Bitcoin Magazine Podcast Michael Saylor's Strategy World 2026 Keynote: Digital Credit
24 snips
Feb 25, 2026 
Michael Saylor, Founder and Executive Chairman of MicroStrategy, outlines his theory of digital credit and STRC in a keynote. He defines Bitcoin as digital capital. He explains how variable preferred structures extend capital duration. He walks through risk metrics, tax benefits, programmable tokenization, and a massive $300T market opportunity.
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STRC Dividends Are Return Of Capital
- Because STRC dividends are structured as return-of-capital, investors receive deferred tax treatment while the issuer (a non-taxable treasury company) doesn't use the tax benefit.
- Saylor notes this flips traditional issuer-favored tax treatment to benefit investors directly.
Credit Capacity Depends On Bitcoin Assumptions
- The amount and yield of digital credit issuable depends on assumptions: expected return, collateral coverage, duration, and volatility.
- Under bullish Bitcoin assumptions (e.g., 30% ARR) you can issue high-yield, investment-grade credit even with low collateral ratios.
STRC Held Value Through Big Bitcoin Crash
- During a 45% Bitcoin drawdown, STRC maintained principal and paid 4.5% in dividends.
- Saylor contrasts capital investors losing 45% with STRC holders who saw 0% loss and received income during the crash.