Strategy executive chairman Michael Saylor argued that Bitcoin does not need staking or protocol-based yield to produce investor returns. Saylor outlined a five-layer “Digital Asset Stack” in a post on X on June 16. The framework positions Bitcoin as collateral for credit instruments rather than an Ethereum-style emissions model. Strategy holds 846,800 BTC, the largest corporate Bitcoin treasury among publicly listed firms. How Strategy Frames Bitcoin As Digital Capital: The framework places Bitcoin at the base of a layered capital structure that separates risk across investor classes. Credit instruments sit above ... (full story)