Michael Saylor: The next phase of the crypto industry will be "digital credit"

According to Forbes, over the past six years, Michael Saylor has transformed Strategy (formerly MicroStrategy) from an enterprise software company that has little attention outside the industry to the world's largest enterprise-level Bitcoin holder, holding more than 762,000 BTC, worth tens of billions of dollars.<br /> At yesterday's Digital Assets Summit in New York, Saylor talked about "digital credit" and saw it as a core opportunity. The STRC (nicknamed "Stretch") he introduced is a preferred stock product that Strategy has positioned as a unique tool in the crypto space: a low-volatility, high-yield asset designed to be included in a fixed-income portfolio. Saylor mentioned that the product has a yield of 11.5%, a volatility of about 2%, and a Sharp ratio of close to 4. The nominal scale of this product reaches US$5 billion, with an average daily liquidity of US$224 million, and it already has an institutional transaction scale.<br /> He said after the meeting: "Digital credit is the most attractive credit tool in the world. If you can create a product with a Sharp ratio of 4, it should be in every portfolio."<br /> At the same time, institutional funds are flowing back into Bitcoin through regulated channels, and U.S. spot ETFs have recorded their longest net inflow cycle this year. However, the proportion of U.S. wealth entrusted with management currently is still less than 0.5% of crypto assets-and Saylor is trying to bridge this gap. For investors seeking income, a tool that uses Bitcoin as collateral, has bond-like volatility and has double-digit returns opens up a new investment narrative.