Bitcoin infrastructure provider Maestro has launched a Bitcoin-denominated credit market built around mining economics to give institutions a way to earn yield on idle BTC while broadening financing alternatives for miners.
Maestro said its Mezzamine product went live with a first program in partnership with mining-as-a-service provider Sazmining. The program is structured to let institutional Bitcoin holders deploy BTC into mining-backed credit facilities targeting an annual yield of about 8%–9%.
The offering links miners seeking capital with institutional BTC holders seeking crypto-native yield, creating an onchain credit market tied to mining expansion rather than protocol staking rewards. “New Bitcoins are mined every 10 minutes, and with Mezzamine BTC holders can earn and share block rewards with miners,” said Marvin Bertin, Maestro’s co-founder and CEO.
Miners often face limited financing options, typically relying on dollar-denominated loans secured by BTC collateral or, for public firms, equity raises. That mismatch—dollar liabilities versus Bitcoin revenue—can heighten exposure during sharp price drops. Mezzamine’s facility includes bear-market protections, such as hedging linked to Bitcoin prices and mining-fleet economics, intended to stabilize returns in downturns. Maestro said miners may accept higher costs in strong markets in exchange for greater downside stability.
The program targets institutional investors, corporate treasuries, asset managers, family offices and registered investment advisers. Mezzamine’s managing director, Suresh Rajan, told Cointelegraph the minimum allocation is $100,000 in Bitcoin.
Yield is generated directly from mining production. Miners borrowing through the platform use funds to purchase additional ASICs and expand hashrate; a portion of resulting block rewards services the credit facility while the remainder accrues to the miner. According to Maestro, institutional yields come solely from mining output, without extra token incentives or leveraged strategies.
Denominating loans in Bitcoin reduces liquidation risk compared with typical dollar loans that often require heavy overcollateralization. “A decline in Bitcoin’s price against the dollar does not trigger a margin call, and with Mezzamine’s hedged vehicle, the hedge actually returns profits in bear markets that can supplement mining revenue and further capitalize the program,” Rajan said. “The loan performs according to mining economics, not currency markets.”
Maestro reported more than 1,500 BTC in borrowing demand from qualified mining operators exploring alternative financing channels, including public miners and mid-sized operators. Sazmining describes itself as a mining-as-a-service provider operating with hydropower and other carbon-free energy sources.
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