[Michael Saylor Uses Financial History to Justify the "Bitcoin + Preferred Stock" Digital Credit Architecture] Michael Saylor, Executive Chairman of Strategy, published an article on the X platform, using four centuries of financial evolution to provide theoretical support for Strategy's digital credit product, Stretch (STRC). He pointed out that common stock separates capital from the investment cycle, preferred stock provides priority claims, tax law establishes capital return mechanisms, and Bitcoin, born in 2008, has become a new reserve asset for enterprises. Saylor emphasized that the underlying architecture of STRC is based on these historical foundations: using Bitcoin to support the balance sheet, using preferred stock to define investors' returns and claims, and leveraging exchanges, shelf registration, and ATM mechanisms to achieve liquidity and capital formation. The product was first launched in July 2025, raising approximately $2.521 billion and purchasing 21,021 Bitcoins.