March 2026
mBTC Transparency Report
By Delta Y
Highlights
mBTC is a BTC-denominated Liquid Yield Token tracking a bitcoin yield strategy through diversified DeFi positions across multiple protocols. The vault was deployed on October 18, 2024, with regular price updates beginning on October 22, 2024, and data on protocols' allocations available since August 9, 2025.
During March 2026, mBTC's AUM decreased from $193.20K to $130.94K. The inception-to-date return (net of fees) now amounts to 2.29% annualized.
Other relevant indicators can be seen in Table 1 below:
Feb 2026 | Mar 2026 (Δ) | |
|---|---|---|
Avg. NAV | $204.83K | $176.78K (-13.70%) |
Avg. Leverage | 1.00x | 1.00x (0.00%) |
Net Deposits | -$7.96K | -$72.30K (-807.72%) |
Performance
mBTC reached a price of $1.0324 in its latest oracle update, reflecting a 0.00% return for the month of March.
Portfolio Allocation
The vault's main strategies during this period - ranked from highest to lowest by average NAV - were Others ($29.81K or 16.86%) and Discretionary Capital Allocation ($20.85K or 11.80%).
As of the reporting date, the vault's capital is deployed across 1 blockchain and 0 protocol, with exposure over the past month ranging between 0-1 protocols.
More notably, mBTC's capital allocation across the top 1 most common protocols is detailed in Figure 1:
Figure 1: Average NAV allocated by mBTC to the top 1 protocols over the last 2 months.
The vault's largest asset holdings for the month were Unclassified ($126.12K or 71.34%) and tBTC ($50.66K or 28.66%), which have, on average, collectively represented 100.00%of the vault's total assets.
Other relevant indicators can be seen in Table 2 below:
28th Feb 2026 | 31st Mar 2026 | |
|---|---|---|
Assets | ||
tBTC | $29.41K 14.94% | $28.73K 21.94% |
WBTC | $0.00 0.00% | $0.00 0.00% |
Unclassified | $167.43K 85.06% | $102.22K 78.06% |
Total Assets | $196.84K 100.00% | $130.94K 100.00% |
Activity
During March 2026, the vault processed $0.00 in deposits and $72.30K in withdrawals, resulting in -$72.30K of net deposits over a total of 62 transactions.
As of period end, the mBTC vault had 106 holder addresses, representing a decrease of 2.75% from the start of the month.
Other relevant indicators can be seen in Table 3 below:
Feb 2026 | Mar 2026 (Δ) | |
|---|---|---|
Deposits | $0.00 | $0.00 (N/A) |
Withdrawals | $7.96K | $72.30K (807.72%) |
Net Deposits | -$7.96K | -$72.30K (-807.72%) |
Avg. Holders NAV | $1.88K | $1.67K (-11.10%) |
Median Holders NAV | $8.33 | $7.41 (-11.04%) |
Disclosures
Security: Midas smart contracts have been audited by Sherlock and Côme du Crest. Onchain transactions are secured via multi-sig / MPC wallets (e.g., Fordefi, Fireblocks).
Fees: Midas vaults may be subject to management and performance fees, which are automatically deducted and reflected in net returns.
Accounting: mBTC's price is updated periodically onchain. Price increases stepwise rather than reflecting real-time mark-to-market.
Risks: Smart contract risk (potential total loss), market risk (depegs, rate volatility), and counterparty risk (centralized components in some protocols).
Data Sources: Unless otherwise stated, all data presented in the report is obtained from on-chain sources. Any supplementary sources are explicitly noted where applicable.
Disclaimer
This report is for informational purposes only and does not constitute financial, investment, legal, or tax advice. The information contained herein is not an offer to sell or a solicitation of an offer to buy any security, nor shall any securities be offered or sold to any person in any jurisdiction in which such offer, solicitation, purchase, or sale would be unlawful.
Investing in decentralized finance (DeFi) products, including mBTC, involves significant risks, including but not limited to smart contract vulnerabilities, market volatility, and regulatory uncertainty. Past performance is not indicative of future results, and investors may lose some or all of their principal.
The data and analyses presented in this report are based on information believed to be reliable, but their accuracy, completeness, and timeliness are not guaranteed. The strategies and allocations described are subject to change without notice. All investment decisions should be made with the help of a qualified professional and based on your own research and risk tolerance.