Michael Saylor点名Solana与以太坊为分销渠道！比特币数字信贷框架曝光

GateNews

bitcoin news ethereum news solana news Daily Crypto News Project Progress Partnerships & Ecosystem

2026-02-27 09:16:05

SOL-4,36%

ETH-4,09%

BTC-1,89%

2月27日消息，Michael Saylor在Strategy World 2026大会上提出一套以比特币为资本底座的数字信贷框架，强调“比特币是基础资产，数字信贷是其上层产品”。他将Strategy的核心业务定义为“把资本转化为信贷”，通过结构化设计对冲波动，为投资者提供更稳定的收益敞口。

Saylor重点介绍了STRC优先股。在比特币自高点回撤45%的阶段，STRC未出现净值损失，并支付约4.5%股息。他称该产品适合希望参与比特币经济、但不愿直接持币的投资者。其风控体系包含三项内部指标：用于衡量抵押覆盖的“比特币评级”、评估抵押不足概率的“比特币风险”，以及补偿投资者的隐含信用利差。对比当前投资级债约78个基点、高收益债约288个基点，他认为若比特币年复合增速达30%，数字信贷回报具备竞争力。

在平台层面，Saylor将Solana与Ethereum定义为分销渠道，而非资本基础；信贷可被打包为模块化资产，在不同平台上调整波动、流动性与支付频率等参数。其框架未提及XRP。

市场迅速回应，Solana相关资产24小时内显著走强，以太坊亦获得买盘。随着机构探索代币化资产路径，围绕STRC构建更多数字收益产品与扩展比特币资产池，成为Strategy下一阶段的明确方向。

Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to Disclaimer.