RESEARCH & INSIGHTS
Deep dive research, data-driven reports, and expert insights to power your next move.
RESEARCH REPORTS
Q1 2026 marks a major divergence as Strategy’s massive buying offsets a 25,000+ BTC liquidation by miners funding AI infrastructure pivots. While Bitcoin faced double-digit declines, Digital Credit instruments like SATA offered a high-yield buffer, outperforming traditional macro assets.
2025’s corporate shift to “Digital Credit” and capital markets financing makes BTC accumulation path-dependent on liability structure. Scaling is concentrating among well-capitalized issuers, while downside volatility is driving de-risking behavior.
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Strategy’s S&P rating shows BTC deductions can drive adjusted capital negative. Issuers need recognized TAC, true hybrids, RACF disclosure, and a clear fiat liquidity ladder.