Michael Saylor has a new thesis: Bitcoin miners don’t set the price anymore. The executive chairman of Strategy — formerly MicroStrategy — argued this week that structured credit products, not mining hash rate, now absorb every bitcoin produced. The shift, he says, is structural, not cyclical.
The STRC engine
The vehicle behind that claim is MicroStrategy's STRC preferred stock, launched in July 2025. In ten months, it’s grown from zero to about $10.5 billion in notional value. Saylor noted that $2 billion of that issuance came in the past month alone. STRC carries an 11.5% monthly dividend rate, resetting to keep the share price near its $100 par value. It converts expected Bitcoin appreciation into tax-deferred yield for credit investors — effectively creating a bridge between the crypto spot market and institutional fixed-income demand.
Strategy now holds roughly $65 billion in Bitcoin. Saylor said the firm bought more BTC in 2025 than the entire mining network produced. His prediction: MicroStrategy will likely buy every bitcoin miners produce until 2140, absorbing supply before it ever hits exchange order books.
Scaling to the 2028 halving
The whole strategy depends on STRC scaling further. Saylor framed the next milestone as the 2028 Bitcoin halving, which will cut block rewards again. If the preferred stock can keep growing, the argument goes, credit demand will continue to set the floor price rather than miner selling pressure.
Not everyone buys it. Critic Derin Olenik has questioned the sustainability of the model, pointing to a potential structural ceiling on how much preferred equity the market can digest, as well as the risk of cash reserve depletion at Strategy. The firm’s ability to keep issuing STRC at scale — and keep buyers interested — remains an open question.
For now, the numbers are on Saylor's side. STRC went from a startup product to a $10.5 billion instrument in less than a year, and the past month saw $2 billion of fresh issuance. But the real test comes in 2028, when Bitcoin’s supply schedule tightens again and the weight of this credit stack has to prove it can absorb every coin, every block, without breaking.
