The current terms exclude US and UK persons from that direct route.If you cannot use that route, your practical exit is a secondary-market sale or DEX. For a meaningful allocation, we would put four fields beside the yield quote: • Am I eligible to redeem directly with the issuer? • What are the processing time and conditions? • How much secondary-market depth is executable at my size? • What discount could I tolerate if direct redemption is unavailable? Source: docs.lombard.finance/resourc…

We sent this week’s briefing to the 245 Bitcoin allocators on our list. Few highlights:  - YieldBasis WBTC & cbBTC are negative. - Syntetika continues to top the list by far, thanks to short term incentives. - Readers get early access Monday to our interview with Alexander Blume, CEO of Two Prime. - What we're reading this week (like Bitwise's Institutional Crypto Adoption Report) Join the list: bitcoinyield.com/#newsletter

We just finished recording with @alexandersblume, CEO of @two_prime. Discussing Bitcoin lending, the current yield landscape, and the firm's recent on-chain vault launch. A few takeaways: 1. The Bitcoin hurdle rate Blume's view is the natural CAGR of the asset is the "risk-free" rate. While qualified custody can make that position slightly negative. - “the risk-free rate is something like negative 40, 50 bips.” 2. Lending out Bitcoin Direct lending out of BTC can see roughly 1–5%, depending on duration, terms, and collateralization. Who are users of this type of lending? — “Large hedge funds use it as collateral to trade. Prime brokers use it as a way to facilitate client activities." 3. Vaults as cheaper capital-formation Blume says a properly built fund can cost $150k–$250k to set up, while a vault can be much less. That lowers the operating cost and opens the product to investors below a $10m SMA. — “a vault is less than that, maybe it's 25 to 50k.” 4. The visible yield menu has tradeoffs Incentive farming is hard to scale. Borrowing dollars against BTC, then chasing onchain yield, adds risk layers. Covered calls can be crowded and poorly paid when volatility is low. — “With current IV, you could not pick a worse time to find a covered call selling strategy.” 5. Our Trust model is deliberately hybrid Pareto curates. ICE provides custody. Monthly NAV reporting and loan approval sit alongside Two Prime's underwriting and track record. “Onchain” does not mean every part is transparent or permissionless. — “I want to be directly in DeFi as little as possible as a starting point.” 6. The billion dollar ambition The ambition is institutional-scale Bitcoin credit. — “I'm in this to make a multi-billion-dollar vault.” The full interview will go out to the BitcoinYield mailing list first on Monday. Public release two days later. Join the list: bitcoinyield.com/#newsletter

Throwback from episode one of the Bitcoin Yield Podcast w/ @setzeus.  We went in with some assumptions about what institutional and on-chain native yield user profiles looked like.   A year later, where do you think we stand on these topics today? Are they changing?

Kraken’s Bitcoin vault is up almost 250 BTC in two weeks. Our tracked BTC-denominated TVL rose from 6,234 to 6,484 BTC between September 5 and 19 (+4.0%). Putting it only behind Lombard and Babylon for total TVL. Over the same period, its trailing 7-day annualized rate rose from 0.87% to 1.06% APY. That is meaningful balance growth at a relatively modest yield. The mechanism: BTC becomes kBTC on Ink, then collateral for stablecoin borrowing. Those stablecoins are put into DeFi to earn a conservative return that are converted back into kBTC. Sentora manages the strategy on Veda infrastructure. For an allocator, the question is whether roughly 1% annualized compensation clears the hurdle for BTC held in Kraken's Institutional custody with a Sentora-managed strategy More details: bitcoinyield.com/product/kra…

The Top BitcoinYield Strategies Today 📈 Checked: September 16, 2026 at 10am PST 🔸Paid in BTC: @Binance Earn: 7.48% @AmbossTech Magma: 4.41% avg* @SolvProtocol BTC+: 3.00% @Lombard_Finance Earn: 2.21% @MidasRWA mHyperBTC: 1.36% 🎪 Paid in ALTs: @yieldbasis cbBTC Token Yield: 6.69% @Starknet BTC Staking: 2.34% @babylonlabs_io Staking: 0.04% 🏛️ BTC-Denominated Managed Funds: @syphercapital Yield Fund: 2.4% See all tracked products at bitcoinyield.com

AI stocks, Bitcoin and the debt problem. @Matt_Hougan , CIO at @Bitwise , shares his perspective on how these themes fit together.

Quick Product Update: - We have removed @Stacks Dual Stacking products from our database as they have been sunset and replaced by the bond product. That product falls out of our criteria for coverage. @StackingDao's stBTC is related and will be covered soon. - @yieldbasis tBTC vault is at capacity. We've marked it as such until space opens which puts it at the bottom of the product list. cbBTC and WBTC vaults remain open.

Latest newsletter just sent out to 240+ active Bitcoin allocators. Inside this week’s issue: • @Syntetika's >10% advertised APY • @Stacks Genesis Bond goes live • Rate movements: Binance Earn climbed to 5.18% APR, while YieldBasis WBTC incentives compressed -21.7%. • Allocator thesis: why measuring BTC yield against 10% stablecoins is a category error Subscribe to get the next edition bitcoinyield.com/#newsletter

You bought a tokenized stock. What do you actually own? @Matt_Hougan, CIO at @Bitwise, explains the current state of tokenization and why we need clearer standards.

The Top BitcoinYield Strategies Today 🔸Paid in BTC: @binance Earn: 5.18% APY @AmbossTech Magma: 4.41% APR @SolvProtocol BTC+: 3.11% APY @Lombard_Finance Earn: 2.05% APY @MidasRWA mHyperBTC: 1.36% APY 🎪 Paid in ALTs: @yieldbasis cbBTC Token Yield: 6.63% APR @Starknet BTC Staking: 2.41% APR @babylonlabs_io Staking: 0.04% APR 🏛️ BTC-Denominated Managed Funds: @syphercapital Yield Fund: 2.4% See all tracked products at bitcoinyield.com bitcoinyield.com