| Underlying | WBTC |
|---|---|
| Chain | Ethereum |
| Protocol | KPK Funds |
| Issuer | KPK Digital Assets, Inc. |
| Shares | 0xf180800f239f0ea0ED2F8156581fac2984cEe389 |
|---|---|
| Portfolio | 0x0295E5d0530C23E560CdbFc097C488a0A0D7752D |
| Redemptions | Instant to T+3 |
| Fee | … |
The KPK WBTC Carry Fund is a WBTC-denominated Fund that earns a carry on wrapped BTC through collateralised lending across blue-chip DeFi protocols. WBTC is supplied as collateral, USDC is borrowed against it at a managed loan-to-value, and the proceeds are deployed into KPK-curated stablecoin vaults. The strategy captures the spread between stablecoin lending yields and borrow costs, with returns accruing in WBTC.
The strategy provides market-neutral BTC yield for holders who want to stay denominated in BTC.
The Fund supplies WBTC as collateral to Aave on the Prime hub and borrows USDC against it at a target loan-to-value. The borrowed USDC is allocated between multiple KPK-curated lending vaults. Net returns are the yield on the stablecoin supply minus the USDC borrowing cost, accruing in WBTC.
An automation agent continuously monitors the health factor and adjusts exposure to keep the loan-to-value within its target band as the BTC price moves.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | YTD | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.0%* | 0.1% | 0.0%* | 0.13%* |
| Chain | Protocol | Action | Token |
|---|---|---|---|
Ethereum | Aave v3 | BorrowSupply | GHO, RLUSD, USDC, USDG, USDT, cbBTC, syrupUSDT, WBTC, cirBTC |
Aave v4 | SupplyBorrow | WBTC, cbBTC, USDC, frxUSD, USDG, syrupUSDG | |
CowSwap | Swap | cbBTC, cirBTC, USDC, WBTC, frxUSD, GHO, RLUSD, USDG, USDS, USDT, syrupUSDC, syrupUSDG, syrupUSDT | |
Maple | Supply | USDC, USDG, USDT | |
Morpho | BorrowSupply | USDC/cbBTC, USDC/syrupUSDC, USDC/WBTC, USDT/cbBTC, USDT/syrupUSDT, USDT/WBTC, kpk USDC Prime v2, kpk USDC Yield v2, kpk USDT Prime v2, kpk USDC Yield RWA | |
Spark | BorrowSupply | USDC, USDS, USDT, cbBTC, WBTC |
KPK applies a conservative risk approach. Assets, markets, and decentralised applications undergo a proprietary RISC Framework (Risk Identification, Scoring & Control) review across 12 risk dimensions.
| Protocol | Interaction restricted to audited, battle-tested protocols, with regular reviews. |
|---|---|
| Operational | Role-based access control is enforced onchain via Roles Modifier contracts. No key can move assets outside the mandate. |
| Market | Rewards are swapped to the deposit token on receipt, so the product holds no unintended token exposure. |
| Liquidity | No lock-up protocols used. A liquidity buffer in the deposit token is kept to ensure exit flexibility. |
| Governance | Preference for decentralised governance, with active monitoring. |
| Infrastructure | Networks with strong uptime records, monitored around the clock. |
| Regulatory | Exposure limited to fully collateralised assets and transparent protocols. |
KPK is a noncustodial onchain asset manager operating treasury mandates, Funds, and Vaults for DAOs, foundations and institutions across DeFi since 2020. Over $2bn have been deployed onchain, totalling 16,000+ transactions and zero funds lost.
KPK designs bespoke investment strategies, managing capital allocation, token liquidity, and execution within predefined risk constraints set by clients’ long-term objectives.
KPK Funds are actively managed, non-custodial onchain multi-strategy vaults. Shares are a custom ERC-20 with ERC-7540-like asynchronous requests: investors subscribe and redeem via operator-settled requests priced by onchain NAV. Assets sit in a multisignature wallet with no human signers, which can only execute whitelisted actions in line with each fund's investment framework.
The Fund may not be available to certain persons or in certain jurisdictions. The Fund is not registered with or approved by any financial or regulatory authority, and does not constitute an investment fund, a securities business, or a virtual asset service provider. Nothing in this fact sheet constitutes, or should be taken as, an offer to sell, a solicitation of an offer to buy, or a recommendation to engage in any investment activity.
The information provided is for general informational purposes only and may be updated or amended at any time without notice. It does not constitute financial, legal, tax, or other professional advice. Participation in crypto-assets involves significant risk, including high volatility and the potential loss of your entire investment. Returns are not guaranteed.