Update on maxBTC JLP Strategy – Feb 6 Volatility Between 00:00–04:00 UTC on Feb 6, extreme market volatility resulted in a 25 bps drawdown in the JLP BTC Neutral strategy. This equates to ~30 days of protocol yield. Performance has stabilised since. Primary drivers: 1. Delta exposure during rapid price movement 2. A temporary spike in funding rate costs A full review is underway. Additional controls under consideration: • Optimised hedge parameters • Tighter delta management in high-vol regimes

Markets are volatile, but Structured is performing as designed. The JLP BTC Neutral Strategy remains stable, delivering 7.8% BTC-denominated 7-day APY. Track performance on the dashboard: app.structured.money/insight…

Congrats to @citrea_xyz on the mainnet launch! Bitcoin-aligned infrastructure is here. Excited to be building as part of the first wave of Bitcoin-native applications.

In the past, Bitcoin mainly offered price exposure with limited ability to serve as collateral or generate yield. That is changing as infrastructure improves and Bitcoin becomes usable beyond holding it. A few things are making this possible: 1. Custody frameworks and counterparty standards have matured 2. ETFs have wrapped Bitcoin in a form that fits institutional infrastructure 3. Prime brokerage services for digital assets are becoming real These changes move Bitcoin from pure exposure toward measurable yield potential. With a zero hurdle rate, even modest yield is directly additive.

Main drivers of maxBTC/BTC exchange rate volatility: Movements in the exchange rate reflect the underlying economics of the strategy, not BTC price moves. - When yield exceeds funding costs, the rate increases - If funding outweighs yield, it can flatten or dip

maxBTC has continued to trend upward, driven by consistent BTC-denominated returns from the JLP BTC-Neutral strategy. Dec 5 - Jan 12 performance: - Exchange rate: 37.5 bps - Strategy APY: 3.7% Since deployment in late October: 93.5 bps relative to BTC.

Not all liquid strategy tokens qualify as financial primitives. A financial primitive is an LST that can be used as collateral, with predictable pricing and exits even under market stress. Tokens that don’t meet this standard are effectively deposit receipts. They confirm ownership, but don’t enable capital efficiency. Collateral readiness = the difference between a receipt and a primitive. Learn more about how to distinguish between higher and lower quality LSTs: x.com/StructuredFi/status/20…

maxBTC has maintained a steady upward trajectory as BTC-denominated returns accumulate through the JLP BTC-Neutral strategy. Since deployment in late October, the exchange rate has appreciated by 56 basis points relative to BTC. Oct 23 - Dec 4 performance: - Exchange rate 56 bps - Average strategy APY 5.76% Public performance dashboard coming soon.