Saylor argues Bitcoin can absorb Wall Street without changing
None of these layers necessitate staking, changes in the protocol, or any new currency imitating Bitcoin. Essentially, they work under known capital market schemes that have already been used for mortgages, municipal bonds, and preferred stocks. “Bitcoin remains Bitcoin. The world builds on top.” — Michael Saylor, Bitcoin, Digital Credit, and Digital Money, June 16, 2026 Its a distinction that is worth noting. A bond is different from the building it finances, just the same way as a preferred security is different from the underlying equity. Saylor uses the same principle to claim that a Bitcoin-backed income product can be less volatile than BTC since a “junior equity” layer would absorb more risk. According to Strategy, the common stock of the company (MSTR) is referred to as a “junior tranche”. The plumbing shows up in the SEC filing This goes beyond theory. Strategy informed on June 29, 2026, that its board had approved a “Digital Credit Capital Framework,” which was later explained in its SEC filing. This framework is made up of five components:ComponentWhat Strategy authorized or changedUSD Reserve policyMaintain a minimum reserve equal to at least 12 months of expected preferred-stock dividends and interest obligations.STRC dividend policyRevise the variable dividend policy for STRC, including