> For the complete documentation index, see [llms.txt](https://docs.bima.money/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.bima.money/introduction/eligible-collateral.md).

# Eligible Collateral

## Assets we work with

<table><thead><tr><th width="150">Asset</th><th>Profile</th></tr></thead><tbody><tr><td><strong>BTC</strong><br>Bitcoin</td><td>Deepest market and the longest terms available. The reference asset for the programme.</td></tr><tr><td><strong>ETH</strong><br>Ethereum</td><td>Broad institutional coverage. Sizing and terms close behind BTC.</td></tr><tr><td><strong>BNB</strong><br>BNB</td><td>Shorter terms and tighter sizing, reflecting a thinner derivative market.</td></tr><tr><td><strong>Other major assets</strong></td><td>Reviewed case by case on liquidity, derivative depth and custody support.</td></tr></tbody></table>

## Why terms differ by asset

Every quote is a function of the market that sits behind it. A collar can only be priced if the options on that asset can actually be traded at size, at the tenor required, without moving the market against the client.

That produces a simple relationship:

* **Deeper, steadier markets** support larger amounts, longer commitments and more room between the protection level and the level above which gains are shared.
* **Thinner markets** support smaller amounts, shorter terms, and less generous levels  because the premium available is smaller and harder to harvest.

Bima quotes each asset on its own merits rather than applying one set of terms across the board.

## What determines your specific terms

| Input                                | Effect                                                                                                                             |
| ------------------------------------ | ---------------------------------------------------------------------------------------------------------------------------------- |
| **Asset**                            | Sets the outer bounds of size, tenor and achievable levels.                                                                        |
| **Size of deposit**                  | Larger programmes are typically deployed in tranches on a rolling basis rather than all at once.                                   |
| **Term length**                      | Longer terms generate more premium but commit the position for longer.                                                             |
| **Protection level**                 | Where your downside exposure begins. Lower protection generally means more capital or better upside participation, and vice versa. |
| **Agreed level (participation cap)** | The level above which appreciation is shared. Set higher, and you keep more upside but receive less capital.                       |
| **Market conditions on the day**     | Implied volatility and the funding curve on the pricing date. Terms reflect conditions on that day and are then fixed.             |

{% hint style="info" %}
Every one of these is agreed and documented **before** any asset moves, and cannot be changed mid-term by either side.
{% endhint %}

## Scale and delivery

|              |                                                        |
| ------------ | ------------------------------------------------------ |
| **$300M+**   | Current programme size                                 |
| **$1B**      | Capacity as programmes expand                          |
| **Tranches** | Deployed in stages on a rolling basis, not all at once |

Tranching is deliberate. Pricing a very large collar in a single execution moves the market against the client. Deploying in stages spreads execution risk, averages entry levels across time, and lets a programme scale without the size itself becoming the main cost.

## Roadmap collateral

The financing engine is designed to extend beyond native digital assets. Collateral types under development include **SOL**, **security tokens**, **tokenised real-world assets** and **treasuries**. These are roadmap items and are not live in the programme today.