With Symbiotic, collateral markets onchain have moved from concept to reality — a shared, programmable framework for allocating, underwriting, and enforcing collateral across insurance, credit, and tokenized assets. Credit, one of Symbiotic's three core applications, turns digital asset capital into performance guarantees, enabling unsecured lending and making onchain credit viable at institutional scale.
Cap has been the flagship deployment. In about nine months, capital delegated to Cap through Symbiotic grew to $200M+, enabling Cap to originate a $100M revolving credit facility to Susquehanna Crypto — the largest of its kind through onchain credit markets.
Today, Bedrock's Alpha Selini Vault extends the same primitive as a curator-designed strategy on Symbiotic. It brings productized, professionally-managed guarantee positions to a broader BTC capital base — same infrastructure, same credit market, new delivery form.
Bedrock has been part of Cap × Symbiotic for some time — currently Cap's largest single underwriter, with $183.23M+ backed by uniBTC as committed collateral: a direct underwriter position, sized and rebalanced by Bedrock's team.
The Alpha Selini Vault productizes this model. BTC holders deposit uniBTC; the vault aggregates capital into a managed underwriter position on Cap; and yield flows back to depositors in uniBTC. Bedrock defines the vault's parameters — allocation, epoch cycle, recall conditions, reward logic — while Selini Capital, one of Cap's institutional operators, runs the underlying strategy: market-neutral trading across HFT market making, CEX arbitrage, and DEX-CEX arbitrage. The premium Selini pays back to the underwriter position becomes the vault's yield.
The vault turns deposited BTC into programmable collateral for Cap's covered credit market: efficiently allocated to approved strategies, bound to clearly defined obligations, and enforceable according to predefined vault logic. If Selini fails to meet its obligations, collateral slashes automatically. Risk is isolated at the guarantee level, one default doesn't cascade.
The vault involves five distinct roles:
A credit product backed by enforceable collateral, now productized for a broader BTC capital base through a curator strategy.
Cap × Symbiotic proved institutional credit at scale. The Alpha Selini Vault shows how curator-designed strategies on Symbiotic can wrap that foundation into productized vehicles — reaching capital that direct underwriting alone could not.
BTC capital gains broader access to Credit. BTC has been part of Cap × Symbiotic since Bedrock became Cap's largest underwriter, but direct positions have been institutional-only. The vault opens the same path to aggregated BTC capital through a professionally-managed structure.
More curators will build. More strategies will ship. The primitive stays constant; the delivery forms proliferate.
For BTC holders seeking real yield from institutional credit demand — enforced onchain, not through intermediary promises — the Alpha Selini Vault is now live.
Deposit uniBTC into the Alpha Selini Vault and access structured yield through Cap's credit market:
The Alpha Selini Vault: https://app.bedrock.technology/vaults