Odyssey Capital Limited
One bitcoin reserve. Three instruments.
Odyssey Capital is a bitcoin treasury company. It holds bitcoin as its treasury reserve asset and is developing three instruments that draw on that reserve, each paid in a fixed order: Digital Cash, Digital Credit and Digital Equity.
Order of paymentFirst › Last
01Digital Cash
Instant access account backed by deposits or Treasuries
Digital Credit
Secured notes, senior and mezzanine tranches
Digital Equity
Ordinary shares in Odyssey Capital Limited
Reserve: bitcoin and US Treasuries, held in segregated custody and pledged to an independent trustee₿
Bitcoin held--.--Published daily from admission
Reserve (US$)--.--Bitcoin plus Treasuries
NAV per share--.--Calculated by the administrator
mNAV--.--Market cap over NAV
Combined LTV--.--Tested daily, independent agent
Digital Cash--.--Outstanding at par
The Odyssey Trinity
Cash, credit and equity from a single reserve.
Each instrument has a set place in the order of payment. Digital Cash is paid first, Digital Credit second and Digital Equity last.
01 · Paid firstComing soon
Digital Cash
A perpetual, instant access account. Its capital is held in bank deposits or short-dated US Treasuries and is not invested in bitcoin.
- Daily liquidity, redemption at par
- Optional government deposit protection
- Payment card against holdings
02 · Paid secondComing soon
Digital Credit
Perpetual secured notes in senior and mezzanine tranches, ranking ahead of shareholders and secured on the bitcoin reserve.
- Rating process to be undertaken
- Daily loan-to-value tests
- Monthly put and call at par
03 · Paid lastComing soon
Digital Equity
Ordinary shares in Odyssey Capital Limited. Shareholders own the company and the reserve remaining after cash and credit.
- Stock exchange listing planned for Q1 2027
- NAV and mNAV published daily
Our approach
How Odyssey Capital is structured.
01Cash, credit and equity instruments drawn on one reserve, each with a set place in the order of payment.
02Secured notes backed by bitcoin, issued in senior and mezzanine tranches through ring-fenced segregated cells.
03Redemption at par for holders of Digital Cash, daily, and Digital Credit, monthly.
04An option of government deposit protection for Digital Cash.
05A structure that can be adapted to different distribution channels and regulatory requirements across jurisdictions.
06Carbon offset of bitcoin holdings through ring-fenced energy financing, in development.
07Bitcoin and US Treasuries held in segregated custody and pledged to an independent trustee.
Structure
Administration, custody and listing.
AdministrationDura CapitalUK administrator authorised by the FCA, FRN 786640, operating under the client assets regime.
CustodyBNY Mellon and CoinbaseBitcoin and Treasuries held in segregated custody, pledged to an independent trustee.
ListingPlanned for Q1 2027Subject to regulatory and exchange approval.
CorporateCayman IslandsOdyssey Capital Limited, an exempted company limited by shares, registration CO-437110.
Insights
Research and explainers.
ExplainerWhat mNAV measuresComing soon
ExplainerSecured notes and convertible bonds comparedComing soon
ExplainerRing-fencing and the order of paymentComing soon
Company
Leadership.
Co-founder & Chief Executive
Ryan Pyle
- Leads strategy, capital raising and the listing programme
- Journalist, The New York Times, Shanghai, 2002 to 2012
- Television producer, BBC, Shanghai, 2012 to 2020
- Maine Investments, Zug, 2021 to 2024
Co-founder & Director
Alex Jackson
- Two decades in trading, structuring, quantitative modelling and risk management
- Goldman Sachs, J.P. Morgan, Citigroup, Barclays Capital and Credit Suisse
- DPhil in Stochastic Calculus and MA in Mathematics, Oxford