Saylor Sees Strategy Able to Issue $30 Billion in Digital Credit

Key Facts

Michael Saylor, Strategy’s founder and CEO, estimated that the company could create between $10 billion and $30 billion in digital credit under its current capital structure, without raising additional capital through common stock or waiting for bitcoin to rise. Saylor made the estimate during the third-quarter earnings call on October 29, 2026, saying: "We can create $10 billion or $20 billion or $30 billion of digital credit now." The proposal puts credit instruments at the center of the company’s plan to finance additional cryptocurrency purchases. But it describes potential financing capacity, not an amount the company has already raised. CEO Phong Le said issuing digital credit is the primary way to buy more bitcoin.

Le outlined a conditional plan to raise between $1 billion and $2 billion over a month through the STRC instrument, directing part of the proceeds to the dollar reserve and using the rest to buy bitcoin. STRC’s variable annual distribution rate for periods with record dates beginning in October 2026 is about 12%, calculated on a $100 par value, according to the company. The rate can change, and distributions are not guaranteed. The proposed approach therefore combines asset-purchase financing with the cost of distributions on the preferred instrument. Saylor said issuing common stock could remain an option if the company’s market value expanded relative to the value of its assets and a suitable opportunity emerged; but he described digital credit as the primary route.

Strategy says the digital credit market has reached $16 billion in par value, spread across 10 listed securities, and that it accounts for 84% of the market. Saylor estimated there were six issuers, saying the market could expand to tens or hundreds of billions over time. The company is betting on this market to meet its goal of doubling the amount of bitcoin per share over 7 years. In this context, the financing capacity Saylor cited becomes part of a stated strategy to increase each share’s claim on the digital asset. Reaching the goal depends on using digital credit as management described, not on a completed $30 billion issuance.

Strategy held about 848,517 bitcoin on October 25, 2026, with a market value of $68.90 billion, based on a reference price of $81,200 per coin on October 23. The company said it had raised about $21 billion in capital by that date and described itself as the fourth-largest capital issuer in U.S. equity markets. It also has a $4.83 billion dollar reserve and $242.4 million in cash, which the company said provide about 3.4 years of coverage for preferred stock distributions and interest on outstanding debt. The company also said it restored STRC to a healthy position by repurchasing about $2.04 billion in shares and increased its dollar assets to $5.07 billion as of October 25. These figures illustrate the financing resources and obligations accompanying an expansion of its holdings, while most of its treasury remains tied to bitcoin.

Strategy reported net income of $19.53 billion and diluted earnings of $44.75 per share in the third quarter of 2026, compared with $2.79 billion and $8.42 per share in the same period of 2025. The company attributed a large part of the result to a $20.91 billion gain in the value of its digital assets, compared with a gain of $3.89 billion a year earlier. Revenue, by contrast, fell 3% year over year to $125.4 million from $128.7 million. Phong Le said MSTR shares rose 76% during the quarter, outpacing bitcoin’s 43% gain. On October 29, bitcoin closed at $77,991.89 and MSTR shares at $141.62, according to EL7 data.

Upcoming steps include a change in financial leadership and record dates for preferred instrument distributions. Strategy said Chief Financial Officer Andrew Kang will step down effective November 5, 2026, and remain an adviser until December 31. Reza Virasteh, executive vice president of operations, will become CFO on January 1, 2027, while serving as co-principal financial officer with Phong Le. The company set November 1 as the initial record date for Stretch distributions, with payment on November 2; the initial record dates for Strife, Strike and Stride are January 1, with payment dates on January 4. The company continues to present digital credit as a tool to finance an increase in bitcoin per share over its stated 7-year horizon.