Weekly yield more than doubles.
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.
The week in numbers.
Each week's settlement volume and the yield it earned.
Solver performance.
Flow broadened across venues. BTC → WBTC on Bitcoin → Ethereum remained the largest route at 34.5% of volume, though it drew a smaller share than a week earlier. BTC → cbBTC into Solana went from absent to 19% of volume, and the return legs back into native Bitcoin — cbBTC → BTC from Base and WBTC → BTC from Arbitrum — were materially larger than the prior week. The chain split shows the effect: Ethereum at 43.7%, with the balance spread across Solana, Base and Arbitrum rather than concentrated in one venue.
The improvement in yield came from pricing rather than throughput. Volume was flat, but spread per BTC settled rose to 8.21 bps, recovering the ground given up the week before. Annualized, the week prints 4.37% BTC APY, below the trailing four-week 7.65% BTC APY; a single week annualizes off a small sample, so the 8-week window shown in the chart is the fairer reference for the rate the book is earning.
BTC → cbBTC (bitcoin → solana) rose to 19% of volume (from 0%).— Route surge
Where volume settled, by chain and route.
| Route · chain | Vol. ₿ | Trades | Share | WoW |
|---|---|---|---|---|
| BTC → WBTCBitcoin → Ethereum | 5.8519 | 22 | 34.5% | −9.9% ▼ |
| BTC → cbBTCBitcoin → Solana | 3.2305 | 9 | 19.0% | +21218.7% ▲ |
| BTC → WBTCBitcoin → Arbitrum | 1.5880 | 5 | 9.3% | −52.6% ▼ |
| cbBTC → BTCBase → Bitcoin | 1.2844 | 17 | 7.5% | +6877.8% ▲ |
| WBTC → BTCArbitrum → Bitcoin | 1.1651 | 7 | 6.8% | +1043.0% ▲ |
| Week total | 16.9240 | 111 |
The record to date.
The Solver protocol has settled 360.80 ₿ across 1,346 trades in the 17 weeks since inception on April 1, 2026 — net-positive in 17 of them.
The latest month against every month before it.
| Month | Vol. ₿ | Trades | BTC APY | MoM |
|---|---|---|---|---|
| April 2026 | 10.09 | 94 | 17.6% | — |
| May 2026 | 66.02 | 230 | 11.7% | +554.6% ▲ |
| June 2026 | 193.48 | 607 | 9.4% | +193.1% ▲ |
| Since inception | 360.80 | 1,346 | 8.8% |
Credit programs.
Mezzamine Mining Loan I distributed 0.0983 BTC on July 20.
Mezzamine Mining Loan II distributed 0.2458 BTC on July 21.
Both programs are active and fully deployed, and both paid during the week: Mezzamine Mining Loan I and Mezzamine Mining Loan II distributed to investors on consecutive days, in native Bitcoin. Cumulative repayment now stands at 20% of principal on the first program and 5% on the second — a difference that reflects how long each has been running, not a difference in how they are performing.
About.
About this report. The Bitcoin Solver provides settlement liquidity for cross-chain Bitcoin flow, earning a spread on each completed settlement. Every figure here is a realized, BTC-denominated result, net of fees — not a quoted or projected rate. Because a single week is a small sample, the trailing four-week and since-inception figures are the more reliable guide to expected performance.
About the Bitcoin Solver. The Solver is one of Maestro Institutional's curated BTC yield vaults — a permissioned, compliant strategy that earns by meeting cross-chain Bitcoin demand, taking deposits and paying distributions in native BTC. Qualified investors can review the terms and live performance on the vault page.
About Mezzamine Credit. Mezzamine is Maestro's credit marketplace for secured, BTC-denominated lending to Bitcoin miners. Maestro vets each borrower and structures each program; lenders fund them and are repaid, with interest, in BTC. The program statuses and events reported above are re-derived each week from on-chain records.
About Maestro. Maestro is building the financial rails for the Bitcoin economy: a vertically integrated stack across data, liquidity, and credit that puts idle Bitcoin to work financing real-world activity. Our mission is to accelerate the world's transition to a financial system backed by energy and anchored by Bitcoin. More on what we're building →
