Lombard is partnering with @Yield_Summit Singapore. Join us on October 6 as we explore onchain bitcoin finance with the people building and allocating in the space. Team's there all day. Come find us, or reach out ahead of time to arrange a meeting.

Last week in Bitcoin: → BTC broke above $85,000 on September 21, an eight-month high, capping a roughly 9% weekly gain off a ~$75,350 FOMC-day low. → Strategy added 950 BTC for $75.7M to reach about 846,000 BTC per its September 21 filing. → Hyperliquid launched a native BTC-and HYPE-collateralized lending layer, with roughly $269M borrowed on day one. → A House committee voted 28-21 on September 16 to codify Trump's existing Strategic Bitcoin Reserve executive order into law. → Spot BTC ETFs attracted a $6.2M net inflow, their quietest week on record, rescued by a $433M Friday.

Credit is the latest addition to Lombard's suite of yield opportunities. Bitcoin Onchain Credit Strategy (BTCoc) launched two months ago. BTCoc posts LBTC as collateral on @symbioticfi to underwrite a USDC credit line from @CapApp to @FlowTraders. In two months we scaled to $45m, generating close to 2% net APY on Bitcoin. As LBTC scales it's underlying active allocation managed by @Bitwise, the strategy targets 4% net. Bitcoin will win.

Last week in Bitcoin: → Bitcoin spent the week range-bound between $76,000 and $80,400, closing near $77,200 down roughly 3 to 4% from Monday's open. → Bitcoin bucked the AI-driven sell off, rising on September 14 while US tech and AI equities fell, a rare decoupling from risk assets. → A hotter August core CPI pushed odds of a 25bp Fed hike on September 16 to about 87%. → US spot Bitcoin ETFs bled about $462.7M over the week with zero net-inflow days, while spot Ether ETFs pulled in $196.9M. → Strategy (MSTR) made no Bitcoin changes and repurchased $139M of its STRC preferred stock; Strive kept buying, crossing 25,000 BTC. → Blockstream's Liquid sidechain was drained of about $319M in Bitcoin, with roughly 85% later returned by self-described white hats. → Symbiosis' native Bitcoin bridge was exploited on September 11, minting billions in unbacked syBTC but netting only about $336,000. → Corporate treasuries showed rotation and exits, with battery firm KULR selling its last 764 BTC and miner Bitdeer liquidating its full weekly output. → Bitcoin Bancorp bought thousands of defunct Bitcoin Depot ATMs out of bankruptcy for about $620,000. → The Senate set a CLARITY Act cloture vote for September 15, needing 60 votes with Republicans holding 53; Galaxy Research puts 2026 passage odds near 10%.

LBTC proved demand for yield-bearing Bitcoin. Today, we double down on that thesis. LBTC is moving to institutional yield. @Bitwise will manage a covered-call options strategy with a 4.5-year legacy track record, to generate LBTC's yield, targeting 2.5% net APY paid in Bitcoin.

Join our X Space with @lombard_finance today at 3PM CET on Bitcoin liquidity meeting institutional-grade risk management. We’ll explore Firelight expanding BTC in onchain risk: as an asset in covered strategies and collateral for coverage capacity.

Lux points are out. BARD tokens are in. Bitcoin Earn rewards have moved to @MerklXYZ. You can now claim every 8 hours, liquid from day one. No more waiting seasons for your yield to unlock.