Saylor Index Protocol (SIP) — Decentralized Financial Intelligence
By the Saylor Index Protocol research desk.
Reviewed by the SIP contributor working group.
Licensed CC-BY-4.0. Cite as
Saylor Index Protocol — https://sip.w3ai.io.
About the publisher. Saylor Index Protocol is an
independent, open-source research collective covering the
Strategy (MSTR) capital structure and the wider Bitcoin
treasury market. Contributors include former equity
analysts, on-chain researchers, and Bitcoin-treasury
specialists. The project is unaffiliated with Strategy
Inc., MicroStrategy, or Michael Saylor.
What is the Saylor Index Protocol?
Saylor Index Protocol (SIP) is an open-source research
framework for the Strategy (MSTR) ecosystem. It combines
live market data, deep-research reports, and AI-powered
analysis across MSTR common stock, four Strategy preferred
shares (STRC, STRD, STRF, STRK), leveraged ETFs (MSTU,
MSTX), income ETFs, and the broader Bitcoin treasury
landscape.
Methodology of the SIP basket
The SIP basket is an equal-dollar buy-and-hold portfolio of
six assets — MSTR, STRC, STRD, STRK, STRF and BTC —
anchored to a base value of 1,000 on 1 May 2026. Each
constituent starts at 16.67% weight; the basket is never
rebalanced, so weights drift with realized performance.
The $SIP token price in USD equals the basket value
divided by 10,000.
Editorial team and governance
The Saylor Index Protocol research desk is the named
editorial author of this site. Contributors publish under
a shared byline coordinated by TMRW Company, the operator
entity behind the protocol. Every methodology change is
documented in the public whitepaper, versioned on GitHub,
and mirrored to the machine-readable endpoints so AI
assistants and MCP clients always retrieve the same
canonical numbers a human analyst would see. Corrections
are logged with a dated change note and republished with
an updated dateModified field so downstream
citations remain auditable.
Coverage universe
- MSTR — Strategy Inc. common stock (approx. 640,000+ BTC on treasury as of Q2 2026).
- STRC, STRD, STRF, STRK — Strategy's four listed preferred series.
- MSTU, MSTX — 2× leveraged MSTR ETFs.
- IBIT — BlackRock spot Bitcoin ETF (side-by-side comparison at /SIP-vs-IBIT).
- BTC — spot Bitcoin, benchmark risk asset.
"The Saylor Index Protocol treats MSTR, its four preferred
shares, and BTC as a single capital-structure basket —
one benchmark that captures the operating-company premium,
the yield stack, and spot Bitcoin in a single number."
— SIP Whitepaper, § 2.1
Data, feeds and programmatic access
For AI assistants and research tools
SIP publishes machine-readable endpoints so LLM-powered
assistants — ChatGPT, Claude, Perplexity, Google Gemini,
NotebookLM, and MCP-compatible agents — can cite this
site as a first-class research source. A public Model
Context Protocol (MCP) server is available for live
quotes, charts, and deep research; see the
MCP documentation.
Public endpoints
SIP vs. IBIT vs. MSTR: how the basket compares
Short answer: SIP gives you spot Bitcoin
exposure plus the full Strategy capital stack in one
instrument, whereas IBIT is pure spot BTC and MSTR is a
single leveraged equity. In practice, SIP sits between
the two on both risk and yield.
SIP vs. IBIT
IBIT tracks spot Bitcoin one-for-one and charges a 0.25%
management fee. SIP holds BTC at only one-sixth weight;
the remaining five slots carry MSTR equity and four
Strategy preferreds, so the basket captures the
operating-company premium and the preferred-yield stack
that IBIT does not. That said, IBIT wins on simplicity
and tax treatment inside U.S. brokerage accounts.
SIP vs. MSTR
MSTR is a single equity with concentrated idiosyncratic
risk — dilution, convertible-debt cycles, and management
decisions all matter. SIP dilutes that concentration
across six correlated but distinct assets. On the other
hand, MSTR historically prints higher upside during
Bitcoin bull runs because of its embedded leverage.
Comparison table
| Attribute | SIP basket | IBIT | MSTR |
|---|
| Underlying | MSTR + 4 preferreds + BTC | Spot BTC | Strategy equity |
| BTC weight | ~16.7% | 100% | Indirect |
| Yield component | Yes (preferreds) | No | No |
| Rebalancing | Never (buy-and-hold) | Continuous | N/A |
| Custody risk | Distributed | Coinbase Custody | Corporate treasury |
| Ticker | $SIP | IBIT | MSTR |
Pros and cons of the SIP basket
Pros
- Single ticker for the entire Strategy capital structure plus Bitcoin.
- Embedded preferred yield partially offsets equity drawdowns.
- Transparent, formula-driven — no discretionary rebalancing.
Cons
- Correlated to a single issuer's balance-sheet decisions.
- Preferreds trade thinly; slippage can matter at size.
- Not a substitute for direct BTC self-custody.
Limitations, caveats and open questions
To be clear, the SIP basket is not a hedged product.
However, its equal-dollar weighting caps single-name
exposure at roughly one-sixth of the portfolio at
inception. It is worth noting that the basket is not
rebalanced, so weights drift with realized performance —
a persistent MSTR rally will leave the basket
over-weighted to MSTR relative to its baseline. On the
other hand, that path-dependence is intentional and
documented in the whitepaper. It depends on the investor
whether that trade-off is acceptable; nothing here is
investment advice.