Michael Saylor Uses Financial History to Argue for the Rationality of a "Bitcoin + Preferred Stock" Digital Credit Architecture

November 7: Strategy Executive Chairman Michael Saylor posted on X, using four centuries of financial evolution to provide theoretical support for Strategy's digital credit product Stretch (STRC). He noted that common stock separated capital from investment cycles, preferred stock provided priority claim rights, tax law established a capital return mechanism, and Bitcoin, born in 2008, has become a new corporate reserve asset.

Saylor emphasized that STRC's underlying architecture is built precisely on these historical foundations: using Bitcoin to back the balance sheet, using preferred stock to define investors' returns and claim rights, and relying on exchanges, shelf registration (Shelf) and ATM mechanisms to achieve liquidity and capital formation. The product was first issued in July 2025, raising about $2.521 billion and purchasing 21,021 bitcoins. Saylor believes that this "digital credit," which combines traditional financial instruments with a new type of reserve asset, is a new chapter in four hundred years of financial history.