TL;DR
- Laser Digital launched tokenised BDYF for institutional and accredited investors seeking income on top of long-only BTC exposure.
- BDYF is billed as the first natively tokenised Cayman-domiciled Bitcoin yield fund, issuing shares at the main fund level via KAIO, with Komainu as custodian.
- The strategy keeps long-only Bitcoin exposure while using market-neutral arbitrage, lending, and options, targeting more than 5% excess returns over rolling 12-month periods with institutional-grade risk controls.
Nomura’s crypto subsidiary Laser Digital has launched a tokenised Bitcoin yield strategy for institutional and eligible accredited investors seeking income on top of long-only BTC exposure. The launch frames “yield on Bitcoin” as a portfolio efficiency upgrade, not a speculative pivot. The vehicle, Laser Digital Bitcoin Diversified Yield Fund SP (BDYF), combines directional Bitcoin exposure with income-generating, market-neutral strategies intended to deliver excess returns across market cycles, with transparent risk controls. Laser Digital positions BDYF as an evolution of its Bitcoin Adoption Fund, which launched in 2023 ahead of the first US spot Bitcoin ETFs.
Inside the tokenised structure and yield playbook
Laser Digital says BDYF is the world’s first natively tokenised, Cayman-domiciled Bitcoin yield fund, built to simplify how institutions hold and transfer fund interests on-chain. Instead of layering special-purpose vehicles or feeder funds, the tokenised share class is issued directly at the main fund level. That design enables on-chain ownership alongside traditional share classes and is meant to reduce operational friction. Tokenisation is handled exclusively by KAIO, while Komainu serves as the fund’s main custodian. The structure supports in-kind contributions, atomic settlement, and streamlined on-chain fund administration, according to the firm, for eligible subscribing investors.
Strategy-wise, BDYF is designed to keep long-term, long-only Bitcoin exposure while monetising carry-like opportunities through diversified market-neutral approaches, including arbitrage, lending, and options. It targets excess returns across market cycles with defined limits. Laser Digital emphasizes capital preservation over yield chasing, backed by institutional-grade risk controls around the underlying BTC. The target audience includes digital-asset treasury entities, traditional financial institutions, and sovereign allocators looking to enhance returns without abandoning core exposure. The firm sets an objective of delivering more than 5% excess net returns over BTC performance across rolling 12-month periods, subject to market conditions.
Laser Digital says the timing reflects Bitcoin’s maturation into an institutional asset with liquidity, as macro uncertainty, inflation risk, and higher cross-asset correlations push allocators toward income and diversification. The firm’s thesis is that a passive BTC position can become more capital-efficient without sacrificing long-term participation. CEO Jez Mohideen says volatility is lifting demand for yield-bearing, market-neutral funds built on DeFi strategies, while Sebastien Guglietta says the approach addresses Bitcoin’s lack of yield. Laser Digital Middle East FZE, regulated by Dubai’s VARA, manages the fund and slots it alongside its Carry Fund and Multi-Strategy Fund.
