October 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 October 2026, mHyperBTC's AUM decreased from $24.88M to $20.72M. The inception-to-date return (net of fees) now amounts to 2.78% annualized.
Other relevant indicators can be seen in Table 1 below:
Sep 2026 | Oct 2026 (Δ) | |
|---|---|---|
Avg. NAV | $25.91M | $25.12M (-3.06%) |
Avg. APY | 2.00% | 2.53% (0.54 p.p.) |
Avg. Leverage | 1.32x | 1.00x (-24.09%) |
Net Deposits | -$345.08K | -$2.94M (-751.81%) |
Performance
mHyperBTC reached a price of $1.0286 in its latest oracle update, reflecting a 0.13% return for the month of October. The trailing (7 days minimum) APY peaked at 3.13% during this period, with a minimum of 2.10%.
Portfolio Allocation
The vault's main strategies during this period - ranked from highest to lowest by average NAV - were Lending ($19.63M or 77.63%), Discretionary Capital Allocation ($1.83M or 7.25%) and Others ($1.80M or 7.13%).
As of the reporting date, the vault's capital is deployed across 15 blockchains and 7 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 ($12.59M or 49.62%), USDC ($10.51M or 41.44%) and Unclassified ($1.95M or 7.67%), which have, on average, collectively represented 98.72%of the vault's total assets. On the liabilities side, the vault's main exposure was to USDS ($323.97K or 100.00%), together representing approximately 100.00%of the vault's liabilities.
At the end of the period, the vault's leverage was 1.01x, which represents an increase of 0.87% from the start of the month.
Other relevant indicators can be seen in Table 2 below:
30th Sep 2026 | 31st Oct 2026 | |
|---|---|---|
Assets | ||
cbBTC | $10.62M 43.32% | $13.40M 58.50% |
USDC | $11.09M 45.22% | $9.10M 39.73% |
WBTC | $0.00 0.00% | $398.88K 1.74% |
RBTC | $0.00 0.00% | $6.99K 0.03% |
WRBTC | $0.00 0.00% | $725.10 < 0.01% |
Unclassified | $2.53M 10.33% | $0.00 0.00% |
Others | $277.29K 1.13% | $753.35 < 0.01% |
Total Assets | $24.51M 100.00% | $22.91M 100.00% |
Liabilities & Vault's NAV | ||
USDS | $4.96M 20.22% | $196.94K 0.86% |
USDT | $5.80M 23.67% | $0.00 0.00% |
RLUSD | $0.00 0.00% | $0.00 0.00% |
USDC | $0.00 0.00% | $0.00 0.00% |
USDe | $0.00 0.00% | $0.00 0.00% |
Others | $0.00 0.00% | $0.00 0.00% |
Total Liabilities | $10.76M 43.89% | $196.94K 0.86% |
Vault's NAV | $13.76M 56.11% | $22.72M 99.14% |
Total Liabilities & Vault's NAV | $24.51M 100.00% | $22.91M 100.00% |
Activity
During October 2026, the vault processed $2.36M in deposits and $5.30M in withdrawals, resulting in -$2.94M of net deposits over a total of 54 transactions.
As of period end, the mHyperBTC vault had 114 holder addresses, representing an increase of 1.79% from the start of the month.
Other relevant indicators can be seen in Table 3 below:
Sep 2026 | Oct 2026 (Δ) | |
|---|---|---|
Deposits | $152.99K | $2.36M (> 999%) |
Withdrawals | $498.08K | $5.30M (964.85%) |
Net Deposits | -$345.08K | -$2.94M (-751.81%) |
Avg. Holders NAV | $217.71K | $211.69K (-2.77%) |
Median Holders NAV | $27.86 | $38.08 (36.68%) |
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.