★Moody’s prices Bitcoin at a 28% haircut — and sets the trigger for forced selling

"Moody's assigning a provisional Ba2 rating to Bitcoin-backed bonds, albeit with a 28% haircut, establishes a critical precedent for institutional debt markets leveraging crypto assets. This valuation methodology and potential forced selling trigger could influence future capital allocation, risk modeling, and regulatory treatment of digital assets as collateral, impacting market liquidity and price stability. It signals an evolving, albeit cautious, integration of crypto into traditional finance's risk frameworks."