Strategy Says It Could Issue $30 Billion in Digital Credit
Key Facts
Strategy CEO Phong Le said during the company’s third-quarter earnings call on October 29, 2026, that it could issue $10 billion, $20 billion or $30 billion in digital credit using its existing capital structure. He added that this could be done “without raising more capital through equity and without bitcoin going up.” The statement describes potential issuance capacity; it does not mean the company raised those amounts or announced a new issuance. The figures came as the company presented the digital credit ecosystem it is building around its listed securities. Le linked this capacity to the capital instruments the company already has.
In its third-quarter results, Strategy said digital credit had a stated value of $16 billion across 10 listed securities, giving it an 84% market share. The company presented this activity as an established segment spanning more than one security, with its ecosystem including different classes of preferred stock. That places Le’s estimate of potential additional issuance within a broader framework of instruments already trading, while the two figures have different meanings: $16 billion is the stated value reported, and $30 billion is a potential ceiling he cited on the call. The disclosed information set no timing or size for a new issuance. The company also did not attribute a specific objective to the statement beyond describing its capacity to create digital credit.
The model is underpinned by Strategy’s large bitcoin holdings. The company said it held 848,517 bitcoin as of October 25, 2026, up 26% year to date, and had bought $14.33 billion of the cryptocurrency over the same period. It estimated the value of its digital assets at about $68.90 billion, based on a bitcoin market price of about $81,200 on October 23. These figures provide context for the scale of the assets surrounding its digital credit instruments, but do not establish that bitcoin holdings alone directly collateralize every security. The company’s message focused on the potential to expand credit through its existing capital structure, rather than an announced asset sale or new capital raise.
Preferred stock is part of this structure through a repurchase program, details of which the company reported through October 25. It had repurchased 20,980,508 shares of STRC for about $2.04 billion, at an average price of $97.39 a share, with about $956.7 million remaining under the authorization. The transaction shows STRC is part of ongoing management of preferred securities, but does not by itself show that the company will use this class alone to issue the credit Le described. Strategy also said its U.S. dollar cash assets totaled $5.07 billion on the same date, providing 3.4 years of coverage for dividend and interest obligations. That reserve is another element of the financial picture the company presented to investors.
The securities plan included a change to dividend payment schedules. Strategy said daily distributions on STRC would begin on November 1, 2026, while daily distributions on STRF, STRK and STRD would begin on January 1, 2027. These dates link the preferred securities to recurring obligations that should be considered when assessing the company’s capacity to issue additional credit. The company had announced that its quarterly results would be released after the U.S. market close on October 29, with a live webcast at 5 p.m. Eastern Time that day; it then presented details on its holdings, repurchases and dollar assets in the results. The distribution dates are the next specified step in the timeline disclosed by the company.
Strategy reported net income of $19.53 billion in the third quarter of 2026 and diluted earnings per share of $44.75, compared with net income of $2.79 billion and diluted earnings per share of $8.42 in the same period of 2025. The company attributed much of the result to a $20.91 billion gain on digital assets, compared with a gain of $3.89 billion a year earlier. The comparison helps explain the effect of valuing bitcoin holdings on reported quarterly results, alongside the expansion of its securities business. In more recent trading, MSTR closed at $111.62 on November 13, after closing at $125.59 on November 9, $121.07 on November 10, $122.35 on November 11 and $114.41 on November 12. These closing prices show the stock’s path over the cited sessions, but do not on their own establish the cause of the price changes or the market’s reaction to the October statement.