August 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 August 2026, mHyperBTC's AUM increased from $19.01M to $23.33M. The inception-to-date return (net of fees) now amounts to 2.87% annualized.
Other relevant indicators can be seen in Table 1 below:
Jul 2026 | Aug 2026 (Δ) | |
|---|---|---|
Avg. NAV | $19.52M | $20.76M (6.37%) |
Avg. APY | 0.96% | 1.97% (1.01 p.p.) |
Avg. Leverage | 1.02x | 1.27x (24.95%) |
Net Deposits | -$406.94K | -$404.94K (0.49%) |
Performance
mHyperBTC reached a price of $1.0252 in its latest oracle update, reflecting a 0.15% return for the month of August. The trailing (7 days minimum) APY peaked at 2.47% during this period, with a minimum of 1.55%.
Portfolio Allocation
The vault's main strategies during this period - ranked from highest to lowest by average NAV - were Lending ($5.87M or 28.13%), Borrowing ($4.96M or 23.77%) and Others ($155.94K or 0.75%).
As of the reporting date, the vault's capital is deployed across 16 blockchains and 9 protocols, with exposure over the past month ranging between 14-16 blockchains and 4-9 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 cbBTC ($14.34M or 52.99%), Unclassified ($9.83M or 36.31%) and USDC ($2.56M or 9.47%), which have, on average, collectively represented 98.77%of the vault's total assets. On the liabilities side, the vault's main exposure was to USDC ($2.08M or 33.49%), RLUSD ($2.05M or 32.95%) and USDe ($1.89M or 30.43%), together representing approximately 96.87%of the vault's liabilities.
At the end of the period, the vault's leverage was 1.59x, which represents an increase of 55.96% from the start of the month.
Other relevant indicators can be seen in Table 2 below:
31st Jul 2026 | 31st Aug 2026 | |
|---|---|---|
Assets | ||
cbBTC | $4.58M 23.61% | $27.52M 74.17% |
USDC | $375.95K 1.94% | $5.47M 14.75% |
WBTC | $85.10K 0.44% | $107.70K 0.29% |
RBTC | $25.70K 0.13% | $6.90K 0.02% |
USDT0 | $0.00 0.00% | $93.72 < 0.01% |
Unclassified | $14.33M 73.86% | $3.99M 10.77% |
Others | $701.30 < 0.01% | $1.53K < 0.01% |
Total Assets | $19.40M 100.00% | $37.10M 100.00% |
Liabilities & Vault's NAV | ||
USDe | $0.00 0.00% | $5.33M 14.38% |
RLUSD | $0.00 0.00% | $5.01M 13.50% |
USDC | $375.34K 1.93% | $3.43M 9.25% |
USDT | $0.10 0.00% | $0.00 0.00% |
pathUSD | $0.00 0.00% | $0.00 0.00% |
Total Liabilities | $375.34K 1.93% | $13.77M 37.12% |
Vault's NAV | $19.03M 98.07% | $23.33M 62.88% |
Total Liabilities & Vault's NAV | $19.40M 100.00% | $37.10M 100.00% |
Activity
During August 2026, the vault processed $49.70K in deposits and $454.64K in withdrawals, resulting in -$404.94K of net deposits over a total of 62 transactions.
As of period end, the mHyperBTC vault had 109 holder addresses, representing a decrease of 3.54% from the start of the month.
Other relevant indicators can be seen in Table 3 below:
Jul 2026 | Aug 2026 (Δ) | |
|---|---|---|
Deposits | $22.84K | $49.70K (117.63%) |
Withdrawals | $429.77K | $454.64K (5.79%) |
Net Deposits | -$406.94K | -$404.94K (0.49%) |
Avg. Holders NAV | $175.94K | $184.67K (4.96%) |
Median Holders NAV | $37.73 | $36.76 (-2.57%) |
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.