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

It’s 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:

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