Michael Saylor’s new “digital asset stack” model outlines five layers in the digital economy. We break down bitcoin’s role and where other cryptocurrencies fit.
Strategy founder Michael Saylor has proposed a “digital asset stack” concept where bitcoin (BTC) becomes the foundation for credit, money, and yield instruments. In his view, bitcoin doesn’t need staking or smart contracts—all innovation should be built “on top” of it.
Hot topic: Bitcoin Price Risks Pullback as Institutions Hold Back, Analysts Warn
Meanwhile, Strategy bought 1,587 BTC▼$64,223.00 for $100M between June 8 and June 14, at an average price of $63,024. Total reserves now stand at 846,842 BTC.
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Bitcoin and the Five Layers of the Digital Economy, According to Saylor
In the concept published Tuesday, Saylor outlined five levels:
- Layer 1: Digital Capital — Bitcoin as the base scarce asset, analogous to gold or prime real estate.
- Layer 2: Digital Credit — Fixed-income instruments backed by bitcoin that reduce volatility for investors.
- Layer 3: Digital Money — Stablecoins and dollar-pegged funds that earn yield through the credit layer.
- Layer 4: Digital Yield — Leveraged, complex products for those willing to take on higher risk.
- Layer 5: Digital Equity (Stocks) — Securities of companies like Strategy that absorb volatility and generate excess returns.
Saylor emphasized that bitcoin should remain “pure digital capital” and doesn’t need protocol changes. He argues that bitcoin’s volatility isn’t a flaw but a feature of “high-energy capital,” and that credit instruments smooth out price swings.
As an example of “digital credit,” he pointed to Strategy’s STRC preferred shares, structured to trade near their $100 par value. The dollar peg is essential because most global obligations like salaries, taxes, and loans are still denominated in fiat.
Read more: JPMorgan Warns Bitcoin’s Devaluation-Hedge Trade Is Fading — What Does It Mean For BTC Price?
Strategy Continues Accumulating: 1,587 BTC for $100 Million
Between June 8 and June 14, Strategy bought 1,587 BTC at an average price of $63,024. Total reserves have reached 846,842 BTC, about 4% of all bitcoin ever issued. The portfolio’s market value is roughly $56.6B. The average purchase price since 2020 is $75,656.
The purchase was funded by selling $209M in MSTR common stock. Under the current program, the company still has $25.75B left to raise. Strategy’s dollar reserves rose from $1B to $1.1B.
At the end of May, Strategy sold 32 BTC for $2.5M—its first sale in years—to pay dividends on its preferred shares. Sygnum Bank experts noted that the shift in strategy creates risks, as the company’s stock value is now directly tied to bitcoin’s long-term performance.
Learn more: What Does Strategy Do? How Michael Saylor Built a Bitcoin Corporate Empire
