# Maestro Institutional

> Institutional-grade, BTC-denominated yield from a Bitcoin Vault Framework — hybrid custody, qualified-custodian settlement, and native-BTC access for asset managers, Bitcoin treasuries, and miners.

## Pages

- [Home](https://gomaestro.org): Bitcoin Capital Market in Action — structured Bitcoin yield instruments anchored by miner credit and productive markets.
- [Vaults](https://gomaestro.org/vaults): Programs factsheet — Mezzamine credit programs and Maestro Institutional vault programs, each a risk-rated, BTC-denominated yield offering.
- [Platform](https://gomaestro.org/platform): Maestro Treasury Manager — deploy treasury BTC into policy-governed, KYC-gated vaults from your qualified custodian.
- [myBTC](https://gomaestro.org/mybtc): A mining-backed, yield-bearing BTC token blending mining credit and liquid yield strategies; accrues via mNAV.
- [Why Maestro](https://gomaestro.org/why): The convictions behind the rail: sound money, earned yield, neutral rails, and hybrid custody.
- [Research](https://gomaestro.org/research): Letters and structural research from the partnership.

## Key facts

- Product model — a vertically integrated Bitcoin financial stack (four layers): Data · Maestro Developer; Liquidity · Maestro Institutional; Credit · Mezzamine; Tokenization · myBTC.
- Custody — Hybrid custody: an on-chain layer automates accounting and distribution while a custodial layer grounds every product in the qualified-custody, KYC/AML rails institutions require. Anchorage Digital is the only integrated custodian. Vaults take deposits, withdrawals, and distributions in native BTC (BTC-native access); strategies may route through bluechip wrapped BTC (wBTC, cbBTC) internally.
- Vaults live — 02 (of 5 listed)
- Total volume — 329 ₿ (as of Mar 31, 2026)
- Live BTC APY — 9-12% (net of fees)
- Paid in BTC — 100% (every vault)
- Miner credit committed demand — 1,520 BTC (committed borrower pipeline)
- Figures as of Mar 31, 2026 unless noted.

## Research

- [Weekly yield more than doubles.](https://gomaestro.org/research/weekly-2026-07-20) — Weekly Report, 2026-07-27: Settlement yield came in at 8.21 bps for the week, up 5.22 bps from the prior week, on volume of 16.9240 BTC across 111 trades. Annualized, the week prints 4.37% BTC APY against a trailing four-week rate of 7.65% BTC APY.
- [Solver flow reaches Solana.](https://gomaestro.org/research/weekly-2026-07-13) — Weekly Report, 2026-07-20: The Solver protocol cleared its first Solana settlement of the trailing window — a cbBTC → cbBTC route out of Base — while BTC → WBTC extended its lead into Ethereum. The trailing four-week yield stands at 8.4% BTC APY.
- [SmashFi and Sazmining turned idle BTC into fixed, sustainable BTC yield.](https://gomaestro.org/research/smashfi-sazmining) — Case Study, 2026-07-14: Mezzamine connected SmashFi's capital to Sazmining's mining operations through risk-adjusted structured credit, turning idle Bitcoin into productive capital generating 9% annual BTC yield.
- [Both Mezzamine programs repay.](https://gomaestro.org/research/weekly-2026-07-06) — Weekly Report, 2026-07-13: Both Mezzamine mining programs returned Bitcoin to investors over the week of July 6 – July 12, 2026, including Mezzamine Mining Loan II's first repayment since deployment. Solver settlement eased from the prior week's high, with the trailing four-week yield at 10.57% BTC APY.
- [BTC → cbBTC leads volume.](https://gomaestro.org/research/weekly-2026-06-29) — Weekly Report, 2026-07-06: BTC → cbBTC became the week's most-traded pair at 32.5% of flow, as settled volume rose 165.4% to a trailing-8-week high. Net yield annualized to 16.49% BTC APY, above the trailing 10.31% BTC APY.
- [WBTC → BTC surges sevenfold.](https://gomaestro.org/research/weekly-2026-06-22) — Weekly Report, 2026-06-29: Redemptions to native Bitcoin on WBTC → BTC surged 622.2% to lead the week's share gains, even as total flow normalized to 23.2818 BTC after the prior week's record. Net yield held near the trailing four-week 8.01% BTC APY.
- [Volume reaches an 8-week peak.](https://gomaestro.org/research/weekly-2026-06-15) — Weekly Report, 2026-06-22: Bitcoin Solver volume reached 55.6616 BTC, up 57.1% week over week and its highest reading in 8 weeks, while net yield held above its trailing trend at 10.38% BTC APY.
- [Second Mezzamine loan goes active.](https://gomaestro.org/research/weekly-2026-06-08) — Weekly Report, 2026-06-15: A new Mezzamine mining-loan program raised and deployed 5.00 BTC to its borrower and moved into active repayment, while net Solver yield held near its trailing anchor at 9.02% BTC APY.
- [Weekly trades nearly triple.](https://gomaestro.org/research/weekly-2026-06-01) — Weekly Report, 2026-06-08: Settlement activity surged over June 1 – June 7, 2026: 175 trades cleared, up 182.3% week over week, and volume reached 48.7753 BTC — the highest of the trailing 8 weeks. Net yield held near trend at 10.19% BTC APY.
- [BTC → WBTC takes over.](https://gomaestro.org/research/weekly-2026-05-25) — Weekly Report, 2026-06-01: The BTC → WBTC route into Ethereum drew 56.8% of settled flow, more than doubling its share as activity concentrated. Net yield held near its trailing anchor at 11.81% BTC APY.
- [Trades nearly double this week.](https://gomaestro.org/research/weekly-2026-05-18) — Weekly Report, 2026-05-25: Settlement volume rose 89.6% to 27.2822 BTC, the highest weekly total of the trailing 8 weeks, while completed trades climbed 97.5%. Net yield held near its trailing anchor at 13.58% BTC APY.
- [BTC → WBTC dominates flow.](https://gomaestro.org/research/weekly-2026-05-11) — Weekly Report, 2026-05-18: Flow concentrated in BTC → WBTC, which took 98% of the week's volume as total settlement rose 122.6% to a 7-week high.
- [Volume climbs sixfold.](https://gomaestro.org/research/weekly-2026-05-04) — Weekly Report, 2026-05-11: Trading through the Bitcoin Solver protocol reached 6.46 BTC in May 4 – May 10, 2026 — the highest weekly volume of the trailing 6 weeks — on 45 settled trades. Trailing net yield stands at 33.59% BTC APY.
- [18.44% BTC APY stays elevated.](https://gomaestro.org/research/weekly-2026-04-27) — Weekly Report, 2026-05-04: The trailing four-week annualized yield held near 18.44% BTC APY as weekly volume returned to 1.0562 BTC following the prior week's high.
- [Volume hits a new high.](https://gomaestro.org/research/weekly-2026-04-20) — Weekly Report, 2026-04-27: Settlement volume rose 162.6% to 5.7123 BTC — the highest weekly total of the trailing 4 weeks — as trade count climbed 84.2%.
- [WBTC → BTC leads the week.](https://gomaestro.org/research/weekly-2026-04-13) — Weekly Report, 2026-04-20: Weekly Solver volume rose 156% to 2.1750 BTC, its busiest week yet, as WBTC → BTC pulled ahead to 52% of flow. Net yield held near its 3-week trend at 9.87% BTC APY.
- [Volume more than doubles.](https://gomaestro.org/research/weekly-2026-04-06) — Weekly Report, 2026-04-13: Settlement volume on the Solver protocol rose 163.5% week over week to its highest weekly total to date, concentrated almost entirely in the BTC → WBTC route. Net yield annualized at 7.81% BTC APY, above its 5.49% BTC APY trailing anchor.
- [2.32% BTC APY holds firm.](https://gomaestro.org/research/weekly-2026-03-30) — Weekly Report, 2026-04-06: The first edition of the Weekly Report. Over March 30 – April 5, 2026, the Bitcoin Solver protocol settled 13 trades on 0.3224 BTC of routed volume, with net yield running at 2.32% BTC APY.