Resources
Two short, factual whitepapers for Bitcoin holders weighing borrowing options. No email required to download, but if you'd like us to ping you when we add a new lender, you can sign up at the bottom.
Whitepaper · PDF
Who the bitcoin yield customer is, what the market pays, and which yield engines have already decayed
A September 2026 research paper co-authored by Sypher Bitcoin Yield Fund and Borrow on Bitcoin. Bitcoin yield as a matching problem: holder first, access point second, headline rate last, and why several early yield engines have already compressed.
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Why holders borrow instead of selling, how loans are structured and liquidated, and the tax trap in a forced sale
A January 2026 paper by Sypher Bitcoin Yield Fund: who borrows against bitcoin and why, how loan-to-value governs margin calls and liquidation, what banks, private lenders and DeFi protocols charge, and why a forced liquidation is taxed like a voluntary sale.
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Which yield and borrowing steps are taxable dispositions, and which are not
An August 2025 memorandum by Sypher Bitcoin Yield Fund on minting versus swapping staked bitcoin, rehypothecation, pledging collateral for a loan, and staking rewards, evaluated against current IRS guidance.
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