The latest institutional version of the "Bitcoin Investor Guide" disclosed by Strategy shows that this publicly traded company, which has long been betting on Bitcoin, is expanding its narrative from corporate holdings of BTC to building a capital market around BTC, and is attempting to use this framework to explain its recent financial operations.
A six-layer structure covers equity and debt
The company disclosed that this 21-page document defines Bitcoin as an underlying reserve asset, and it divides it into six tiers: digital capital, digital equity, digital credit, digital debt, digital derivatives, and digital currency.
According to this view, Bitcoin is positioned at the bottom of the system, with financial instruments with different risk and return characteristics that can be layered on top of it. This definition is no longer limited to scarcity or long-term value storage, but rather attempts to incorporate Bitcoin into a more comprehensive financial structure.
The company's recent operations are in line with the framework.
The report mentions that Strategy has recently prioritized the repurchase of STRC rather than continuously investing all available funds in Bitcoin. The company also sold some of its BTC this summer, indicating that its treasury operations are no longer solely focused on increasing holdings.
The new guidelines explain that even though Bitcoin is still considered a reserve asset, companies can actively manage their holdings around securities, credit, and liquidity. This makes their treasury strategies more akin to capital allocation, rather than simply hoarding coins.
ETF Holdings have exceeded the company's inventory.
In the market snapshot on September 4th, Strategy mentioned that the price of Bitcoin was $79,809 at that time, with an average daily trading volume of $28.3 billion and an open interest of $96 billion. ETF held a total of approximately 1.27 million BTC.
According to this data, ETF holds more than 400,000 BTC than Strategy's own treasury. The company uses this to illustrate that the institutional holding scale, liquidity, and derivatives depth in the Bitcoin market are supporting the emergence of more complex capital instruments.
The document also acknowledges that Bitcoin does not have contractual cash flows and lacks a traditional valuation benchmark, which may lead to significant price corrections. Data shows that as of September 4th, its one-year return was negative 28.3%, but the annualized return over 10 years was still 62.8%.
Additional information:The company disclosed that Strategy holds a large amount of BTC, and the value of its issued securities may be affected by the price of Bitcoin. Therefore, this guide is more in line with the company's roadmap for market structure rather than an independent valuation model.
