Michael Saylor unveils STRC as ‘digital credit’ and hints at Bitcoin sales at Bitcoin 2026 conference

Michael Saylor just did something nobody expected: he hinted that Strategy Inc. might actually sell Bitcoin.

Speaking at the Bitcoin 2026 conference in Las Vegas on April 28, the co-founder and executive chairman of Strategy Inc. laid out an ambitious funding model centered on STRC, the company’s Bitcoin-backed preferred stock. But the real headline was his suggestion that the firm could liquidate some of its Bitcoin holdings by the end of 2026 to better manage cash reserves, a notable departure from the company’s long-standing “never sell” ethos.

STRC: from launch to largest preferred stock in eight months

The centerpiece of Saylor’s keynote was STRC’s meteoric rise. Within just eight months of its debut, the instrument has become the world’s largest and most liquid preferred stock, according to Saylor. It offers tax-deferred yields of 11.5%, putting it in direct competition with traditional equity returns.

Saylor framed the company’s financial architecture in three layers: Bitcoin as “digital capital,” MSTR stock as “digital equity,” and STRC as “digital credit.”

The sell signal that wasn’t supposed to happen

For years, Saylor has been Bitcoin’s most vocal corporate evangelist, famously advocating a buy-and-hold-forever approach. Strategy Inc., which rebranded from MicroStrategy in February 2025, has accumulated one of the largest corporate Bitcoin treasuries in existence.

So when Saylor indicated during his keynote that the firm might liquidate some holdings in 2026 to manage cash reserves, it registered as a genuine strategic pivot. Not a panic move. Not a capitulation. But a calculated acknowledgment that running a Bitcoin-backed financial conglomerate requires actual cash management.

The logic isn’t hard to follow. STRC’s 11.5% yield has to be paid somehow. If cash reserves run thin, the company faces two unpleasant options: sell Bitcoin or issue more MSTR shares. The latter dilutes existing equity holders. The former contradicts the core thesis.

Risks lurking beneath the innovation

The conference didn’t shy away from the uncomfortable questions surrounding STRC’s structure. Chief among them: what happens if STRC issuances continue to grow while cash reserves don’t keep pace?

The answer is dilution. Ongoing STRC issuances create obligations that must be serviced. If Bitcoin’s price stagnates or declines, Strategy’s ability to cover yields without selling BTC or issuing new MSTR shares gets considerably harder.