Michael Saylor (@saylor)

Strategy announces a Digital Credit Capital Framework designed to strengthen Digital Credit, enhance liquidity, preserve long-term Bitcoin exposure, and support long-term value creation. $MSTR $STRC

I was on @BloombergTV today discussing the problem Digital Credit is built to solve. Even with recent volatility, $SATA is proving its resilience as a superior income-generating asset vs. traditional income alternatives. The track record is being built in real time.

When I gave this speech in October 2022, Bitcoin traded near $20,000, Strategy held 130,000 BTC worth about $2.6 billion, and $MSTR was ~$24 split-adjusted. Weeks later, after Bitcoin fell below $16,000, our debt exceeded the combined value of our BTC and cash reserves by ~$300 million, and $MSTR fell into the $13 range by year-end. We stayed focused, strengthened the company, and executed our strategy. Since then, Strategy has raised over $60 billion of additional capital and invested it in Bitcoin, adding more than 716,000 BTC. Today, our BTC and USD reserves exceed debt by ~$48 billion. Thank you to everyone who believed, endured, and took the long view.

The hardest thing in business is not seeing the future. It is surviving long enough to build it. My fireside chat with @Julian_Liniger at @BTCPrague on focus, endurance, corporate transformation, and how entrepreneurs can use Bitcoin, AI, and digital finance to create the next generation of products. Full interview below. 00:00 - Bitcoin as the dominant global Digital Capital network: 17 years, hundreds of billions invested, and a potential $100T opportunity 00:51 - Bitcoin near the 200-week moving average: why $BTC is more compelling after a 50% drawdown 01:52 - Strategy’s scale and the media narrative: from ~$600M enterprise value to as high as ~$120B 10:29 - Bitcoin fundamentals: economic empowerment, sovereign property rights, and the dominant digital monetary network 12:16 - Why there is no second best: Bitcoin as Digital Capital, Digital Money, and a potential $100T network 16:09 - Entrepreneur advice: build a simple product using new technology to solve a real problem 20:30 - Focus, endurance, and the danger of dilutive distractions 32:25 - What I would build today: AI plus Digital Assets, especially Digital Money and Digital Yield 33:27 - Digital Credit: taking a 40 vol asset, stripping it to ~4 vol, and creating new yield products 34:57 - Digital Money: 6–8% yield in major currencies with no volatility 38:05 - $STRC, $SATA, and the next layer of bitcoin-backed financial products 48:52 - Q&A: why Strategy sold 32 BTC and why bitcoin-backed capital must support credit and equity 59:29 - Q&A: Strategy as a shock absorber: selling 32 BTC while buying net ~250,000 BTC during the bear market 01:02:39 - Why public companies protect Bitcoin through accounting, tax, legal, political, and economic advocacy 01:07:58 - Strategy as the extension of the Bitcoin network into the free market system

Bitcoin has already won as Digital Capital. The next wave is Digital Credit, Digital Money, Digital Yield, and Bitcoin-backed capital markets — products that can bring trillions of dollars of traditional credit and money market capital onto Bitcoin. My interview with @Cointelegraph at @BTCPrague. 00:57 — Bitcoin in a drawdown: five major pullbacks in six years, stronger fundamentals, and rising dominance 02:23 — Digital Credit: from zero to an $11B+ asset class in 12 months 03:35 — Digital Money: bitcoin-backed yieldcoins and the path from 40 vol to 0 vol 04:31 — The opportunity for 8% yield in dollars, euros, yen, pounds, and francs 06:02 — $300T of credit, $30–50T of money markets, and the $10T opportunity for Bitcoin 07:19 — Why Bitcoin is winning economically, technically, and ethically 08:26 — Quantum computing, FUD, and why bear markets amplify Bitcoin debates 10:37 — AI capital rotation, Bitcoin’s current drawdown, and the path to recovery 11:36 — Six years of Strategy: why I would have moved faster into Digital Credit 12:22 — The ideal Bitcoin Treasury Company: common equity plus STRC-style Digital Credit 14:35 — The 32 BTC sale, the $100M bitcoin buyback, and why capital must back credit 17:02 — Defending the equity, credit, and bitcoin-backed capital structure 19:03 — The tradeoff: buy 200,000 BTC and sell 10,000 BTC — or buy and sell zero 20:15 — “Never sell,” Twitter trolls, and Strategy’s fiduciary obligations 22:06 — Bitcoin per share, long-term accretion, and accumulating through bull and bear markets 22:34 — $21B of equity raised in 16 weeks and ~$10B of bitcoin acquired this year 24:18 — The Strategic Bitcoin Reserve, US leadership, and supportive regulation 27:18 — Digital Credit, bank credit, and Digital Money bringing trillions onto Bitcoin 28:01 — Why Bitcoin can grow organically without central bank support

Welcome Back to The Hurdle Rate. Episode 61: What’s Your Time Preference? In this week's Hurdle Rate, the crew breaks down the latest corporate Bitcoin market activity and Strive's growing Bitcoin holdings, before turning to Strategy's Bitcoin sale and what the balance sheet math actually reveals about risk and permanent impairment. We dig into historical bear market scenarios, how to manage amplification ratios, and the product management and demand dynamics shaping the treasury company landscape. We close with a deeper look at what digital credit actually is, and why it matters for the road ahead. Here's the latest with @ColeMacro, @PunterJeff, @Werkman and @TimKotzman. 00:00 Welcome to the Hurdle Rate Podcast 01:44 Market Acceleration and USD Reserves 06:04 Holistic Capital Structure Strategy 12:20 Designing Long-Term Capital Vehicles 17:21 Analyzing Recent Bitcoin Flows 18:11 SpaceX IPO and Major Capital Events 29:18 Bitcoin on Institutional Balance Sheets 36:51 Takeaways from Bitcoin Prague 41:20 Onboarding New Investors via Digital Credit

Michael @Saylor believes Bitcoin can 500x. The more interesting question is how. At @BTCPrague, we discuss whether Bitcoin’s path forward is driven primarily by adoption and savings, or by capital flowing in through global credit markets. We also tackle mNAV, concerns around dilution, and Bitcoin per share. TIMESTAMPS: 00:00 Why Michael Saylor calls this the most exciting year in Bitcoin history 2:34 Setting the record straight: why Strategy sold 32 Bitcoin 3:55 How Strategy works like a reserve bank built on Bitcoin 6:58 How the company turns Bitcoin gains into payouts - without the tax hit 9:12 Answering the short sellers 11:40 Why a better credit rating could put Strategy in the S&P 500 13:27 Saylor responds to his critics on X 14:47 The constant balancing act: chasing growth without taking on too much risk 16:22 The balance sheet explained: what the company actually owes 20:56 What “digital credit” really means, in plain terms 24:06 What it really costs to raise money 27:31 The trade-off: more Bitcoin per share vs. more risk 41:07 Why idealism alone won’t get Bitcoin there - but big money can 49:42 The “AI summer” pulling money away and when it flows back to Bitcoin

Bitcoin Capitalism — my keynote from @BTCPrague 2026. Digital Capital is the foundation for Digital Credit, Digital Money, Digital Yield, Digital Equity, and a universe of Bitcoin-backed products and services. Timestamps: 01:37 - The Four Bitcoin Ideologies and the case for Bitcoin Capitalism 03:29 - Bitcoin as Digital Capital: thousand-year capital with a half-life of infinity 06:12 - Bitcoin network snapshot and ~68% dominance 07:41 - What is money? The Austrian view, the conventional investor view, and “Bitcoin is money, everything else is credit” 09:21 - Digital Money and Digital Credit: bitcoin-backed products for fiat-facing investors 11:28 - Digital Credit: an ~$11–12B asset class that was zero 12 months ago 14:54 - Bitcoin’s opportunity: $1T of bitcoin vs. $1,000T of global capital 15:43 - The 10-dimensional model for reaching stranded capital 16:44 - 1) Asset types: commodities, equities, credit, derivatives, real estate, money, and tokens 18:07 - 2) Capital functions: store of value, appreciation, income, collateral, and payments 19:29 - 3) Custody: self-custody, banks, custodians, broker-dealers, prime brokers, and exchanges 20:34 - 4) Jurisdictions: 664,000 legal and regulatory environments for capital 22:03 - 5) Distribution networks: banks, exchanges, payment networks, and $156T controlled by wealth advisors 23:13 - 6) Account forms: retirement accounts, brokerage accounts, insurance policies, treasuries, and trusts 24:51 - 7) Risk: market, currency, duration, regulatory, credit, technical, security, theft, and counterparty risk 26:03 - 8) Liquidity: transforming $350T of illiquid capital with liquid digital assets 28:02 - 9) Investors: banks control ~$200T and need compliant bitcoin-backed products 30:09 - 10) Product characteristics: fixed rate, floating rate, leverage, callability, fees, and structure 30:45 - The 10x10 matrix for channeling global capital into Bitcoin 31:19 - How $10–20T of capital could expand Bitcoin into a $100T network, moving from $70K to $700K to $7M per bitcoin 32:10 - Bitcoin Capitalism as a Darwinian market: winners, challengers, failures, and 1,400 companies tracked by Strategy 34:53 - Existing bitcoin-backed products: @Trezor, @Unchained, @Fidelity, @Fold_app, @Tando_me, @Relai_app, @CashApp, @HodlHodl, @AnchorWatch, @Meanwhile, $IBIT, $STRC, and $MSTR 40:03 - Digital Capital, Digital Credit, Digital Money, and Digital Yield competing with traditional capital markets 41:03 - Digital Money and Digital Yield: better stablecoins and higher-yield bitcoin-backed products 47:27 - 3 ways to participate: savers, investors, and innovators 49:19 - The aluminum airplane analogy: people buy the product, not the commodity underneath 52:29 - Build a ₿ridge to connect $BTC to the global capital markets 53:42 - 10,000 products, 10,000 needs, and 100,000 corporate efforts to change the world

Bitcoin is down 50%, but the infighting inside the community is at all-time highs. So we decided to have a little fun with it. Using Saylor’s four Bitcoin ideologies as a framework, we break down the tribes, the feuds, and the endless timeline warfare that’s erupted during this bear market. Enjoy. 📺: