BTC volatility is way down. This is a sign of BTC maturing as an asset. What it also means is that convertible debt is a less scalable path to accumulating Bitcoin for BTC treasuries. Converts monetise volatility. As volatility is down, Strategy is scaling back the converts.

The next wave of BTC per share growth is coming from preferred equity. This offers investors Bitcoin exposure at lower volatility. The lowest volatility instrument is Stretch $STRC, aiming to offer a fixed 10% yield on cash. Strategy is building a BTC backed savings account.

$STRC offers the lowest volatility out of Strategy's preferreds. $STRK, $STRD, $STRF offer higher volatility (i.e. more upside when $MSTR goes up) at often higher yields.

Basically what @saylor is doing here is offering Bitcoin exposure at varying degrees of upside and yield.

STRC is cash with 10% yield STRF offers a bit more BTC upside at 9% yield STRD offers more BTC upside STRK offers even more BTC upside Bitcoin ETFs like IBIT by @Blackrock is full BTC upside MSTR is amplified BTC upside; BTC on steroids

Think about it like this: STRC, STRF, STRD, STRK investors are trading their BTC upside for (fixed) yield. MSTR investors are getting the traded in BTC upside on steroids. BTC goes up, MSTR goes up more.

Bitcoin treasuries like @Strategy are financialising Bitcoin. They chop Bitcoin up into a range of products for investors with different risk appetites. Meanwhile, Bitcoin bulls get amplified Bitcoin trough common stock $MSTR.

STRC is the simplest product and has global potential. You don't have to be a Bitcoiner to want 10% on your cash. Especially if you're in a country where interest rates are low. Hello Europe 👋 with a 2% ECB deposit rate and most banks paying 0%.

Strategy realises the potential of bringing STRC to Europe in EUR. Europe's credit market is $4.1tn. In some measures, even bigger than the US. They are actively pursuing this opportunity, in addition to other local markets.

At @Treasury_BTC. we recognised the potential for EUR issued BTC credit from day one. That's why we're running to be the first BTC treasury company listed on a major EUR-denom exchange: Euronext Amsterdam. Being on a major exchange matters; it's the toolkit required for credit.

Strategy looking into Europe is validation of @Treasury_BTC's thesis. $4.1tn in European low yielding credit is a lot to chew. Local players are more important than ever; for Bitcoin's sake. Let's orange pill Europe 🇪🇺🟧

@TychoOnnasch @Strategy Strategy’s approach makes BTC exposure feel way more manageable