Luxor reported a 6%-13% annualized Bitcoin financing spread in its September lookback, published Oct. 9. According to NS3.AI, lenders bought prepaid mining power and paired the purchase with a price hedge, while miners used the reverse trade for financing. The hedge can lock in gross Bitcoin receipts only if mining delivery and settlement perform as expected. The reported range does not prove an executed return after costs or a quote available today. Delivery failures, hedge collateral requirements and unclear recovery terms may affect investor risk, while Bitcoin receipts remain exposed to dollar-value changes.