exBTC
Income in bitcoin from private credit financed against bitcoin. Interest credited daily, redemption every week.
Redemption runs on a weekly cycle. Requests are accepted at any time; each window closes on Monday at 12:00 UTC and is paid on Thursday at 12:00 UTC, after which funds remain claimable for 30 days. A request can be cancelled until its window closes. A 0.2% redemption fee applies; there is no purchase fee.
exBTC pays a stated rate in bitcoin (cbBTC), credited every day through the exchange rate, plus an FXT bonus. The bitcoin stays in its own denomination.
The bitcoin is held as collateral on Solana and finances a small set of private credit positions, shown by asset class below. The return accrues in cbBTC through the exchange rate.
Redemption runs weekly. Requests are accepted at any time; each window closes on Monday at 12:00 UTC and is paid on Thursday at 12:00 UTC, three days later, after which funds stay claimable for 30 days. A request can be cancelled until its window closes. The only fee is a 0.2% redemption fee; there is no purchase fee.
All of the bitcoin stays in bitcoin. Against it, the note holds credit positions financed with borrowed dollars.
The BTC is not sold. The credit position is financed with borrowed dollars and held alongside it.
- Bitcoin100.0%
Financed against it: US consumer credit, reinsurance, secured corporate loans.
- BitcoinHeld · 100%
Bitcoin held as collateral on Solana (cbBTC).
- US consumer creditFinanced
US auto loans and home equity lines of credit, originated by Figure, a Nasdaq-listed lender. Each loan is secured on a car or a home.
- Secured corporate loansFinanced
AAA-rated senior tranches of securitised corporate loans. Senior tranches are repaid first.
- ReinsuranceFinanced
Dollar collateral for insurers, placed through a fully collateralised reinsurance vehicle. The collateral earns interest and the insurers pay a premium on top.
- Money marketIn the mandate
US Treasury bills, money market funds and dollar cash. Cash sits here until the next investment.
The note may hold any of the classes above. The addresses to verify the holdings are in the "Verify it yourself" section below.
- Issuer
- Exceed (Horus Research LLC)the company that issues the notes and is party to the Conditions
- Offer
- By invitationrequested in the app; every request is reviewed, within one business day
- Interest
- Credited daily at the stated rate, in cbBTC
- Redemption
- Weekly at par plus accrued interestcloses Monday 12:00 UTC, paid Thursday
- Redemption fee
- 0.2%the only fee
- Register
- Solana blockchainthe addresses to check it are under Verify it yourself, below
- Audit
- Quantstamp, 2025
- Conditions
- Terms and Conditions (PDF)
Where this page and the Conditions differ, the Conditions prevail.
Credit and financing
The book borrows dollars against bitcoin to hold private credit. A fall in bitcoin against the dollar debt, or borrower defaults above a pool's protections, can result in loss. The lenders who finance a position have first claim on it, and the borrowing makes a loss larger as well as the return.
Settlement assets
Purchases, redemptions and part of the portfolio run through USDC and other dollar tokens. A loss of peg by one of them would affect the value of the portfolio's assets or the cost of its funding.
Liquidity
Redemptions are paid weekly. In a stressed market the issuer may need more than one weekly window to sell positions in an orderly way; the Conditions set the maximum deferral.
Technology
The note depends on Exceed's audited smart contracts and on the on-chain venues where the portfolio is held and financed. A failure or exploit in any of them can result in loss.
No guaranteed return
The rate is set by the issuer and can be changed for future interest with notice. Nothing on this page is a guarantee of return or of principal.
Ask to redeem at any time.
Requests are accepted around the clock, every day of the week. A window closes on Monday at 12:00 UTC and is paid in BTC on Thursday, at par plus accrued interest, less the 0.2% redemption fee. A request made after a window closes goes into the next one.
- Register
- HabW...9yVgthe exBTC token on Solana: every note in issue is on this register
- Settlement asset
- cbBTC (Coinbase)what you pay with and are paid in
- Program
- par1...uWjVthe smart contract that keeps the register, credits interest and pays redemptions
- Signing authority
- WYSy...RrwJsets the rate and funds redemption windows; keys held in multi-party custody
- Smart-contract audit
- Quantstamp, 2025the public report
- Independent tracker
- DeFiLlamathe notes, tracked by a third party from the same on-chain data
- How to read these
- Step-by-step guideon exceed.finance/verify
Everything above is public. A block explorer such as Solscan shows the same figures this page shows, without relying on Exceed.