Metaplanet Bitcoin Strategy Director Says 99% of $1 Trillion Capital Pool Cannot Directly Buy Bitcoin
Dylan LeClair, Bitcoin Strategy Director at Metaplanet, stated that 99% of the global $1 trillion capital pool cannot directly purchase Bitcoin.
Michael Saylor recognized this limitation since 2020 and has designed a series of financial instruments to provide Bitcoin exposure for different capital pools, with $STRC seen as a core product.
Fixed income and institutional investors are buying structured products like $STRC, shifting funds from traditional Bitcoin spot/ETF to synthetic credit instruments. Companies like Strategy, which operate Bitcoin treasury, benefit, while pure spot holders face pressure from capital access diversion.
Source: Public Information
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Michael Saylor has transformed MicroStrategy into a Bitcoin treasury company since 2020, raising hundreds of billions through convertible bonds, ATM equity offerings, and subsequent preferred shares to acquire over 700,000 Bitcoins. He has faced skepticism for increasing positions at market peaks, but this strategy actually serves to amplify capital structure.
In terms of capital pathways, Strategy issues perpetual preferred shares like $STRC (Stretch), providing "digital credit" products to fixed income pools seeking stable yields, using Bitcoin as collateral (approximately 5:1). The funds raised are directly used to increase Bitcoin holdings, creating a perpetual cycle with no maturity and low volatility exposure, while alleviating pressure on common stock.
Similar to the role of early convertible bonds in bull markets, $STRC is in the mid-stage of the transition from "equity financing" to "layered credit products" for Bitcoin treasury companies. Strategy has pushed the scale of preferred shares beyond early convertible bonds.
Essentially, this represents a transfer of pricing power: traditional fixed income capital cannot hold Bitcoin directly due to regulatory, volatility, or custody restrictions. Saylor has engineered perpetual preferred shares to package Bitcoin yields into stable "credit" products, capturing pricing power and capital entry into the $1 trillion fixed income market, thereby reconstructing the connection mechanism between Bitcoin and traditional capital markets.