Michael Saylor, the man who turned a mid-tier software company into the world’s largest corporate Bitcoin treasury, has added a new tool to his financial engineering kit: ChatGPT.
The Strategy chairman revealed that he used OpenAI’s chatbot to help design STRC, the company’s perpetual preferred stock known as “Stretch.” The instrument launched in July 2025 and has already accumulated a market capitalization exceeding $8.5 billion, making it one of the larger preferred equity offerings in the market.
What STRC actually is
It’s a perpetual preferred share, meaning it has no maturity date, pays dividends indefinitely, and sits in a priority queue above common stockholders if things ever go sideways.
The current annualized dividend rate is set at 11.5%. That’s variable, not fixed, which gives Strategy room to adjust as market conditions shift. The company has also explored moving to semi-monthly dividend payouts, a tweak designed to make the instrument more attractive to income-focused investors who prefer steadier cash flow.
