The new business model of building on top of digital credit to create digital money and digital yield can be roughly categorized into two different architectures. 

Debt-based, tranching structures 

Full-reserve, spendable balance structures 

This article gives a general overview of these models, with an analysis of economic implications. 

Digital Credit, Digital Money and Digital Yield 

To get started, I will define these terms. Digital Credit is the credit-like instruments issued by corporations with large Bitcoin balance sheets. Today they are five Nasdaq-listed perpetual preferred equity—STRC, SATA, STRK, STRF, STRD—and all five are the top five most…

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Bitcoin’s portability, divisibility and accessibility could increasingly distinguish it from traditional stores of value as more institutions enter the market, according to SALT Lending CEO and Co-Founder Shawn Owen.

Speaking on BMTV, Owen pointed to Bitcoin’s resilience while gold and other long-duration assets sold off, arguing that some of Bitcoin’s most basic characteristics give it advantages over competing assets.

“It is easier to buy Bitcoin than gold,” Owen said.

That advantage becomes even more apparent when mobility matters.

“It’s easier to move Bitcoin out of, say, somewhere where you need to leave quickly because there’s unrest in the area than…

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Bitcoin Magazine

Shawn Owen: Bitcoin’s First Institutional Cycle Has Arrived

Banks and credit unions are racing to adopt Bitcoin, and SALT Lending CEO Shawn Owen says the FOMO is real. In this interview, Shawn Owen joins Grace Remington and Sean Hagan to talk about Bitcoin as pristine collateral, compressing volatility, and why institutions can no longer ignore Bitcoin. He explains how the barriers holding back banks and registered investment advisors have finally come down. If you want to understand where Bitcoin-backed lending is headed, this conversation is a must-watch.

Chapters:0:00 – SALT Lending CEO Shawn Owen on Bitcoin Volatility and Loan-to-Value1:38 – Bitcoin as…

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Global oil inventories are running out faster than most people realize. Josh Young, founder and CEO of Bison Interests, says less than 10% of global stockpiles may be usable, and the market has almost no room left for another supply shock. He explains why WTI’s fair value sits near $105 a barrel, why an Iran peace deal might not bring lasting relief, and which part of the energy market he believes is deeply undervalued.

Chapters:00:00 Saudi Aramco Warns Rebuilding Oil Stockpiles Could Take Two Years02:00 Would an Iran Peace Deal Crash Oil? Why WTI’s Fair Value Is $10504:03 How Long It Takes to Restore Damaged Middle East Energy Infrastructure05:33 Strait of Hormuz Flows,…

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Where will the money for Bitcoin’s next rally come from? CoinDesk’s James Van Straten looks at rotation out of gold, which sits about 25% below its all-time high, and what a correction in record-high US equities could mean for Bitcoin. He explains how stablecoin inflows have historically trickled into Bitcoin and why that could repeat. The discussion also covers Scott Bessent’s bond buybacks and the strong Bitcoin and gold rally that followed.

Chapters:00:00 Bitcoin one year after its $126K all-time high00:41 Why February was the Bitcoin bottom01:24 Volatility and time compression in the Bitcoin cycle02:06 Options overwriting and the institutional cycle03:07 Will…

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Treasury yields, oil prices and the yen carry trade are all reaching a breaking point, and Vincent Deluard warns that equities could be next. The StoneX strategist argues that markets will hold up through the midterms and the Anthropic IPO, but that AI capex can’t keep doubling forever. After November, he plans to turn bearish on stocks while staying bullish on Bitcoin and gold.

Chapters:00:00 Why Rising Treasury Yields Point to Long-Term Dollar Debasement02:01 Can AI and Robotics Grow the US Out of Its Debt Problem?03:48 Bitcoin vs. Gold: Which Is the Better Debasement Hedge?05:36 What Daily Tax Collection Data Reveals About the US Economy09:34 Inside France’s Bond Market…

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Fintech has moved beyond disruption. The technologies and ideas first introduced by Bitcoin, including borderless value transfer, digital asset ownership and programmable financial infrastructure, are changing how the world’s largest financial institutions think about money.

These topics dominate discussions at Money20/20 USA 2026, taking place in Las Vegas from 18-21 October. Leaders of the financial services ecosystem will come together, along with more than 11,000 attendees, 600+ speakers, and representatives from 85+ countries, to shape the future of money.

Money20/20 USA 2026 reflects a profound shift in the financial ecosystem. One where Bitcoin and digital assets are…

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Pro-crypto regulator Mike Selig has said that pushing ahead with new rules will stop another collapse like FTX. 

Speaking on Fox Business Network’s Varney & Co. show Wednesday, the Commodity Futures Trading Commission Chair said that crypto exchanges will have the chance to register with the regulator in order to safeguard digital asset spot markets. 

Once one of the most popular crypto exchanges, FTX quickly and abruptly went bankrupt in 2022 due to mismanagement. Its founder, Sam Bankman-Fried, is now serving 25 years in prison for fraud and other crimes after $8 billion in customer funds was stolen. 

The CFTC and other regulators are pushing ahead with rulemaking for…

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Forget stocks — U.S. investors are more interested in upping their bitcoin holdings, according to new research. 

Charles Schwab’s 2026 Modern Wealth Survey dropped on Wednesday, and showed that current cryptocurrency investors want to keep adding to their holdings. 

The research revealed that a total of six in 10 plan to invest more over the next 12 months — a higher share than among owners of all other investments measured, including ETFs (56%), stocks (52%), bonds (42%), and mutual funds (41%). 

“Existing cryptocurrency investors are certainly leaning in, particularly younger investors who are driving much of the interest and momentum in cryptocurrency,” Head…

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At block 950,000, 6.90 million BTC are cryptographically exposed, equal to 34.45% of circulating supply. That headline number should not be read as the amount of bitcoin likely to be lost in a quantum event. Practical risk depends on whether the owner can respond, whether the entity is operationally active, whether the balance is large enough to justify the cost of attacking, and how quickly funds can be migrated. Considering those dimensions, the risk profile is narrower, more concentrated, and more dormant than the raw exposure figure implies.

6.90M BTC Raw exposed supply

34.45% Raw exposed share

3.33M BTC Active >=1 BTC exposure

2.28M BTC Dormant unknown >=1 BTC

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