Overview
- Michael Saylor posted a five‑layer “Digital Asset Stack” on June 16 that puts Bitcoin at the base and places digital credit, digital money, yield products, and equity above it.
- Saylor explicitly rejected staking, inflation, or other protocol changes as ways to create yield and described Bitcoin as “pure digital capital.”
- He highlighted Strategy‑style securities such as STRC preferred stock as examples of Bitcoin‑backed digital credit that can generate investor returns without altering the base protocol.
- Coverage notes Strategy continues to use its treasury for this approach, with a reported purchase of about 1,587 BTC bringing its disclosed holdings to 846,842 BTC.
- Critics and market watchers warn the model could introduce leverage, preferred‑dividend and liquidation risks, and regulators and investors will watch for formal filings or products before treating any yield targets as real options for retail buyers.