May 2026
mRE7BTC Transparency Report
By Delta Y
Highlights
mRE7BTC is a BTC-denominated Liquid Yield Token tracking a bitcoin yield strategy through diversified off-chain and on-chain positions across multiple protocols, managed by Re7 Labs. The vault was deployed on September 4, 2025, with regular price updates beginning on September 4, 2025, and data on protocols' allocations available since September 27, 2025.
During May 2026, mRE7BTC's AUM decreased from $2.49M to $2.09M. The inception-to-date return (net of fees) now amounts to -0.91% annualized.
Other relevant indicators can be seen in Table 1 below:
Apr 2026 | May 2026 (Δ) | |
|---|---|---|
Avg. NAV | $2.35M | $2.39M (1.73%) |
Avg. APY | -3.94% | -0.70% (3.24 p.p.) |
Avg. Leverage | 1.00x | 1.00x (0.00%) |
Net Deposits | $74.21 | -$265.95K (N/A) |
Performance
mRE7BTC reached a price of $0.9934 in its latest oracle update, reflecting a 0.06% return for the month of May. The trailing (7 days minimum) APY peaked at 3.81% during this period, with a minimum of -5.45%.
Portfolio Allocation
The vault's main strategies during this period - ranked from highest to lowest by average NAV - were Others ($369.53K or 15.49%).
As of the reporting date, the vault's capital is deployed across 2 blockchains.
The vault's largest asset holdings for the month were Unclassified ($2.02M or 84.51%), WBTC ($277.47K or 11.63%) and cbBTC ($55.63K or 2.33%), which have, on average, collectively represented 98.47%of the vault's total assets.
Other relevant indicators can be seen in Table 2 below:
30th Apr 2026 | 31st May 2026 | |
|---|---|---|
Assets | ||
WBTC | $313.51K 12.89% | $174.84K 8.38% |
cbBTC | $83.69K 3.44% | $7.72K 0.37% |
ETH | $87.55 < 0.01% | $121.04 < 0.01% |
tBTC | $54.94K 2.26% | $104.08 < 0.01% |
MON | $0.03 0.00% | $0.02 0.00% |
Unclassified | $1.98M 81.40% | $1.90M 91.24% |
Total Assets | $2.43M 100.00% | $2.09M 100.00% |
Activity
During May 2026, the vault processed $2.40 in deposits and $265.95K in withdrawals, resulting in -$265.95K of net deposits over a total of 31 transactions.
As of period end, the mRE7BTC vault had 18 holder addresses, representing a decrease of 5.26% from the start of the month.
Other relevant indicators can be seen in Table 3 below:
Apr 2026 | May 2026 (Δ) | |
|---|---|---|
Deposits | $74.21 | $2.40 (-96.77%) |
Withdrawals | $0.00 | $265.95K (N/A) |
Net Deposits | $74.21 | -$265.95K (N/A) |
Avg. Holders NAV | $118.03K | $122.35K (3.66%) |
Median Holders NAV | $9.00 | $8.44 (-6.22%) |
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: mRE7BTC'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 mRE7BTC, 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.