Michael Saylor says Strategy can thrive without Bitcoin or equity

Michael Saylor says Strategy can thrive without Bitcoin or equity

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Strategy's chairman projects $10 billion to $30 billion in digital credit capacity that doesn't depend on Bitcoin rallies or new stock sales

For years, Strategy ran on a simple engine: sell stock, buy Bitcoin, repeat. Michael Saylor now says the company can keep moving without either fuel source.

On the firm’s Q3 2026 earnings call on October 30, 2026, Saylor said Strategy’s balance sheet could support the creation of between $10 billion and $30 billion in what he calls “digital credit.” His key claim was that this would not require further Bitcoin appreciation or additional equity issuance.

What Saylor actually laid out

The pitch rests on the size of the treasury. Strategy holds approximately 848,517 BTC, a stockpile valued at tens of billions of dollars.

Saylor’s argument follows the same logic. The Bitcoin already on the books gives Strategy enough collateral weight to issue credit-style products without waiting on the market to cooperate.

He framed this as newfound operational flexibility, letting the company put its balance sheet to work instead of relying solely on price action. The message to ...