hBTC builds on an established track record
Most onchain yield products are born the day they launch. Day one of the token is day one of the strategy, day one of the track record, day one of everything. Whatever happens next happens in public for the first time.
hBTC and BTC Basis+ are built the other way around. The token is the newest part of the product.
The underlying Fund existed before the token
BTC Basis+ is a delta-neutral bitcoin strategy managed by Hilbert Capital, the asset-management arm of the publicly traded Hilbert Group. Before hBTC existed, the strategy ran where regulated strategies run: inside a fund, with audited accounts, a monthly net asset value, and a live trading record since 2024.
That history is the working record a regulated fund generates as a byproduct of operating: a valuation per period, audited, produced under fund-industry rules. In 2025, its most recent full year, the strategy returned +20.18% net in bitcoin terms, as published by Hilbert Group, in a year when bitcoin itself returned -6.3%.
Same underlying Fund, now with a tokenized version onchain
On August 10, 2026, the strategy got a second door. It became tokenized as hBTC, an ERC-4626 token on Base, letting participants enter and exit on a cohort cycle, at the finalized NAV an independent fund administrator attests. The manager did not change. The strategy did not change. The token inherited the machinery, and the machinery now publishes where anyone can read it.
Why continuity is the point
The tokenization mechanism is the new part and fully public: contracts on Base, published attestations, a supply anyone can count. The underlying strategy continues , and its results keep being counted under fund-industry rules rather than by the party being measured. New venue, same old discipline.
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