Michael Saylor, founder and government chairman of Technique, took the Nakamoto Stage at Bitcoin 2026 on Tuesday to argue {that a} nine-month-old most well-liked inventory instrument has change into the fastest-growing credit score product on the planet — and that its growth is simply getting began.
The keynote, framed round what Saylor calls digital credit score, was a structured pitch for STRC, Technique’s Variable Charge Collection A Perpetual Stretch Most popular Inventory, which trades on Nasdaq close to its $100 par worth and pays an 11.5% annualized month-to-month dividend.
He opened with a premise that set the tone for all the things that adopted: “The world is constructed on capital. The world runs on credit score.”
For Saylor, Bitcoin is the capital layer. It’s what he calls “best capital” — engineered, digital, transportable, and traditionally superior to alternate options. He cited Bitcoin’s roughly 38% annualized return over the previous 5 years towards gold, the S&P 500, and actual property, which he described with out hesitation as “terrible.”
STRC, in his framework, is the credit score layer constructed on high: it strips Bitcoin’s volatility from the equation, routes the surplus return to frequent fairness holders, and delivers what he described as a “snug journey” to buyers who need money flows relatively than value publicity.
The distinction he drew between digital credit score and conventional non-public credit score was one of many sharper arguments within the speak. Non-public credit score, he stated, is illiquid, opaque, discrete, and burdened with charges — structured primarily round what issuers need. Digital credit score, by his definition, is liquid, clear, homogeneous, scalable, accessible, and carries no price.
“We designed a digital instrument that’s good for the investor,” he stated, framing STRC as a structural correction to the motivation downside embedded in non-public markets.
He positioned this in historic context, arguing that most well-liked capital had a parallel in Nineteenth-century American railroads, the place it comprised 20 to 30% of institutional financing earlier than fading from use. Saylor stated Technique has reintroduced the mannequin within the twenty first century, constructed on Bitcoin relatively than railroad observe.
STRC’s $8.5 Billion dominance
The numbers he introduced on the Nakamoto Stage have been the middle of gravity for the speak. STRC reached about $8.5 billion in notional worth in 9 months, a determine that by itself would make it bigger than all the present universe of monthly-paying most well-liked securities mixed.
He put annual development for this system at round 350%, stated April inflows alone, when annualized, level towards $38 billion a 12 months, and described the product as sitting in “hypergrowth” with no clear finish in sight. Liquidity, he stated, has grown by an element of eight in 5 months.
“That is going viral,” he advised the viewers.
Saylor: STRC is accessible
A part of what drives that velocity, in Saylor’s telling, is accessibility. STRC trades on Nasdaq and is offered to any retail investor, whereas most comparable structured credit score merchandise are both locked up in non-public funds or restricted to institutional patrons.
He stated roughly 80% of STRC holders are retail, however that company treasuries and establishments are starting to comply with. Technique’s personal knowledge reveals STRC has financed the acquisition of roughly 77,000 BTC in 2026 year-to-date, ten occasions the web influx of all U.S. spot Bitcoin ETFs mixed throughout the identical interval.
The tax construction was one other promoting level. STRC dividends obtain return-of-capital remedy, which suggests buyers can reinvest money flows with out paying odd revenue tax on the complete distribution, letting returns compound over time.
Saylor closed with a imaginative and prescient that was larger than any single product. He stated there may be “an awesome thirst within the crypto economic system to generate Bitcoin-backed yield” and that the chance is for 1,000 corporations to construct their very own digital financial and yield devices on high of the identical framework.
“Each greenback that flows into digital credit score will movement into digital capital,” he stated. “It’ll movement into the Bitcoin community. Because it flows into the Bitcoin community, the worth will improve.”
“We anticipate digital credit score to drive the dimensions of the bitcoin community… drive bitcoin to 10M a coin, make bitcoin a 2T greenback community til it grows increased, and provides folks an alternative choice to twentieth century credit score devices” Saylor stated.
He described the motion as “a massively highly effective, multi-generational wealth switch” and stated his final objective is for Technique’s mannequin to “energy a whole bunch of thousands and thousands of households with a high-yield financial savings account.”
