WBTC → BTC surges sevenfold.
Redemptions to native Bitcoin on WBTC → BTC surged 622.2% to lead the week's share gains, even as total flow normalized to 23.2818 BTC after the prior week's record. Net yield held near the trailing four-week 8.01% BTC APY.
The week in numbers.
Each week's settlement volume and the yield it earned.
Solver performance.
Flow stayed concentrated on the Ethereum wrapping routes, led by BTC → WBTC, while the internal mix rotated more than the top line suggests. Redemptions back to native Bitcoin on WBTC → BTC jumped 622.2% to become the week's fastest-growing pair, and wrapping onto Arbitrum via BTC → WBTC also picked up share.
Yield tracked the lighter week. The week's realized spread of 13.64 basis points annualizes to 7.37% BTC APY, modestly below the trailing four-week 8.01% BTC APY that better anchors the run rate. A single week annualizes off a small sample, so the trailing figure remains the more reliable read.
Where volume settled, by chain and route.
| Route · chain | Vol. ₿ | Trades | Share | WoW |
|---|---|---|---|---|
| BTC → WBTCBitcoin → Ethereum | 10.7122 | 57 | 46.0% | −69.1% ▼ |
| BTC → cbBTCBitcoin → Ethereum | 3.9386 | 13 | 16.9% | −61.4% ▼ |
| BTC → WBTCBitcoin → Arbitrum | 3.2507 | 19 | 13.9% | +62.6% ▲ |
| WBTC → BTCEthereum → Bitcoin | 2.6053 | 9 | 11.1% | +622.2% ▲ |
| BTC → cbBTCBitcoin → Base | 1.6339 | 24 | 7.0% | −77.5% ▼ |
| Week total | 23.2818 | 134 |
The record to date.
The Solver protocol has settled 239.26 ₿ across 873 trades in the 13 weeks since inception on April 1, 2026 — net-positive in 13 of them.
The latest month against every month before it.
| Month | Vol. ₿ | Trades | BTC APY | MoM |
|---|---|---|---|---|
| April 2026 | 10.09 | 94 | 17.6% | — |
| May 2026 | 66.02 | 230 | 11.7% | +554.6% ▲ |
| Since inception | 239.26 | 873 | 9.6% |
Credit programs.
Both Mezzamine programs remain active and BTC-denominated. Mezzamine Mining Loan I has returned 15% of principal to depositors in native Bitcoin, while Mezzamine Mining Loan II is fully deployed to its borrower and has not yet begun scheduled repayment. Distributions on both continue to draw on borrower mining revenue, settled in BTC.
About.
About this report. The Bitcoin Solver provides settlement liquidity for cross-chain Bitcoin flow, earning a spread on each completed settlement. Every figure here is a realized, BTC-denominated result, net of fees — not a quoted or projected rate. Because a single week is a small sample, the trailing four-week and since-inception figures are the more reliable guide to expected performance. This edition was published retrospectively at the launch of the Weekly Report; all figures are computed as of the week shown.
About the Bitcoin Solver. The Solver is one of Maestro Institutional's curated BTC yield vaults — a permissioned, compliant strategy that earns by meeting cross-chain Bitcoin demand, taking deposits and paying distributions in native BTC. Qualified investors can review the terms and live performance on the vault page.
About Maestro. Maestro is building the financial rails for the Bitcoin economy: a vertically integrated stack across data, liquidity, and credit that puts idle Bitcoin to work financing real-world activity. Our mission is to accelerate the world's transition to a financial system backed by energy and anchored by Bitcoin. More on what we're building →
