Every IRA tax-credit trade we've closed has happened on this desk.

Two ways to transact

Every IRA tax credit that's transferable under §6418 can be settled through either of two BV paths:

Path	How it works	When to use it
OTC Desk	We match originator + buyer bilaterally, draft the transfer-election docs, settle in wire or stablecoin, and file the IRS portal forms on both parties' behalf. No tokenization, no wallet, no marketplace exposure.	First-time §6418 buyer · large block · counterparty preference · timing certainty · prefer wire to stablecoin
On-chain marketplace	Credits tokenized as XCT at the moment of production. Marketplace bid book; atomic swap for MXD; transfer election booked on-chain.	Want continuous price discovery · willing to onboard to accredited registry · prefer faster, cheaper settlement

Both paths book the same §6418 transfer election and result in the same IRS portal filing. The buyer receives the same refundable credit on their return either way.

Why we offer both

Most of the §6418 transactions we've closed to date have been OTC. Buyers — especially first-time §6418 buyers — want:

• A live human on the other side of the phone
• Direct wire settlement (not stablecoin)
• A bilateral contract their counsel can mark up
• Block size that wouldn't fit a marketplace order book
• The same workflow they use for tax-equity partnerships

The on-chain marketplace is for buyers who want continuous price discovery and atomic settlement. The OTC desk is for buyers who want execution certainty on the block they need to close this week.

We don't push you toward one path. We ask what you want, then we execute.

How the OTC trade closes

1. Indication of interest — credit type (§45V / §45Y / §45Z / §45X / §45Q / §45U / §48E / §48C), face amount, target price, target close date.
2. Match — we surface counterparty interest from our buy-side network within 3–5 business days for active sections; longer for §48E/§48C allocated credits.
3. Term sheet — bilateral term sheet covering price, escrow, transfer-election language, indemnities.
4. Diligence — buyer verifies the credit (we provide attestation chain + GREET pathway hash / CORSIA model hash where applicable).
5. Close — wire settlement (or USDC / MXD at the buyer's election); transfer-election forms signed by both parties; BV submits to the IRS portal.

Typical timeline: 2–4 weeks from IOI to close, depending on counterparty diligence.

What we charge

Standard OTC desk fee. Comes out of the buy-side spread; the originator's net is unchanged whether they go OTC or marketplace. Quote on request.

What this page is not

This isn't tax advice. The §6418 transfer election has specific mechanics, deadlines, and recapture exposure that your tax counsel needs to advise on. Our desk handles execution; your counsel handles the position.

Get started

Indicate interest via the OTC intake form. Set the persona tag to originator-energy if you hold credits; investor if you want to buy. The desk picks it up within one business day.

Or read the credit-specific mechanics first: §45V · §45Y · §45Z · §45X · §45Q · §45U · §48E · §48C.