Strategy Inc. just gave Bitcoin-backed securities their own credit rating system. The company released an interactive credit model that lets users evaluate credit risk and yield spreads on its Bitcoin-collateralized instruments using real-time market data and adjustable assumptions.
The model lives on strategy.com/credit, and it represents a meaningful step toward bringing institutional-grade risk assessment tools to what Strategy calls “digital credit.”
What digital credit actually means
Digital credit, as Strategy defines it, refers to yield-bearing instruments collateralized by the company’s Bitcoin treasury holdings. These securities pay dividends or coupons, but their underlying credit risk is fundamentally tied to the value of Bitcoin rather than traditional business cash flows.
The new Digital Credit Capital Framework, unveiled on June 29, breaks down the pricing of these instruments into components that investors can actually interrogate. It separates the yield into a risk-free rate, the cost of hedging BTC exposure, and a residual credit premium.
