Michael Saylor launched his fourth series of preferred shares $STRC and claims he's "building out the yield curve for BTC credit." There's one problem: Bitcoin has no yield and offers no credit. @saylor is calling four preferred shares "the yield curve for $BTC credit"... 🧵

Saylor's "yield curve" is aspirational. Real yield curves graph the same instrument over different time periods. He graphs different instruments entirely - various preferreds, not bonds - and conveniently excludes @Strategy's actual bond yields from the chart.

The supposed curve shows investors pricing $STRF shares at just 340 basis points above 20-year Treasuries. Are we to believe investors give up "the full faith and credit of the US government" for an extra 3.4% yield on MicroStrategy preferreds?

Saylor's curve is inverted (down and to the right) and he mixes short-term junk bonds yielding 6-7% with long-term Treasuries at 4.9%. A real yield curve only varies by time, not by completely different instrument types and credit qualities.

Bitcoin is an asset that transacts on a blockchain. Calling 4 preferred shares of a company "the yield curve for BTC credit" is what the article calls "aspirational and confusing." Saylor is creating financial instruments, not a $BTC credit curve ⤵️