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Strategy Chairman Michael Saylor published a new presentation on social media designed to prove to investors that his company has found a way to generate record dollar-denominated yields using Bitcoin. In the newly released slides, Strategy is positioned not as a passive cryptocurrency accumulator but as a full-scale "digital credit" factory.
Saylor is offering the market a range of preferred shares and bonds — STRD, STRC, STRK and STRF — that package BTC volatility into fixed coupons.
According to Saylor's charts, the effective yield on the junior STRD securities stands at 16.69%, while the flagship STRC offers 13.79%, significantly higher than traditional government bonds, with IEF yielding 4.00%. Saylor claims that the system is sustainable and that Strategy's current BTC reserves would be sufficient to fund payments for 31 years even with zero market growth.
However, the presentation was released amid intense criticism. The double-digit figures shown on Saylor's slides are largely driven by the decline in the market prices of the debt instruments themselves, with STRD trading at $60.42 and STRC at $88.28.
How Strategy plans to fund the coupons amid a $9.8 billion paper loss
The market is pricing in substantial risk because of the company's enormous $9.89 billion unrealized loss. Strategy holds 843,775 BTC at an average purchase price of $75,482, while the current value of the position stands at $53.8 billion.
To contain the wave of criticism triggered by its recent forced sale of $218 million worth of Bitcoin, the company abruptly changed its strategy and completely froze cryptocurrency purchases. Instead, Strategy officially announced yesterday that it had raised $466.7 million through its ATM program.
Whether this emergency financial buffer can restore confidence in Saylor's securities, or whether the company's multibillion-dollar debt burden will continue dragging its share prices lower, is perhaps one of the biggest questions facing the crypto market in the summer of 2026.
Dan Burgin
U.Today Editorial Team
