The core strategy of Strategy is to issue debt or debt-like instruments backed by Bitcoin, such as convertible bonds and preferred shares (for example, convertible preferred shares with the code TRYK). Saylor points out that this is creating a new theory of credit: lending based on actually held assets rather than expectations of future cash flows. Due to Bitcoin's high volatility and enormous appreciation potential, Strategy can offer returns higher than the market average (paying junk bond rates), while its massive Bitcoin holdings provide de facto "investment-grade credit" (even though rating agencies may not see it that way).

Facing external skepticism about Bitcoin crash risks and the company's stock premium, Saylor appears confident. He emphasizes that many of the instruments the company issues, particularly preferred shares, are "perpetual" with no maturity dates, no strict collateral requirements, or margin call clauses.

"Bitcoin can drop 99%…no margin call will come," he notes. He even believes that Bitcoin's volatility is actually advantageous for Strategy because high volatility attracts traders, drives up stock premiums, and in turn makes the terms for issuing convertible bonds and preferred shares more favorable, forming a positive, self-reinforcing "second-order reflexivity" loop.