One of the most fascinating parts of this episode was hearing @YChoueifaty explain how TOBAM actually evaluates Digital Credit. It's one thing to discuss $STRC, $SATA, $SATS, and $MORE. It's another to hear how institutional investors model and price these instruments. Credit risk, dividend sustainability, discretionary payments, embedded optionality... There's a lot more complexity than meets the eye. And traditional credit ratings are still far behind when it comes to Bitcoin Treasuries and Digital Credit. The financial engineering is happening on the liability side of Bitcoin Treasury companies' balance sheets. And institutions are developing their own models to make sense of it. Which raises an interesting question: Who will challenge and potentially disrupt the traditional credit rating models of S&P and Moody's? Fascinating times ahead!