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Strategy has spent years buying Bitcoin with two tools: selling new common shares and benefiting from a rising Bitcoin price. On its third-quarter 2026 earnings call, Executive Chairman Michael Saylor said the company may no longer need either one.
His pitch is that Strategy could create between $10 billion and $30 billion in what it calls “digital credit,” backed by the balance sheet it already has. For a company whose whole identity is “buy more Bitcoin,” that changes how the shopping gets funded.
What Saylor and Le actually laid out
Saylor described the $10 billion to $30 billion range as financing capacity. It would not require new common-stock issuance or any further gains in Bitcoin’s price.
The $30 billion figure reflects the company’s view of its own financial structure and Bitcoin holdings. It is not a fundraising target the company plans to hit immediately.
CEO Phong Le filled in the mechanics. He said the main way Strategy will acquire more Bitcoin going forward is by issuing preferred securities, particularly perpetual preferred shares such as STRC.
Perpetual preferred shares sit between bonds and common stock. Holders get a fixed dividend and stand ahead of common shareholders in line. They don’t get voting power, and the shares have no maturity date. STRC is designed to pay double-digit yields and to work as a steadier alternative to holding Bitcoin directly.
The numbers behind the confidence
As of October 25, 2026, Strategy held 848,517 BTC. That stack is up 26% for the year.
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The company also reported about $5.07 billion in dollar assets. By Strategy’s math, that reserve could cover preferred dividends and debt interest for roughly 3.4 years.
Strategy reported third-quarter net income of $19.53 billion, driven largely by a $20.91 billion gain on its digital assets.
Strategy already has a sizeable presence in this market. It currently has $16 billion in notional digital credit securities outstanding across ten listed instruments. The top end of Saylor’s new range would be larger than everything it has issued in this category so far.
From software firm to Bitcoin capital machine
Strategy started as a traditional software company and has turned into one of the most prominent names among corporate Bitcoin treasuries.
The company now describes its capital approach in layers: digital capital, digital equity and digital credit. Bitcoin is the base layer. Common stock is the equity layer. The preferred instruments are the credit layer that the company now wants to lean on hardest.
The move also signals a step away from two funding sources that defined its earlier buying sprees: at-the-market (ATM) equity sales and convertible debt. ATM programs let a company sell shares into the market gradually. Preferred shares sidestep some of those issues. They don’t add common shares, and perpetual instruments never come due. The trade-off is a standing dividend obligation that has to be paid regardless of where Bitcoin trades.
What this means for shareholders, credit buyers and Bitcoin
For common shareholders, the most obvious appeal is less dilution. If preferred issuance replaces ATM sales as the main funding channel, existing holders may see their ownership stretched less with each Bitcoin purchase. Their claim, however, sits behind a growing stack of preferred holders who get paid first.
For preferred buyers, the proposition is yield backed by a large Bitcoin position and a multi-year cash reserve. The 3.4-year coverage estimate is based on current obligations. Adding billions in new preferred paper would raise the annual dividend bill.
The reported earnings also deserve care from this group. A $19.53 billion quarter driven by a $20.91 billion digital-asset gain shows how directly Strategy’s results follow Bitcoin.
