Strategy launched a Bitcoin original credit model to assess Strategy credit risk

On 9 July, Strategy launched the Bitcoin original credit model, which was used to assess credit risk, credit spreads, etc. for debt (e.g., reversible) and priority shares issued by Strategy Treasury. The model uses self-defined indicators such as BTC ratings (bitcoin-covered multiples), BTC risk (risk of default) and BTC credit (interest spreads bps) to analyse debt and priority shares supported by the company ' s $52 billion BTC reserve. All indicators are derived from Bitcoin reserves held by Strategy as collateral/risk, with Bitcoin prices, volatility and ARR as the main variables. The analysis notes that this moves bitcoin from value storage to a capital efficiency tool, and promotes BTC as a financeable asset for institutions to accelerate the development of the digital credit market。