Michael Saylor has never been accused of thinking small. The Strategy executive chairman now wants to channel between $15 trillion and $30 trillion of global credit into Bitcoin-backed instruments, a figure that would represent roughly 5% to 10% of the entire global credit market, estimated at around $300 trillion.
The vehicle for this ambition is STRC, short for Strategy Variable Rate Perpetual Stretch Preferred Shares Series A. It offers a variable annualized dividend of 11.5%, paid monthly, and trades near its $100 par value. The product is backed by Strategy’s enormous Bitcoin treasury, which spans hundreds of thousands of coins.
The architecture of digital credit
The math works like this: for every dollar of digital capital (Bitcoin) held by Strategy, the company aims to generate 10 to 20 cents of credit. That leverage ratio of 10x to 20x is how you get from a Bitcoin treasury to a $15-30 trillion target.
STRC’s perpetual structure is a key design choice. Unlike traditional bonds with maturity dates, this instrument has no expiration. It sits there generating yield indefinitely, which makes it attractive to income-focused investors who normally wouldn’t touch crypto with a ten-foot pole.
