Why build DeFi Microstrategy?
- MSTR increases BTC-per-share -> MSTR price >> underlying BTC
- with convertible debt, share upside w/lenders -> low debt/assets
- DeFi protocol open-sources this financial toolkit
- TreasuryDAOs tokenize the whole strategy.
This began with a question--why can I not yet own a DeFi "MSRT" for HYPE, BTC, or any other token and redeem it for the underlying collateral?
Frankly, it's amazing this "winning strategy" wasn't invented on-chain!
Convertible borrowing should be available permissionlessly since it is all secured, in the case of
@ButtonDeFi , by crypto collateral--at first just HYPE and BTC, but later other tokens.
In 2017 I would have told you that *obviously* a tokenized, compounding BTC would be invented on-chain and only later copied by TradFi, not the other way around!
Anyhow, we started building this idea last summer, before treasury companies got really hot, and the general concept had been sketched out in internal memos since 2022.
h/t
@jusanothermfer