RIADeFiPublished by Ketju Research
Not approved · Other

Ketju memo: NexusBTC (NBTC)

Not approvedPublished by Ketju Research

This memo sets out what the holder owns, who controls it, how holders could lose money, and whether a position can be sold. The advisor decides any client action and amount. Not investment, legal, tax, or compliance advice.

Summary

Ketju does not approve NexusBTC (NBTC): one entity controls it, no redemption route is disclosed, and its issuer is winding down. NexusBTC is a wrapped Bitcoin token tied to bit.com. bit.com’s parent, Matrixport, began winding down the exchange in December 2025 and renamed its combined platform BIT in March 2026. A direct on-chain query shows the token contract sits behind an EIP-1967 upgradeable proxy that one entity controls. Binance-Peg BTCB has the same design, and Ketju does not approve it. We found no reserve attestation, redemption process or redemption timing for NexusBTC anywhere, though BIT’s custody arm has real institutional credentials.

Review triggers

  • BIT or Matrixport publishes an independent proof-of-reserve attestation specific to NexusBTC
  • A permissionless or fully documented redemption route for NBTC is published and shown to work
  • The proxy admin or upgrade-authority address is published and confirmed to sit behind a multisig instead of a single key
  • BIT or Matrixport confirms directly that NexusBTC still operates after the bit.com wind-down

Facts

Verdict
Not approved
Type
Other
Chains examined
Ethereum
Instruments
NBTC
Reviewed
Last confirmed

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