Michael Saylor Pitches Digital Credit as Next Crypto Phase as Strategy Dominates Corporate Bitcoin Buying

Strategy Chairman Michael Saylor told attendees at the Digital Asset Summit in New York on March 26, 2026, that “digital credit” represents the defining opportunity for crypto’s next phase, as his company’s STRC preferred stock—offering an 11.5% yield with 2% volatility—demonstrates the potential for Bitcoin-backed instruments to compete with traditional fixed-income products.

The pitch comes as Strategy, formerly MicroStrategy, has consolidated its position as the dominant corporate Bitcoin buyer, accounting for approximately 45,000 BTC of the roughly 46,000 BTC purchased by treasury companies over the past 30 days—a 98% share of the market. Strategy now holds roughly 76% of all Bitcoin owned by treasury companies, according to CryptoQuant data, marking a sharp reversal from mid-2025 when other firms accounted for 95% of purchases.

Digital Credit as the Next Frontier

STRC Preferred Stock

Saylor framed STRC, nicknamed “Stretch,” as a low-volatility, high-yield instrument designed for fixed-income portfolios. The preferred stock has a notional value of approximately $5 billion with average daily liquidity of $224 million, an 11.5% yield, 2% volatility, and a Sharpe ratio near 4. Saylor stated: “Digital credit… is the most compelling credit instrument in the world. If you can create something with a Sharpe ratio of four, it belongs in every portfolio.”

Three-Layer Stack

Saylor laid out a framework for Bitcoin-based financial products across three layers:

Digital equity: Absorbs upside with high volatility

Digital capital: Sits in the middle of the risk spectrum

Digital credit: Delivers structured yield with near-zero volatility, designed to hold stable while the Bitcoin base layer appreciates beneath it

A volatility comparison slide presented at the summit showed STRC with lower volatility than bonds, the S&P 500, gold, Microsoft, Google, and Bitcoin itself.

Institutional Gap

Saylor noted that less than 0.5% of U.S. advised wealth is currently allocated to crypto, despite spot Bitcoin ETFs recording their longest inflow streak of the year. He framed digital credit instruments as a bridge to close that gap, offering yield-seeking investors a Bitcoin-collateralized product with bond-like volatility and double-digit returns.

Corporate Bitcoin Buying Consolidates Around Strategy

Concentration of Purchases

CryptoQuant data shows Strategy purchased approximately 45,000 BTC over the past 30 days—its fastest accumulation pace since April 2025. Every other treasury company combined bought approximately 1,000 BTC in the same period, a 99% decline from a peak of 69,000 BTC in August 2025. Other firms’ share of total purchases has collapsed from 95% at the height of the trade to roughly 2%.

Market Context

Galaxy Digital warned in a July 2025 report that the digital asset treasury company model was fundamentally a liquidity derivative that worked only as long as equities traded at a premium to their underlying Bitcoin holdings. Once those premiums compressed, the flywheel would reverse. Bitcoin traded above $110,000 in mid-2025 but currently trades below $70,000, leaving many companies that bought near the cycle top—including Metaplanet and Nakamoto Holdings—deep underwater with average costs above $107,000.

Strategy’s Position

Strategy has moved to insulate itself, disclosing in December 2025 a $1.44 billion cash reserve with the goal of eventually covering 24 months of dividend and interest obligations. Despite its defensive posture, the company has continued accumulating, now holding roughly 76% of all Bitcoin owned by treasury companies.

Frequently Asked Questions

What is digital credit according to Michael Saylor?

Saylor describes digital credit as Bitcoin-backed financial instruments designed to compete with traditional fixed-income products. Strategy’s STRC preferred stock, offering an 11.5% yield with 2% volatility, is presented as an example of a product that can deliver structured yield with near-zero volatility while the Bitcoin base layer appreciates beneath it.

How dominant is Strategy in corporate Bitcoin buying?

Strategy purchased approximately 45,000 BTC over the past 30 days, accounting for roughly 98% of all Bitcoin acquired by treasury companies during that period. Other firms’ share of total purchases has collapsed from 95% at the height of the trade to approximately 2%. Strategy now holds roughly 76% of all Bitcoin owned by treasury companies.

What risks have emerged in the corporate treasury model?

Galaxy Digital warned that the model worked only as long as equities traded at a premium to underlying Bitcoin holdings. With Bitcoin down from above $110,000 in mid-2025 to below $70,000, companies that bought near the cycle top are deeply underwater. The flywheel has reversed, and most other firms have stopped accumulating, leaving Strategy as the dominant buyer.