Michael Saylor: The next phase of the crypto industry will be "digital credit"

ChainCatcher news reports that, according to Forbes, Michael Saylor has transformed Strategy (formerly MicroStrategy) from a little-known enterprise software company in an unrelated industry into the world’s largest corporate holder of Bitcoin, accumulating over 762,000 BTC, valued at tens of billions of dollars.

At the digital asset summit held in New York yesterday, Saylor discussed “digital credit,” viewing it as a core opportunity. The STRC (nicknamed “Stretch”) he introduced is a preferred stock product that Strategy positions as a unique tool in the crypto space: a low-volatility, high-yield asset designed to be included in fixed-income investment portfolios. Saylor mentioned that the product has a yield of 11.5%, a volatility of about 2%, and a Sharpe ratio close to 4. The product has a nominal size of $5 billion, with an average daily liquidity of $224 million, already achieving institutional trading scale.

After the meeting, he stated, “Digital credit is the most attractive credit tool in the world. If you can create a product with a Sharpe ratio of 4, it should be in every portfolio.”

At the same time, institutional funds are flowing back into Bitcoin through regulated channels, with the U.S. spot ETF recording the longest net inflow period this year. However, the proportion of crypto assets in U.S. trust-managed wealth remains below 0.5%—and Saylor is trying to bridge this gap. For yield-seeking investors, a tool that uses Bitcoin as collateral, with bond-like volatility and double-digit returns, opens up a whole new investment narrative.