MSTR Stock Is Down 44% in a Year, but Michael Saylor Says Strategy Doesn’t Need Bitcoin Or Equity to Do the ‘Heavy Lifting’

Strategy Inc. (NASDAQ: MSTR) Chair Michael Saylor said on Thursday that the company could expand its capital options without depending entirely on Bitcoin’s (CRYPTO: BTC) appreciation or issuing more shares.

Strategy Ready for Next Bull Run, Says Saylor

During the company’s third-quarter earnings call, Saylor said the Bitcoin treasury firm is positioning its balance sheet as a potential source of major new financing.

“The company’s optionality is quite powerful now because we do not have to rely on Bitcoin to do the heavy lifting or on equity to do the lifting,” the Bitcoin bull stressed. “We could use our balance sheet to do the heavy lifting right now.

Saylor stated that Strategy could potentially create $10 billion, $20 billion or $30 billion in digital credit through its existing capital structure, without having to depend on Bitcoin or other raising additional equity.

He added that the company is using its capital as a “very powerful asset” and is positioned for the “next bull run.”

The ‘Digital Credit’ Plan

Saylor introduced the concept of “digital credit” earlier this year, which involves issuing Bitcoin-collateralized, yield-bearing financial instruments, such as its Perpetual Stretch Preferred Stock (NASDAQ: STRC).

The stock is currently trading near its $100 par value and pays 12% annual dividends, payable semi-monthly in cash

As of this writing, Strategy maintains $4.83 billion in cash reserves, sufficient to cover more than 3 years of its dividend and interest obligations.

Strategy Reports Earnings

Saylor’s comments come after Strategy reported third-quarter results, with revenue missing analysts’ estimates, although earnings surpassed expectations.

The firm currently holds 848,517 BTC, worth over $66 billion, making it the world’s largest corporate holder of the apex cryptocurrency. It currently sits on unrealized gains of over $2 billion.

MSTR has recovered from a difficult start to 2026, though it remains down nearly 7% year-to-date. Over the past 12 months, the stock has fallen more than 44%.

Price Action: As of this writing, BTC is down 1.7% in the last 24 hours to $78,522.77, according to Benzinga Pro. 

Strategy shares fell 2.19% in after-hours trading. The stock closed down 2.44% at $141.62 during Thursday’s regular trading session.

MSTR shows stronger short- and medium-term price momentum, though its long-term performance has lagged, according to Benzinga’s Edge Stock Rankings

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