June 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 June 2026, mHyperBTC's AUM decreased from $21.98M to $21.49M. The inception-to-date return (net of fees) now amounts to 3.22% annualized.
Other relevant indicators can be seen in Table 1 below:
May 2026 | Jun 2026 (Δ) | |
|---|---|---|
Avg. NAV | $26.98M | $21.15M (-21.59%) |
Avg. APY | 2.39% | 2.64% (0.25 p.p.) |
Avg. Leverage | 1.37x | 2.11x (54.33%) |
Net Deposits | -$1.07M | -$393.63K (63.15%) |
Performance
mHyperBTC reached a price of $1.0226 in its latest oracle update, reflecting a 0.21% return for the month of June. The trailing (7 days minimum) APY peaked at 4.85% during this period, with a minimum of -1.29%.
Portfolio Allocation
The vault's main strategies during this period - ranked from highest to lowest by average NAV - were Centralized Exchange ($14.43M or 68.23%), Lending ($3.12M or 14.73%) and Borrowing ($504.56K or 2.39%).
As of the reporting date, the vault's capital is deployed across 14 blockchains and 8 protocols, with exposure over the past month ranging between 7-15 blockchains and 7-9 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 Binance ($37.60M or 83.70%), cbBTC ($3.80M or 8.45%) and Unclassified ($2.59M or 5.77%), which have, on average, collectively represented 97.93%of the vault's total assets. On the liabilities side, the vault's main exposure was to Binance ($23.16M or 97.48%), USDC ($536.56K or 2.26%) and USDS ($63.32K or 0.27%), together representing approximately 100.00%of the vault's liabilities.
At the end of the period, the vault's leverage was 2.72x, which represents an increase of 172.21% from the start of the month.
Other relevant indicators can be seen in Table 2 below:
31st May 2026 | 30th Jun 2026 | |
|---|---|---|
Assets | ||
Binance | $0.00 0.00% | $56.91M 97.28% |
cbBTC | $12.61M 45.32% | $1.48M 2.53% |
RBTC | $0.00 0.00% | $19.84K 0.03% |
USDC | $4.81M 17.28% | $7.15 0.00% |
hemiBTC | $938.56K 3.37% | $5.86 0.00% |
Unclassified | $9.42M 33.86% | $0.00 0.00% |
Others | $46.47K 0.17% | $92.84K 0.16% |
Total Assets | $27.82M 100.00% | $58.50M 100.00% |
Liabilities & Vault's NAV | ||
Binance | $0.00 0.00% | $37.01M 63.26% |
USDT | $0.10 0.00% | $0.10 0.00% |
cbBTC | $0.00 0.00% | $0.00 0.00% |
USDC | $4.80M 17.25% | $0.00 0.00% |
WBTC | $0.00 0.00% | $0.00 0.00% |
Total Liabilities | $4.80M 17.25% | $37.01M 63.26% |
Vault's NAV | $23.02M 82.75% | $21.49M 36.74% |
Total Liabilities & Vault's NAV | $27.82M 100.00% | $58.50M 100.00% |
Activity
During June 2026, the vault processed $193.71K in deposits and $587.34K in withdrawals, resulting in -$393.63K of net deposits over a total of 60 transactions.
As of period end, the mHyperBTC vault had 114 holder addresses, representing a decrease of 1.72% from the start of the month.
Other relevant indicators can be seen in Table 3 below:
May 2026 | Jun 2026 (Δ) | |
|---|---|---|
Deposits | $1.02M | $193.71K (-81.01%) |
Withdrawals | $2.09M | $587.34K (-71.88%) |
Net Deposits | -$1.07M | -$393.63K (63.15%) |
Avg. Holders NAV | $225.83K | $170.11K (-24.67%) |
Median Holders NAV | $177.91 | $39.81 (-77.62%) |
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.