By Isaac • October 10, 2026 11:09 pm •
Luxor has put an eye-catching number on a new corner of Bitcoin finance: a 6% to 13% annualized spread built from future mining production.
That sounds like yield on Bitcoin. In practice, it is a financing trade whose return depends on miners delivering the hashrate they sold and every counterparty settling its side of the deal.
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The hedge can reduce price risk. It cannot make operational and credit risk disappear.
How the Bitcoin Financing Trade Works
CryptoSlate reported that Luxor observed a 6% to 13% annualized Bitcoin financing spread in its September lookback. Lenders and Bitcoin treasury companies can buy future mining power upfront, giving miners cash today in exchange for the Bitcoin production tied to
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