Safer Collateral Than Your Mortgage, Triple the Yield of Your Savings

If you're sizing Bitcoin treasury exposure or evaluating capital structures this quarter, our new research report is the document we'd put in front of you first.

The Bitcoin Digital Credit Report, published today in partnership with Apyx, is the first comprehensive primer on preferred equity as a Bitcoin treasury financing instrument — who can issue it, what it yields, and where a $130 billion market goes from here. 

It's free. The link is below.

The finding most worth your time

Collateral coverage is structural, not speculative. Bitcoin-backed preferred shares are overcollateralized by capital already on the balance sheet rather than by projected future cash flows. Recent coverage ratios have ranged from roughly 3x to 4.5x — meaning issuers hold $3.00 to $4.50 of Bitcoin for every $1.00 of preferred outstanding.

The 50th-percentile loan-to-value ratio for large-bank residential mortgages in Q3 2025 was 76, meaning banks advance $0.76 to homeowners for every $1.00 of a property's value. In other words, these instruments are far more overcollateralized than the average mortgage, and the collateral is a single liquid asset visible on a public balance sheet. 

The TAM

The report's framework puts the long-term opportunity at $65 to $130 billion. Today the category sits near $13 billion — about 1% of the $1.3 trillion global preferred market, per Cohen & Steers — compressed by Bitcoin's drawdown. Built in partnership with Apyx, the framework is designed to evaluate the category across cycles, not just expansion phases. Current conditions are part of the test.

Apyx is the first Dividend-Backed Dollar (DBD) protocol: a stablecoin whose reserve is composed of variable-rate perpetual preferred stock like Strategy's STRC. The pioneering ecosystem around digital credit products is being built right now.

The growth of this market is no longer hypothetical: Strategy alone paid $229.5 million in preferred dividends in Q1 2026.

Read the report

Download the report or visit the Digital Credit dashboard for live data coverage of the space.

If you know a CFO weighing this category, forward this email. It's the briefing they need before the next board cycle.

Onward, The BitcoinTreasuries.net Team

About Apyx

This report was produced in partnership with Apyx. Apyx is the first Dividend-Backed Dollar (DBD) protocol backed by variable-rate perpetual preferred stock — instruments like Strategy's STRC. For treasuries and allocators exploring preferred equity as a financing tool, Apyx offers a direct way to hold that exposure inside a DeFi ecosystem. Learn more at Apyx.fi.

The Bitcoin Digital Credit Report is research and education. It is not investment, legal, tax, or accounting advice, and it is not an offer or solicitation to buy or sell any security or financial product. Digital assets carry significant risk, including total loss. Readers should conduct their own due diligence and consult qualified professionals before making any investment decision. Not available to readers in restricted territories.

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