Khing Oei(@khingoei):Tranching is the oldest technology in credit. A 47% drawdown in the collateral and the pref still finishes the year up 9%, because the common beneath it absorbed the entire move. The -27% to +9% spread across the stack is seniority being priced in real time. What is new is the collateral. Bitcoin trades 24/7 at a live market price, so the entire structure is marked continuously, something no mortgage pool or loan book ever offered.

Khing Oei

@khingoei

Founder & CEO @Treasury_BTC. Chair @cypherpunk. Founder @maicrotrader. Ex Hedge Fund Founder/CIO, @GoldmanSachs, Fortress

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Khing Oei@khingoei

2026.08.16 07:21

Tranching is the oldest technology in credit. A 47% drawdown in the collateral and the pref still finishes the year up 9%, because the common beneath it absorbed the entire move. The -27% to +9% spread across the stack is seniority being priced in real time. What is new is the collateral. Bitcoin trades 24/7 at a live market price, so the entire structure is marked continuously, something no mortgage pool or loan book ever offered.

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