Non-recourse collar loans on BTC sound clean until you ask who's pricing the embedded put on a 60% drawdown scenario. 4-12% RWA yield range means the low end is T-Bills (fine) and the high end is private credit (where every RWA blowup lives). BitGo's OCC charter solves the qualified custody problem for RIAs β€” one of maybe three custodians that clears that bar β€” but the Bahamas DARE Act SPV structure backing "bankruptcy-remote" hasn't seen a real stress test yet.

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