While speaking with Scott Melker, also known as the Wolf of All Streets, Michael Saylor split the industry into “digital capital” ( bitcoin as digital gold) and “digital finance” (tokenized assets), positioning Strategy’s digital credit stack as the bridge that packages bitcoin’s capital into income products that traditional investors can actually hold. He said the mission is simple: make yield modern and make it accessible.
The suite begins with STRK (“strike”), a convertible preferred designed to capture a large slice of bitcoin’s upside while paying a steady dividend. STRF and STRD layer different protections and payouts, with STRD openly trading investor protections for a higher coupon—an intentional “junk by design” move for yield chasers.
The centerpiece is STRC (“stretch”), a one-month, bitcoin-backed instrument built to behave like a money-market product: monthly cash dividends, tight trading around par, and materially dialed-down volatility compared with bitcoin ( BTC) itself. Saylor framed STRC as a pragmatic on-ramp for yield-focused savers who don’t want a 20-year crypto bond.
In Saylor’s telling, the kicker is tax structure. Because dividends can be paid as return-of-capital, he says the tax-equivalent yield can far outpace conventional money markets—particularly in high-tax locales—turning the product into a “fixed-income” generator sourced from digital capital. As he put it:
“The punchline is, I think we created in Strategy the world’s most tax-efficient, scalable generator of fixed income.”
Distribution matters, too. The instruments are listed on Nasdaq and available on platforms like Robinhood, which broadens access beyond crypto-native venues to retirement accounts globally. He added that a fresh S&P credit rating opens the door for more conservative fixed-income mandates.
Saylor also flagged shifting bank posture on crypto—citing custody moves and collateral policies—as a tailwind for bitcoin-backed credit. He expects methodical progress over several years as the largest, most risk-averse institutions move from caution to allocation.
His pitch blended inevitability and swagger: “Okay, so, no force on Earth can stop an idea whose time has come.” The target, he said, is to reprice the cost of capital and give savers a modern yield without the baggage of 20th-century credit.
Whether investors want upside-sharing coupons (STRK/STRD) or a near-par, monthly payer (STRC), Strategy is betting that packaging bitcoin’s capital into compliant, rated credit will pull in traditional fixed-income dollars. If he’s right, digital credit could become the quiet workhorse of crypto’s institutional phase.
- What did Saylor discuss at Money 20/20? He promoted Strategy’s bitcoin-backed digital credit instruments—STRK, STRF, STRD and STRC—as more efficient income vehicles than traditional credit.
- How is STRC positioned? As a short-duration, monthly-dividend instrument aimed at money-market investors seeking higher payouts with muted volatility.
- Why does tax treatment matter here? Saylor says return-of-capital structuring can boost tax-equivalent yield versus conventional money markets.
- Who can buy these instruments? They’re listed on Nasdaq and available through mainstream brokerages, including retirement accounts in multiple regions.
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