Long-form papers on the bitcoin yield and bitcoin-backed lending markets. Free to read, download and cite with attribution. For the monthly rate record see Reports.
Whitepaper · September 2026
By Sypher Bitcoin Yield Fund and Borrow on Bitcoin
Bitcoin yield as a matching problem: holder and cost basis first, access point second, headline rate last. Six conclusions on who the customers are, what the market pays, and why early yield engines have compressed.
Read the summary and download the PDF →Whitepaper · January 2026
By Sypher Bitcoin Yield Fund
Why holders borrow against bitcoin instead of selling, how loans are structured and liquidated, what each lending channel charges, and the tax trap inside a forced liquidation.
Read the summary and download the PDF →Whitepaper · August 2025
By Sypher Bitcoin Yield Fund
Which bitcoin yield and borrowing steps are taxable dispositions under current IRS guidance: minting a staked token, swapping into a custodial one, rehypothecation, pledging collateral, and receiving staking rewards.
Read the summary and download the PDF →borrowonbitcoin.com is a comparison publisher, not a lender or financial advisor.