The memo
REJECTED. Lightning is valuable Bitcoin payment infrastructure, but public channel capacity is not a passive investable protocol position. Earning routing or lease fees requires operating a hot, continuously available node, choosing peers, balancing inbound and outbound liquidity, managing backups, and monitoring for revoked-state broadcasts. That operating business is unsuitable for a standard advisory diversification sleeve even though the underlying settlement asset and base chain are approved.
What would reopen the file
- A separate sophisticated mandate authorizes Lightning routing as an operating business with node, key, peer, liquidity, and loss limits
- A named wallet or Lightning service passes a custodian/provider review for transactional use
- A proposed-size cooperative and unilateral close test completes within the documented fee and time limits
- Any lost channel state, missed breach remedy, or unrecoverable node-key event opens an immediate review
Facts on file
- Verdict
- Rejected
- Exposure
- other
- Chains examined
- Bitcoin
- Memo version
- v1
- Reviewed
- Next review