🌟Introduction to mBTC

Midas' BTC Token (mBTC) is a permissionless yield-bearing token tracking the performance of BTC lending rates.

mBTC is Midas’ Bitcoin yield product, offering onchain exposure to BTC yield strategies. With mBTC, investors gain access to stable, bitcoin-denominated yield, combining the reliability of traditional finance with the flexibility and composability of DeFi.

mBTC Design

• The mBTC token tracks the performance of BTC yield strategies, making it an ideal token to generate yield while keeping exposure to BTC. Holders of mBTC accumulate value from the interest generated with the BTC collateral.

• mBTC is a permissionless ERC-20 token on Ethereum, enabling investors to access the full range of DeFi platforms, services, and strategies.

mBTC Features

Institutional Grade

• Investment-grade assets: The portfolio for mBTC is exclusively composed of low-risk BTC yield strategies, ensuring the asset maintains the highest credit quality and liquidity.

• Bankruptcy Remoteness: Midas’s assets are bankruptcy-protected. For more information, see Bankruptcy Remoteness.

• Independent Reporting: Weekly attestations are made available to investors on www.midas.app/mbtc. The data reporting is conducted by an independent third party verification agent. More under Independent Reporting.

DeFi Composability

• Permissionless Token: mBTC is a permissionless ERC-20 token, which is compatible with DeFi use-cases such as borrowing and lending.

• Instant Minting and Redemption: Investors can acquire or redeem mBTC tokens atomically, enabling efficient management of leveraged positions in DeFi.

• No Minimums: Investors can acquire mBTC with any amount, as there is no minimum investment thresholders under the terms of the Prospectus.

• Auto-Compounding: Interest is distributed through price appreciation, allowing investors to utilize mBTC in DeFi without forfeiting earned interest.

• Independent Oracle: The price of mBTC is independently verified by Ankura Trust Company, a trust with fiduciary duties. Ankura also manages the on-chain propagation of the price, reducing centralization and enhancing confidence for both investors and DeFi protocols by minimizing reliance on Midas alone.

• Non-Custodial: mBTC tokens are held in self-custody by investors.

Regulatory Compliant

• Midas has received approval for its prospectus, allowing mBTC to be issued to retail investors within the European Uninion without high minimum investment thresholds. Unlike many tokenized products, mBTC has no minimum investment requirement, making it accessible to a wide range of investors.

• The mBTC token fully complies with European securities regulations and is issued as a secured loan under German law by Midas Software GmbH, a special purpose vehicle (SPV) to ensure adherence to European Securities Regulation and Anti-Money Laundering laws.

• Midas Software GmbH operates under the jurisdiction of BaFin (Federal Financial Supervisory Authority) and has a Base Prospectus approved by the FMA in Liechtenstein.