Two Prime is going onchain. 🧵 Today we launched the Axiom WBTC Yield Vault, our first onchain product. Deposit WBTC, earn yield paid in bitcoin, generated by lending to vetted institutions. Built with @paretocredit, @ICE_Markets Digital Trust, @CopperHQ, and @Morpho. businesswire.com/news/home/2…

We've added @CoinSharesCo Co-Founder and CEO Jean-Marie Mognetti @jmmognetti to our roster of speakers at The Signal 2026! Jean-Marie has run Europe's largest digital asset manager since before most of this industry existed, and we'll discuss where fees go next, why Europe regulated first and still lost the market, and why a category built on returns nobody is paying for looks like 2021 again. Apply to attend The Signal: luma.com/thesignal2026

We just finished recording with @alexandersblume, CEO of @two_prime. Discussing Bitcoin lending, the current yield landscape, and the firm's recent on-chain vault launch. A few takeaways: 1. The Bitcoin hurdle rate Blume's view is the natural CAGR of the asset is the "risk-free" rate. While qualified custody can make that position slightly negative. - “the risk-free rate is something like negative 40, 50 bips.” 2. Lending out Bitcoin Direct lending out of BTC can see roughly 1–5%, depending on duration, terms, and collateralization. Who are users of this type of lending? — “Large hedge funds use it as collateral to trade. Prime brokers use it as a way to facilitate client activities." 3. Vaults as cheaper capital-formation Blume says a properly built fund can cost $150k–$250k to set up, while a vault can be much less. That lowers the operating cost and opens the product to investors below a $10m SMA. — “a vault is less than that, maybe it's 25 to 50k.” 4. The visible yield menu has tradeoffs Incentive farming is hard to scale. Borrowing dollars against BTC, then chasing onchain yield, adds risk layers. Covered calls can be crowded and poorly paid when volatility is low. — “With current IV, you could not pick a worse time to find a covered call selling strategy.” 5. Our Trust model is deliberately hybrid Pareto curates. ICE provides custody. Monthly NAV reporting and loan approval sit alongside Two Prime's underwriting and track record. “Onchain” does not mean every part is transparent or permissionless. — “I want to be directly in DeFi as little as possible as a starting point.” 6. The billion dollar ambition The ambition is institutional-scale Bitcoin credit. — “I'm in this to make a multi-billion-dollar vault.” The full interview will go out to the BitcoinYield mailing list first on Monday. Public release two days later. Join the list: bitcoinyield.com/#newsletter

Our friend Paul Giordano @pgio240426, Vice President of Digital Asset Management at @MARA, will be returning to the stage at The Signal 2026! Paul will be discussing what it actually costs to hold, move, and monetize bitcoin inside a public company that is now also selling its power to AI. Apply to attend today: luma.com/thesignal2026

"Bitcoin credit on institutional terms."

👀

We're thrilled to have @BoHines, CEO of @Tether USA₮, joining us at The Signal 2026! Having served as the Executive Director of the President's Council of Advisers on Digital Assets, Bo joined Tether to spearhead USA₮'s expansion and will be discussing stablecoins and digital asset regulation in the US. Apply to attend The Signal today: luma.com/thesignal2026