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