March 2026
mHyperBTC Transparency Report
By Delta Y
Highlights
mHyperBTC is a BTC-denominated Liquid Yield Token tracking a multi-chain bitcoin yield strategy through diversified DeFi and CeFi positions across multiple protocols and exchanges, managed by Hyperithm. The vault was deployed on October 14, 2025, with regular price updates beginning on October 15, 2025, and data on protocols' allocations available since December 17, 2025.
During March 2026, mHyperBTC's AUM increased from $36.55M to $39.16M. The inception-to-date return (net of fees) now amounts to 3.29% annualized.
Other relevant indicators can be seen in Table 1 below:
Feb 2026 | Mar 2026 (Δ) | |
|---|---|---|
Avg. NAV | $36.72M | $39.63M (7.93%) |
Avg. APY | 4.88% | 3.65% (-1.23 p.p.) |
Avg. Leverage | 1.52x | 1.51x (-0.76%) |
Net Deposits | $2.07M | -$2.14M (N/A) |
Performance
mHyperBTC reached a price of $1.0146 in its latest oracle update, reflecting a 0.24% return for the month of March. The trailing (7 days minimum) APY peaked at 5.62% during this period, with a minimum of 1.94%.
Portfolio Allocation
The vault's main strategies during this period - ranked from highest to lowest by average NAV - were Lending ($23.28M or 58.75%), Borrowing ($10.61M or 26.77%) and AMM LP ($1.75M or 4.42%).
As of the reporting date, the vault's capital is deployed across 12 blockchains and 7 protocols, with exposure over the past month ranging between 11-13 blockchains and 5-10 protocols.
More notably, mHyperBTC's capital allocation across the top 5 most common protocols is detailed in Figure 1:
Figure 1: Average NAV allocated by mHyperBTC to the top 5 protocols over the last 2 months.
The vault's largest asset holdings for the month were vbWBTC ($19.32M or 32.36%), cbBTC ($16.26M or 27.23%) and USDT ($5.57M or 9.32%), which have, on average, collectively represented 68.91%of the vault's total assets. On the liabilities side, the vault's main exposure was to vbUSDC ($6.92M or 34.50%), vbUSDT ($4.97M or 24.76%) and USDC ($3.07M or 15.27%), together representing approximately 74.53%of the vault's liabilities.
At the end of the period, the vault's leverage was 1.50x, which represents a decrease of -12.56% from the start of the month.
Other relevant indicators can be seen in Table 2 below:
28th Feb 2026 | 31st Mar 2026 | |
|---|---|---|
Assets | ||
cbBTC | $22.36M 35.77% | $19.80M 33.81% |
vbWBTC | $10.12M 16.19% | $15.91M 27.17% |
stUSDS | $0.00 0.00% | $4.93M 8.41% |
USDT | $0.00 0.00% | $3.23M 5.51% |
vbUSDC | $0.00 0.00% | $2.81M 4.80% |
Unclassified | $438.29K 0.70% | $0.00 0.00% |
Others | $22.19M 35.51% | $11.90M 20.31% |
Total Assets | $62.50M 100.00% | $58.58M 100.00% |
Liabilities & Vault's NAV | ||
vbUSDC | $3.81M 6.10% | $5.61M 9.58% |
vbUSDT | $2.45M 3.92% | $4.33M 7.39% |
USDC | $3.10M 4.96% | $2.12M 3.62% |
USDT | $0.00 0.00% | $1.90M 3.24% |
cbBTC | $0.00 0.00% | $0.00 0.00% |
Others | $4.00M 6.41% | $5.46M 9.32% |
Total Liabilities | $25.97M 41.55% | $19.42M 33.15% |
Vault's NAV | $36.53M 58.45% | $39.16M 66.85% |
Total Liabilities & Vault's NAV | $62.50M 100.00% | $58.58M 100.00% |
Activity
During March 2026, the vault processed $2.67M in deposits and $4.81M in withdrawals, resulting in -$2.14M of net deposits over a total of 62 transactions.
As of period end, the mHyperBTC vault had 79 holder addresses, representing an increase of 19.70% from the start of the month.
Other relevant indicators can be seen in Table 3 below:
Feb 2026 | Mar 2026 (Δ) | |
|---|---|---|
Deposits | $2.29M | $2.67M (16.87%) |
Withdrawals | $216.06K | $4.81M (> 999%) |
Net Deposits | $2.07M | -$2.14M (N/A) |
Avg. Holders NAV | $660.82K | $584.85K (-11.50%) |
Median Holders NAV | $494.12 | $396.23 (-19.81%) |
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: mHyperBTC'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 mHyperBTC, 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.