Michael Saylor names Solana and Ethereum as distribution channels! Bitcoin digital credit framework revealed

On February 27, Michael Saylor proposed a digital credit framework based on Bitcoin as the capital foundation at the Strategy World 2026 conference, emphasizing that “Bitcoin is the underlying asset, and digital credit is its upper-layer product.” He defined Strategy’s core business as “transforming capital into credit,” using structured design to hedge volatility and provide investors with more stable return exposure.

Saylor highlighted the STRC preferred stock. During the phase when Bitcoin retraced 45% from its peak, STRC did not experience net asset value loss and paid approximately 4.5% dividends. He stated that this product is suitable for investors who want to participate in the Bitcoin economy but are unwilling to hold coins directly. Its risk management system includes three internal indicators: the “Bitcoin rating” to measure collateral coverage, the “Bitcoin risk” to assess the probability of under-collateralization, and the implied credit spread to compensate investors. Compared to current investment-grade bonds at about 78 basis points and high-yield bonds at about 288 basis points, he believes that if Bitcoin’s annual compound growth rate reaches 30%, digital credit returns are competitive.

At the platform level, Saylor defined Solana and Ethereum as distribution channels rather than capital bases; credit can be packaged into modular assets, adjusting parameters such as volatility, liquidity, and payment frequency across different platforms. The framework did not mention XRP.

The market responded quickly, with Solana-related assets significantly strengthening within 24 hours, and Ethereum also attracted buying interest. As institutions explore tokenized asset pathways, building more digital yield products around STRC and expanding Bitcoin asset pools have become clear directions for Strategy’s next phase.