Услугата се предоставя от Билеър ООД — лицензиран от Комисията за финансов надзор доставчик на услуги за криптоактиви, лиценз №001-ДУКА/07.05.2026 г. Резултатите са преди таксата за управление. Доходността е променлива и не е гарантирана.

Historical performance · not a forecast

+11,5%

Historical return in 2025

+30,3%

Cumulative, 1 January 2024 – 30 June 2026

2 out of 7

Relative risk indicator

Belayer Anchor Yield is an actively managed DeFi strategy that may be included in an individually managed crypto-asset portfolio. It seeks returns through lending protocols, liquidity provision and market-neutral positions, rather than primarily through increases in crypto-asset prices.

Unlike a direct investment in a crypto-asset, its results do not primarily depend on price movements.

Discuss an investment

Investor information document

An introductory conversation about your objectives, experience, investment horizon and risk tolerance. There is no obligation to invest.

Belayer Anchor Yield (BAY) — an actively managed DeFi strategy

DeFi returns through active management, rather than a bet on market direction

Direct investment in crypto-assets

The result follows the asset’s price. Volatility is the main source of both gains and losses.

BAY

The result follows economic activity in selected DeFi markets, with limited direct market exposure.

What BAY IS NOT

BAY is not a bank deposit, a capital-guaranteed product, a standalone token or a share in a fund.

Returns are sought through economic activity in DeFi rather than primarily through crypto-asset price appreciation.

This limits dependence on the direction of the crypto market but does not eliminate investment risk. Neither returns nor principal are guaranteed by a state or other statutory guarantee fund.

Not a bet on the direction of the crypto market

With a direct investment in a crypto-asset, the result depends primarily on movements in its price. BAY takes a different approach.

Most of its returns are sought from economic activity in DeFi: interest paid by borrowers, fees from providing liquidity and temporary pricing differences between markets.

Lending protocols

Capital may be deployed in selected lending protocols, where returns come from the interest borrowers pay for access to liquidity. Belayer assesses collateral quality, liquidity, liquidation terms and the protocol’s track record.

Liquidity provision

BAY may provide liquidity in selected markets and receive a share of the transaction fees they generate. Positions are selected where the expected fees are commensurate with the liquidity, market and technology risks involved.

Arbitrage and market-neutral positions

Temporary differences in prices or funding costs may create opportunities for returns without a pronounced bet on an asset’s direction. Where derivatives are used, the aim is to hedge risk or establish a market-neutral position, rather than increase speculative exposure.

Dynamic capital allocation

Belayer monitors market conditions and adjusts allocations between strategies and protocols as their returns, liquidity, security or overall risk profiles change. A high headline yield alone is not sufficient reason to include a position in BAY.

A high nominal yield alone is not sufficient reason to include a position in BAY.

Every source of return has an identifiable economic rationale

Cumulative since 1 January 2024

+30,3%

1 January – 30 June 2026

+4,68%

2025

+11,5%

2024

+11,6%

Historical strategy performance

NAV growth

Monthly APY

METHODOLOGY

NAV index with a base value of 100 on 1 January 2024 and an indexed value of 130.28 on 30 June 2026. Monthly APY is the monthly return expressed on an annualised basis. Results are before the management fee and include transaction costs incurred in managing the strategy. Historical performance data is current as of 30 June 2026. Page last updated on 11 September 2026.

PERFORMANCE QUALIFICATIONS

These figures show the strategy’s historical performance. They are not a guarantee, promise or reliable indicator of future returns. BAY’s returns are variable and may decline or be negative.

RELATIVE RISK INDICATOR

out of 7

1 · lower risk

7 · higher risk

This is a relative risk classification, not a guarantee of safety. Lower expected volatility does not mean an absence of risk, and the indicator does not mean that capital is protected. Actual risk may be higher during exceptional market, technology or liquidity events.

How Belayer manages risk

Assessing the economic source

We assess who pays for the return and why. We favour strategies linked to genuine demand for liquidity in lending protocols, the use of liquidity and sustainable market inefficiencies, rather than temporary incentives alone.

Assessing protocols and infrastructure

We assess a protocol’s history, publicly available security information, independent audits where available, governance model, liquidity, counterparties and critical infrastructure dependencies.

Portfolio construction and diversification

Capital may be allocated across different markets, protocols, counterparties and sources of return. Position sizes reflect the risks involved and the ability to exit each position.

Ongoing monitoring and reallocation

The portfolio is monitored daily. Exposure may be reduced or closed if liquidity falls, returns change, an incident occurs, collateral deteriorates or a regulatory event affects a position.

RISK CATEGORIES

A bug, vulnerability or malicious change to a protocol’s code or governance could cause assets to be lost or locked. Belayer selects protocols with an established track record, public security information and independent audits where available. An audit reduces risk but does not eliminate it.
Under adverse conditions, there may be insufficient liquidity to close a position promptly. We assess market depth, the resilience of liquidity, withdrawal terms and concentration.
A borrower, issuer, exchange, custodian or other participant may fail to meet its obligations. We assess counterparties, collateral and position terms, and limit and diversify exposures.
A sharp price movement, inaccurate price feed or insufficient liquidity could lead to unfavourable execution. We monitor collateral, price sources and liquidation parameters.
A high yield may result from temporary incentives, thin liquidity or hidden risks. We assess its economic source and favour positions supported by genuine demand and sustainable market activity.
A stablecoin used by the strategy may lose its peg or liquidity. We select liquid assets with publicly available information about their reserves and may adjust allocations if their risk profile deteriorates.
A transaction error, compromised access, or a problem with a network, bridge or custodian could cause a loss or delay. We use access controls, multiple levels of approval and permission management.
Changes in law or regulatory treatment may restrict the use of a protocol, asset or activity. Permitted exposures are reviewed against the applicable framework and Belayer’s internal rules.
Where positions are denominated in US dollars, their value in euros may change with the exchange rate.

Whether this balance of potential return and risk is appropriate for you depends on your objectives and portfolio profile.

Discuss an investment ↗

Is BAY suitable for your portfolio?

BAY may be suitable if you:

seek returns from DeFi but do not want your results to depend primarily on the direction of the crypto market;

accept the specific risks of crypto-assets and decentralised protocols;

want an actively managed component to diversify your portfolio;

do not want to select protocols and manage DeFi positions yourself.

BAY is unlikely to be suitable if you:

seek guaranteed returns or protection of your invested capital;

regard the strategy as equivalent to a bank deposit;

need immediate, unconditional access to all your capital;

do not accept DeFi’s technology, liquidity, counterparty and regulatory risks.

Completing the questionnaire does not oblige you to invest. It helps us assess whether the service is appropriate and suitable for you.

Complete the questionnaire

Crypto-asset management by a licensed provider

Licence No. 001-DUKA/07.05.2026

Bulgarian Financial Supervision Commission Decision No. 276-DUKA/28.04.2026

Verify the licence in the FSC register ↗

These details can be verified in the public register of the Bulgarian Financial Supervision Commission.

What it means

Belayer OOD is a crypto-asset service provider licensed by the Bulgarian Financial Supervision Commission under the EU’s Markets in Crypto-Assets Regulation (MiCA). Its services are provided within the applicable organisational, capital and regulatory requirements.

What it covers

Portfolio management of crypto-assets;
custody and administration of crypto-assets on behalf of clients;
execution of orders for crypto-assets on behalf of clients.

What it does NOT mean

The licence does not guarantee invested capital or future returns. It is neither insurance nor a guarantee fund.

Frequently asked questions

Returns are neither fixed nor guaranteed. They depend on demand for liquidity, market conditions, the positions held and the risks that materialise. Historical results are not a forecast.
No. BAY is a strategy for managing crypto-assets and DeFi positions. Neither capital nor returns are guaranteed by a state or other statutory guarantee fund.
The strategy is structured so that results do not depend primarily on the direction of Bitcoin or other highly volatile crypto-assets. Adverse events in the crypto market may nevertheless affect liquidity, counterparties, stablecoins and the infrastructure used.
We assess its track record, liquidity, collateral, public security information, independent audits where available, governance model, previous incidents and the economic source of its returns.
BAY does not use uncollateralised or speculative leverage to increase market exposure. Derivatives may be used for hedging or market-neutral positions, which also carry margin, counterparty and liquidation risks.
Yes. BAY seeks to limit this risk through its selection of assets, markets and price ranges, and avoids positions where expected returns do not compensate for the risk taken. The risk cannot be eliminated entirely.
A partial or full redemption may be requested after the first month. Execution depends on liquidity and the condition of the infrastructure used. In exceptional circumstances, it may be delayed by up to 20 days.
The portfolio is valued and reported under the terms of the individual agreement. Where assets are denominated in US dollars, the investor may also be exposed to exchange-rate risk against the euro.
Clients receive a monthly report showing net asset value (NAV), returns for the period and returns since the start of their investment.
Yes. BAY may be combined with BAX in an individual portfolio. The appropriate allocation depends on the client’s investment objectives, financial situation, knowledge, experience and capacity to bear losses.
BAY has an annual management fee of between 1% and 2%, depending on the size of the managed portfolio. The fee is calculated progressively according to the thresholds in the current fee schedule. BAY has no performance fee. Separate banking, exchange, blockchain and other transaction-related costs may apply. The exact fees and costs are determined by the current fee schedule and the individual agreement.
Clients’ crypto-assets are held and administered under Belayer’s licensed custody service. They are segregated from the company’s own assets, and a record of each client’s rights to the assets held is maintained. Hot and cold wallets, as well as licensed sub-custodians, may be used. Access and transactions are governed by controlled authorisation procedures, multiple levels of approval and permission management. In implementing the strategy, some assets may be deployed in selected DeFi protocols.
The minimum investment to open an individually managed crypto-asset portfolio is €5,000. The strategy is applied as part of an individual portfolio following an assessment of the client’s investment objectives, financial situation, knowledge, experience and capacity to bear losses.

Find out whether BAY belongs in your portfolio

Every client has different objectives, an investment horizon and a capacity to bear risk. BAY is not offered as a universal product. It is a strategy that may be included in an individual portfolio following an appropriateness and suitability assessment.

We contact you within the day to arrange a convenient time.

During the conversation, we discuss your objectives, experience, investment horizon and risk tolerance.

If you decide to proceed, an appropriateness and suitability assessment follows. The conversation does not oblige you to invest.

Investing in crypto-assets and DeFi carries high risk and may result in a partial or total loss. Returns and capital are not guaranteed. The information on this page is for informational purposes and does not constitute investment advice.