Michael Saylor: BTC collateralized bonds yield 10% annually, 90 trillion retirement fund battlefield is ready

The construction of Bitcoin reserve strategies by enterprises is gaining momentum. Recently, several companies have actively promoted relevant layouts:

• Nasdaq-listed company Profusa announced it will raise up to $100 million through the issuance of common stock to purchase BTC.
• H100 Group raised an additional approximately 54 million USD for its Bitcoin reserve strategic investment.

At the same time, the potential "battleground" of the pension market is also beginning to take shape. According to reports, the U.S. government is considering opening up channels for cryptocurrency, gold, and private equity investments in the pension market, which manages $9 trillion in assets. If this policy is implemented, publicly traded companies focused on BTC reserves may become popular investment targets.

Against this trend, the business model of Strategy(, formerly MicroStrategy), is moving toward a broader stage. The company recently announced the "BTC Credits Model"( for evaluating the value of Bitcoin-denominated equity. Founder Michael Saylor elaborated on the application and significance of this model in an interview.

![MicroStrategy CEO Michael Saylor: BTC collateral bonds yield 10% annually, $90 trillion retirement fund battlefield is ready])https://img-cdn.gateio.im/webp-social/moments-649d4689b786b84ee119c23869a444f9.webp(

Saylor stated that the next business model for Bitcoin reserve companies is to issue securities to purchase Bitcoin. This model is simple yet powerful, and can achieve maximum effect through focused execution. Specifically:

1. Enterprises can issue equity or credit securities and use the proceeds to purchase BTC.
2. By frequently issuing stocks to reserve Bitcoin, the company's market value can rise exponentially.
3. This model is 1000 times faster and more even than traditional investment cycles.

Regarding the BTC credit model, Saylor explained:

1. This model is used to assess the equity value priced in BTC.
2. Introduce the concept of BTC yield, based on the appreciation and percentage of each Bitcoin.
3. You can generate BTC income by manipulating cash flow, selling equity, and other methods.
4. When the stock price is below the net asset value, credit instruments can be issued to raise funds.
5. The BTC credit represents the theoretical credit spread needed to offset risk.

Saylor believes that this model can sell high-yield, low-risk securities products to the retirement market. For example:

1. The company issued convertible preferred stocks "Strike" and "Strife", offering yields of 8% and 10%, respectively.
2. These products are designed to provide 80%-100% upside returns on BTC, but only 10% downside risk.
3. The goal is to ensure that the long-term performance of convertible equity is comparable to Bitcoin, while providing principal protection and dividends.

Saylor emphasized that the core advantage of a Bitcoin treasury company is the issuance of Bitcoin-backed credit instruments. These products will compete with traditional bonds and preferred stocks, offering better credit, lower risk, higher returns, and liquidity.

Regarding the centralization issue of mining pools, Saylor believes that the Bitcoin network is decentralizing globally and there is no need to worry too much. As for the KYC review of exchanges, he stated that this is a national-level issue, not an issue with Bitcoin itself. In the future, there will be more innovations to enhance freedom and privacy.

Overall, Saylor remains optimistic about the future prospects of Bitcoin, believing it offers a promising path to solve existing problems.