RE: LeoThread 2025-10-28 04-55

Part 11/15:

What Strategy and similar Bitcoin treasury companies are building is a parallel, on-chain credit system—transparent, self-auditing, and dynamically collateralized. They issue preferred shares backed by real-time reserve assets, increasing credit capacity as they acquire more Bitcoin—a process akin to recursive balance sheet expansion.

This emerging architecture challenges the old, opaque credit regime. It’s not leverage in the traditional sense but a form of structured recursion that enhances solvency and market confidence through transparency and digital liquidity.