Michael Saylor defends Strategy’s Bitcoin sales plan amid dividend concerns

cryptonews05-12

Michael Saylor has defended Strategy’s ability to sell limited amounts of Bitcoin while continuing to expand its BTC treasury, arguing the company should avoid becoming a net seller rather than follow...

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Saylor also argued the scale of any such sale would remain small compared with Bitcoin’s daily market liquidity, which he estimated at between $20 billion and $50 billion.\nStrategy expands Bitcoin financing model\nDuring his Bitcoin 2026 keynote and subsequent posts on X, Saylor described Strategy’s structure as a three-part capital system built around Bitcoin reserves.\nIn Saylor’s framework, Bitcoin functions as “digital capital,” STRC operates as “digital credit,” and MSTR represents the leveraged equity layer tied to the company’s BTC treasury. \nHe said Strategy is “converting digital capital Bitcoin into digital credit (STRC) and digital equity (MSTR).”\nSTRC, also called “Stretch,” is Strategy’s perpetual preferred stock product designed to maintain a price close to its $100 par value. \nAccording to Saylor’s Bitcoin 2026 presentation and Strategy’s digital credit dashboard, the company adjusts STRC’s monthly dividend rate while using an at-the-market issuance program to sell new shares when the product trades at or above par.\nCash raised through those sales is then used to purchase more Bitcoin for the company’s reserve balance.\nDuring the same presentation, Saylor said STRC had grown to roughly $8.5 billion in assets under management within about nine months. He also described the product as targeting the private credit market, which he estimated at $3.5 trillion.\nMeanwhile, KuCoin’s summary of the Bitcoin 2026 conference noted that STRC’s design channels Bitcoin-related returns into monthly income products. \nThe report added that the instrument was structured around an 11% yield assumption tied to Bitcoin’s 38% annualized return and a 5:1 collateral ratio intended to absorb steep BTC price declines.\nOn the equity side, MSTR continues to function as Strategy’s public-market Bitcoin exposure vehicle. \nA recent BitcoinTreasuries profile noted that the company now holds more than 800,000 BTC, while Yahoo Finance reported that roughly 85% of a recent $2.5 billion Bitcoin purchase by Strategy was financed through STRC issuance.\nElsewhere in the discussion, Saylor rejected criticism from gold advocate Peter Schiff, who argued that Strategy’s financing structure could face pressure during periods of Bitcoin weakness or rising dividend obligations. \nSaylor responded that critics who do not accept Bitcoin as “digital capital” are unlikely to support financial products built around it.\n\n\n\n\n\n                Read more:\n            \n\n                Aptos encrypted mempool targets frontrunning and censorship","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.42.2","shortVersion":"4.42.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2634429613","isCrawlerRequest":true}