I have developed something that I am calling a BASED note—Bitcoin Asset Secured Equity Distribution note. It is designed for bitcoin startups to finance their bitcoin treasuries based upon hitting particular targets for their subsequent round of fundraising. In short, companies that want to buy a bitcoin treasury today and liquidate it at a particular price point (say 5x from now), buy the bitcoin now with the promise of liquidating at the particular price point in n exchange for the 5x of equity.
