Michael Saylor says bitcoin credit now has a yield curve — thanks to him
On Monday, Michael Saylor announced the IPO of his fourth series of preferred shares offering perpetual yield, Stretch (STRC). With its debut, Saylor claims that he’s “building out the yield curve for BTC credit” and has published the world’s first curvature of bitcoin (BTC) credit for the world to behold. As founder of the world’s largest publicly traded BTC treasury company, Saylor is unique in his ability to issue yield-bearing securities while holding over 3% of the circulating supply of BTC. This privilege, according to Saylor, allows his company to benchmark its rates against the yield curve of multi-trillion dollar bond markets like agency mortgage-backed securities, junk bonds, and even US Treasuries. Indeed, according to a diagram published yesterday alongside the STRC IPO announcement, the supposed BTC credit yield that MicroStrategy is building resembles the yield curve of these massive instruments plus a slight premium due to MicroStrategy’s idiosyncra...