Strategy could create between $10 billion and $30 billion in what it calls “digital credit,” backed by its existing balance sheet, Executive Chairman Michael Saylor said on the company’s third-quarter 2026 earnings call. The company said the financing capacity would not require new common-stock issuance or further gains in Bitcoin’s price.
Saylor described the range as financing capacity rather than a fundraising target. The $30 billion figure reflects Strategy’s view of its own financial structure and Bitcoin holdings, and the company does not plan to hit that level immediately.
Preferred shares as the main funding tool
CEO Phong Le 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 receive a fixed dividend and rank ahead of common shareholders, but they do not 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. Strategy said preferred shares avoid adding common shares, and perpetual instruments never come due. The trade-off is a standing dividend obligation that must be paid regardless of where Bitcoin trades.
Strategy 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 the company has issued in this category so far.
Bitcoin holdings and financial reserves
As of October 25, 2026, Strategy held 848,517 BTC. That stack is up 26% for the year. 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.
A layered capital approach
Strategy started as a traditional software company and has become 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, and preferred instruments are the credit layer that the company now wants to lean on most heavily.
The plan also signals a step away from two funding sources that defined earlier Bitcoin buying: at-the-market equity sales and convertible debt. ATM programs let a company sell shares into the market gradually. Preferred shares sidestep some of those issues because they do not add common shares, while perpetual instruments never come due.
Implications for shareholders and credit buyers
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 are 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 show how directly Strategy’s results follow Bitcoin, with a $19.53 billion quarter driven by a $20.91 billion digital-asset gain.
