[Strategy Launches Bitcoin-Native Credit Model to Assess Strategy Credit Risk] BlockBeats News, July 9: Strategy has launched a Bitcoin-native credit model designed to evaluate the credit risk, credit spreads, and other factors of debt (e.g., convertible bonds) and preferred stock (e.g., STRC) issued by Strategy Treasury. The model employs custom metrics such as BTC Rating (Bitcoin Coverage Ratio), BTC Risk (Probability of Default), and BTC Credit (Spread in bps), leveraging the company's $52 billion BTC reserves to analyze debt and preferred stock. All metrics are collateralized by or derive risk from Strategy's Bitcoin reserves, with Bitcoin price, volatility, and ARR as key variables. The analysis highlights that this move transitions Bitcoin from a store of value to a capital efficiency tool, encouraging institutions to view BTC as a financeable asset and accelerating the development of the digital credit market. [Original Link]