Bitcoin & DeFi Integration - Re7's Bitcoin Yield Strategy is now accessible on Starknet [1] - Users can earn yield on Bitcoin while maintaining liquidity [1] - The strategy is available through a tokenized version of the fund [1]

Core Insights - Over 160 publicly listed companies have adopted bitcoin as a core treasury strategy, collectively holding nearly a million BTC, which is about 4% of the circulating supply [1] - The initial phase of bitcoin treasury companies was characterized by narrative and replication, with MicroStrategy's strategy serving as a key example [2] - The sustainability of premium multiples based solely on storytelling and BTC holdings is questioned, indicating a need for companies to justify NAV multiples above one in more durable ways [3] Group 1: Current Landscape - Companies are trading based on their ability to deliver bitcoin per share rather than traditional earnings or cash flow [1] - Most companies have achieved market capitalizations above Net Asset Value (mNAV) multiples greater than one [1] Group 2: Future Strategies - Lever One: Yield as an Edge - Bitcoin treasury firms must demonstrate the ability to generate incremental Bitcoin per share through strategies like BTC-backed lending or Lightning infrastructure [4] - Yield strategies may involve locking up BTC in payment channels to collect fees, but they carry risks such as credit and counterparty risk [5] - Without a yield engine, dilution could lead to mNAV compressing toward one [5] Group 3: Risk Management - Lever Two: Leverage (Risk-Weighted) - Successful companies in the last bear market structured capital to survive forced liquidation rather than relying on large balance sheets [6] - Some BTC treasury companies are considering using their BTC as collateral for BTC-backed loans to obtain USD, which can be used for yield generation or purchasing more Bitcoin [6] - This approach requires rigorous risk management and cash flow modeling, emphasizing the importance of raising capital at a premium and maintaining long maturities [6]

Depeg Risk & Yield Impact - usdai 交易低于其目标价格，使 Pendle PT-usdai 宣传的 29.1% 年化收益率 (APY) 成为泡影 [1] - 如果 usdai 的交易价格为 0.96 美元，即使最初预期收益率为 29.1%，实际收益率也会下降至 24% [1] - Depeg 风险会压缩建立在其之上的每一种收益策略 [1] Market Behavior - 5 亿美元在几分钟内被填满，表明市场参与者可能没有充分评估风险 [1]

Strategy Announcement - Re7 Capital launches an institutional-grade strategy to transform Bitcoin into a yield-bearing asset on Starknet [1] - The strategy aims to make Bitcoin a productive asset [1] Technology & Platform - The strategy utilizes the Starknet platform [1] Asset Management - The strategy focuses on transforming Bitcoin from a static store of value [1]

DeFi Yield Strategies - The document discusses DeFi yield strategies [1] Industry Focus - The industry focuses on decentralized finance (DeFi) and yield generation [1]