Mantle Index Four Fund (MI4)

This review finds MI4 unsuitable because of access limits and the risk that advisors may misclassify it. MI4 is not a tokenized treasury or money-market product, even though it sits in this backlog’s issuer/RWA queue. It is a crypto-native, market-cap-weighted digital-asset index fund that holds BTC, ETH, and SOL, with a staking and restaking yield layer through Mantle’s mETH, Bybit’s bbSOL, and Ethena’s sUSDe. It is explicitly marketed as ”the crypto equivalent to the S&P 500.” Treating it as a stable-NAV treasury product would misstate the risk to a client. Apart from that classification issue, the fund is a BVI limited partnership restricted to non-US persons under Regulation S or US accredited investors under Regulation D, with a $100,000 minimum subscription. This is the same access bar already applied to BUIDL, USYC, Ondo Global Markets, and Anemoy/JTRSY in this registry. On-chain figures also show only 6 holders against a roughly $117.6M tracked balance. This extreme concentration presents a real counterparty and liquidity concern separate from smart-contract risk.

Review triggers: events that reopen the verdict
• A US-eligible offering opens to this registry’s target client population
• The on-chain tracked balance reconciles with the fund’s reported total AUM, or the discrepancy is explained from a primary source
• Holder concentration diversifies meaningfully beyond the current 6 holders
• This entry’s crypto-index classification is confirmed to remain distinct from any stable-NAV treasury product comparison in advisor-facing materials

Watched nightly: a warning on its venues or files, or a cited document that changes, reopens the memo. The first confirmation is due 2026-11-17.

The research file

Mechanism

MI4 holds BTC, ETH, and SOL in market-cap-weighted shares, with the non-BTC legs staked or restaked for added yield. It uses Mantle’s own mETH liquid restaking token for the ETH allocation, Bybit’s bbSOL for the SOL allocation, and Ethena’s sUSDe for the USD/stablecoin sleeve. The portfolio rebalances quarterly under a rules-based method that weights market cap and risk. This is a volatile crypto-beta product with an active yield layer, not a stable-NAV cash-equivalent instrument. It should not be compared with or substituted for a tokenized treasury fund in a client allocation.

Legal structure

MI4 is a British Virgin Islands limited partnership managed by Mantle Guard Ltd., which was established specifically for this fund. Securitize, LLC is the tokenization partner, Securitize Fund Services, LLC is the administrator, Securitize Markets, LLC is the transfer agent, KPMG is the auditor, and OSL Digital Securities Limited is the crypto-asset custodian, with bankruptcy-remote account segregation. Mantle Treasury committed up to $400M as anchor investor at launch, announced 2025-04-24. These are real institutional service providers, and BlackRock uses the same Securitize system for BUIDL. That credibility applies to the compliance process, not to the underlying crypto-market-beta risk that the fund carries.

Eligibility

Access is restricted to non-US persons under Regulation S or US accredited investors under Regulation D. All investors must also qualify as ”professional investors” under the BVI Securities and Investment Business Act 2010. The minimum subscription is $100,000 USDC. This access structure alone disqualifies MI4 for a broad US mass-affluent client base, regardless of the fund’s other traits. That judgment is consistent with this registry’s treatment of every comparable Reg D/Reg S tokenized fund.

Control, redemption, and concentration

The token uses Securitize’s DS Protocol. By design, the protocol lets the issuer and transfer agent freeze and unfreeze tokens, and its compliance service checks each proposed transfer against accreditation, jurisdiction, and investor-count rules. These controls are standard across Securitize’s products, though an MI4-specific disclosure did not separately confirm them. Subscriptions and redemptions process weekly. Investors must hold for one month after subscription before they can redeem, and adverse market conditions may cause further delays. The management fee is 1.00% annually, with no disclosed performance or transaction fee. Current on-chain data shows only 6 holders against a roughly $117.6M balance. This extreme concentration fits a cap table dominated by an anchor investor, and this review flags it as a liquidity and counterparty-concentration risk separate from the fund’s market risk.

Track record and comparison

MI4 launched April 2025 and reported roughly $173M in AUM with a 27.9% year-to-date return as of 2025-12-31. That return reflects crypto market performance over the period, not a stable yield. The current on-chain tracked figure (~$117.6M) does not match the reported year-end AUM in any source found. This review treats the difference as an open item, not an incident. No security incident was found. BlackRock BUIDL and Franklin Templeton’s BENJI are both stable-NAV treasury products, so neither is a sound substitute or comparison for MI4. MI4 belongs in a crypto-index-fund peer set, not a cash-management peer set. This registry states that distinction so an advisor-facing explanation never confuses the products.

Sources

The claims above trace to these. Where a number could not be independently verified, the thesis says so.

• Chainwire — Mantle Index Four (MI4) Fund launches with Securitize as tokenization partner · primary · accessed 2026-08-17
  Supports: fund structure, anchor investor commitment, Securitize service providers
• RWA.xyz — MI4 asset page · secondary · accessed 2026-08-17
  Supports: current on-chain AUM, holder count, minimum subscription, redemption cadence and hold period, custodian
• 4Pillars Research — Mantle MI4, the crypto index that earns · secondary · accessed 2026-08-17
  Supports: index composition, staking and restaking yield overlay
• Securitize Medium — DS Protocol v4 · primary · accessed 2026-08-17
  Supports: freeze and compliance transfer restriction design
• DefiLlama — Mantle Index Four Fund protocol data · secondary · accessed 2026-08-17
  Supports: on-chain tracked TVL confirmation

Inherited controls

The research above describes the protocol layer. Every position also inherits the asset it holds and the chain it settles on. The layer with the most administrative power sets the position’s effective control; that describes control, not quality or suitability.