Saylor Drops Comprehensive Breakdown of Digital Credit at Bitcoin 2026

• Saylor says STRC turns Bitcoin capital returns into yield-focused digital credit income.
• STRC reached $8.5B in AUM, with nearly $400M in daily liquidity and 2.9% volatility.
• Shareholders may approve semi-monthly STRC dividends, with voting closing in early June.

Michael Saylor delivered a 47-minute presentation at Bitcoin 2026. He described STRC as a digital credit instrument built around Bitcoin. Saylor framed Bitcoin as engineered capital and STRC as a structure that turns capital return into income.

During the event, Saylor said STRC was created by combining financial tools that already existed. Those tools included listed public companies, perpetual preferred equity, and monthly variable dividends. 

Bitcoin Returns Drive STRC Credit Model

None of those components were new, according to Saylor. The innovation, he said, came from placing them into one credit product linked to Bitcoin’s long-term return profile.

Bitcoin’s historical performance was central to the argument. Saylor cited a five-year return of about 38% per year and said that return makes an 11% dividend possible for STRC credit investors.

A credit product cannot pay more than the asset behind it could generate, he said. Gold would theoretically reach about 16%, while real estate would reach about 6%. In his view, Bitcoin allows a much higher digital credit model.

During the presentation, Saylor divided investors into two groups. Capital investors could accept volatility and wait years for returns. Credit investors need steady cash flow, lower volatility, and stronger protection of principal.

Bitcoin fits the first group, according to Saylor. STRC was built for the second group, including retirees, institutions, companies, and investors that need regular income instead of long-term price exposure.

Under the structure he described, STRC converts Bitcoin’s capital return into monthly cash flow. Saylor said five to one collateralization could allow Bitcoin to fall 80% while the credit investor remains protected.

According to Saylor, STRC had reached $8.5 billion in assets under management in about nine months. Saylor also cited nearly $400 million in daily liquidity, volatility of 2.9%, and a Sharpe ratio of 2.7.

Retail accounts make up 80% of STRC holders, based on Saylor’s figures. He estimated that about 3 million households currently benefit from the product.

BlackRock and VanEck also hold STRC as the third-largest position in their credit funds, according to the presentation. Saylor said those positions represent 2% to 6% of their full credit indexes.

STRC Demand, Tax Benefits, and Yield Plans Expand

Monthly demand showed sharp movement during the year. It stood near $500 million in January, fell to $80 million in February during a Bitcoin drawdown, then rose to $1.5 billion in March and $3.5 billion in April.

Strategy’s shelf registration was another focus. Saylor said the company created a $21 billion shelf registration for STRC. The previous high for a credit instrument was $500 million

However, dividend treatment also played a key role in the presentation. Saylor said STRC dividends are classified as return of capital, which makes them tax deferred rather than immediately taxable.

Saylor outlined a three-layer framework. Bitcoin was described as digital capital, while STRC was described as digital credit. Digital money and yield products were presented as the layer built above STRC.

Apyx, Saturn, and Hermetic were named as examples of projects building in that third layer. Saylor estimated the downstream STRC tokenization ecosystem had reached about $200 million and projected it could reach $1 billion within four to eight weeks.

Proposal details also included a possible dividend schedule change. STRC could move from monthly to semi-monthly payments if shareholders approve the plan. Voting is set to close in early June.

Related: Saylor Opens Vote to Shift STRC Dividend Payments to Semi-Monthly