Maestro, a Bitcoin infrastructure provider, has launched a Bitcoin-denominated credit market built around mining economics to give institutions a way to earn yield on idle BTC while expanding financing alternatives for miners.
The new product, called Mezzamine, went live with an initial program run in partnership with mining-as-a-service provider Sazmining. The pilot is structured to allow institutional Bitcoin holders to deploy BTC into mining-backed credit facilities targeting an annual yield of roughly 8%–9%.
Mezzamine connects miners that need growth capital with institutional BTC holders seeking crypto-native income. Rather than relying on protocol staking rewards, the onchain credit market ties returns to mining expansion and block production. Maestro cofounder and CEO Marvin Bertin described the model as a way for BTC holders to “earn and share block rewards with miners.”
Miners have traditionally depended on dollar-denominated loans backed by BTC collateral or equity raises, a mismatch that can magnify pain during sharp price drops because revenue is earned in BTC while liabilities are in dollars. Mezzamine’s facility aims to reduce that mismatch with bear-market protections, including hedges linked to Bitcoin prices and mining-fleet economics to stabilize returns when markets fall. Maestro says miners may accept higher costs during strong markets in exchange for greater downside stability.
The program is aimed at 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 on Mezzamine comes directly from mining output. Miners borrowing via the platform use capital to buy additional ASICs and expand hashrate; a share of the resulting block rewards services the credit facility while the remainder stays with the miner. Maestro emphasizes that institutional returns are generated solely from mining production, not from extra token incentives or leverage.
Denominating loans in Bitcoin reduces liquidation risk compared with conventional dollar loans that often require heavy overcollateralization. Rajan said a drop in Bitcoin’s dollar price won’t automatically trigger a margin call under the BTC-denominated structure, and that the platform’s hedged vehicle can generate gains in bear markets that supplement mining revenue and strengthen program performance. “The loan performs according to mining economics, not currency markets,” he said.
Maestro reported more than 1,500 BTC in borrowing interest from qualified mining operators exploring alternative financing, spanning public miners and mid-sized firms. Sazmining, the launch partner, positions itself as a mining-as-a-service operator using hydropower and other carbon-free energy sources.
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