Strategy Maps Bitcoin to Digital Capital Market Layers

Strategy has published an institutional Bitcoin guide that expands on Michael Saylor's thesis by using BTC as a foundation for a new digital capital market.

The guide divides this emerging system into six layers: Digital Capital, Digital Equity, Digital Credit, Digital Debt, Digital Derivatives, and Digital Money. Bitcoin serves as the reserve asset at the bottom of this architecture.

Strategy's own balance sheet now resembles the model outlined in the guide. As of September 7th, the company held 845,050 BTC, purchased for approximately $63.73 billion at an average cost of $75,412 per coin.

The new guide explains that Bitcoin can remain the reserve asset while Strategy actively manages securities, credit, and liquidity around it. This shift is reflected in the company's decision to repurchase preferred stock and double its digital-credit securities buyback authorization to $2 billion.