Michael Saylor Says Bitcoin Would Be Trading Between $40,000 and $50,000 Without MSTR

Strategy Inc. Executive Chairman Michael Saylor said the company’s multibillion-dollar Bitcoin accumulation campaign helped lift the cryptocurrency far beyond where it likely would have traded otherwise. In a podcast interview, Saylor estimated Bitcoin might be priced between $40,000 and $50,000 today if Strategy had not spent about $62 billion buying the asset over the past five years. He argued that Bitcoin would still have succeeded without Strategy, but that the company stepped into a role that accelerated adoption and price appreciation.

Strategy, formerly known as MicroStrategy, began buying Bitcoin in 2020 when the asset traded near $10,000. Since then, the company has become the world’s largest corporate holder of Bitcoin, with roughly 818,000 coins on its balance sheet. Saylor said Strategy’s purchases were funded through a mix of cash, convertible bonds, equity raises and preferred stock offerings, creating one of the most aggressive corporate crypto accumulation strategies in the market.

Saylor also discussed Strategy’s newer financial product, STRC preferred stock, which he described as a way to package Bitcoin exposure in a lower-volatility structure. According to Saylor, STRC strips away Bitcoin’s volatility while paying an 11.5% monthly dividend characterized as a return of capital. He said the structure can allow investors to defer taxes until principal is returned, often over a period of about nine years. Strategy has reportedly sold about $8 billion of STRC, which Saylor called “digital credit” backed by “digital capital.”

The company’s broader aim, Saylor said, is to expand that credit issuance significantly if its Bitcoin holdings grow toward a $1 trillion valuation. He estimated that for every dollar of equity capital in Bitcoin held by the company, Strategy can generate 10 to 20 cents of credit. That model, in his view, turns Bitcoin holdings into a foundation for a new class of financial instruments.

Saylor said Strategy has repeatedly pushed beyond the limits of traditional capital markets. He noted that the company first became a major issuer of convertible bonds, then moved into large-scale equity issuance, and eventually created STRC after outgrowing those channels. He compared the process to refining crude oil into increasingly pure forms, saying Strategy is working to produce the most efficient, low-volatility version of Bitcoin exposure.

The comments reinforce Strategy’s role as both a dominant Bitcoin buyer and a financial innovator in the digital asset market. The company’s strategy has positioned it at the center of institutional Bitcoin adoption while also creating new products designed to attract investors seeking exposure to the cryptocurrency without its full price swings.