Strategy chairman Michael Saylor says the company's balance sheet could support the creation of $10 billion to $30 billion in "digital credit." He says this needs neither further Bitcoin appreciation nor additional equity issuance. Strategy also reaffirmed that it intends to remain a net buyer of Bitcoin.
Michael Saylor says Strategy can keep moving without the two things that fueled it before: new stock sales and a rising Bitcoin price. On the company's Q3 2026 earnings call on October 30, 2026, Saylor said the balance sheet could support between $10 billion and $30 billion of what he calls "digital credit."
Treasury as financing capacity
The argument rests on the size of the treasury. Strategy holds approximately 848,517 BTC, according to the source report.
Saylor's logic follows from that. The Bitcoin already on the books gives Strategy enough collateral weight to issue credit-style products without waiting on the market. He framed this as operational flexibility, so the treasury becomes a source of financing capacity rather than only a bet on appreciation.
The timing matters, however. MSTR stock has fallen roughly 44% over the past year, tracking broader market conditions.
Three layers and STRC
Strategy now sorts its products into three layers. Digital capital is Bitcoin, digital equity is MSTR common stock, and digital credit is perpetual preferred stock, most prominently STRC.
STRC is designed to deliver double-digit yields while dampening exposure to Bitcoin's volatility. The instrument targets a par value of around $100.
To hold that price, Strategy has executed buybacks totaling billions of dollars in STRC. It also plans to move STRC to daily dividends and has kept cash reserves on hand to back those payments.
Buybacks on common stock too
The company is not only repurchasing its credit products. Strategy has authorized up to $1 billion in common stock repurchases, a buyback paired with multibillion-dollar programs for its credit instruments.
There is a trade-off for shareholders. Preferred dividends are a fixed claim that ranks ahead of common shareholders, so more credit issuance means more obligations sitting above equity holders.
The source report lists the pace of STRC issuance against the $10 billion to $30 billion range, as items to track, along with whether the daily dividend rollout leads the market to treat STRC as cash-like or as a Bitcoin proxy.
Source: Crypto Briefing
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