Michael Saylor: The next phase of the crypto industry will be "digital credit"

On March 27, Michael Saylor announced that over the past six years, Strategy (formerly MicroStrategy) has transformed from a little-known enterprise software company outside the industry into the world’s largest corporate Bitcoin holder, with total holdings of more than 762,000 BTC worth hundreds of billions of dollars.
At the digital assets summit held in New York yesterday, Saylor discussed “digital credit” and regarded it as a core opportunity. The STRC (nicknamed “Stretch”) he introduced is a preferred stock product, positioned by Strategy as a unique tool in the crypto space: an asset with low volatility and high returns, designed to be included in fixed-income portfolios. Saylor mentioned that the product’s yield is 11.5%, its volatility is approximately 2%, and its Sharpe ratio is close to 4. The product’s notional size is $5 billion, with an average daily liquidity of $224 million, already reaching institutional trading scale.
He stated after the event: “Digital credit is the most attractive credit instrument in the world. If you can create a product with a Sharpe ratio of 4, it should be in every investment portfolio.”
Meanwhile, institutional capital is re-entering Bitcoin through regulated channels, and the US spot ETF has recorded the longest net inflow cycle of the year. However, among the wealth managed in the US, the allocation to crypto assets remains below 0.5%—and Saylor is working to bridge this gap. For yield-seeking investors, a tool that uses Bitcoin as collateral, exhibits bond-like volatility, and offers double-digit returns is opening a completely new investment narrative.