Global index providers classify companies into sectors and categories. Saylor says these labels ignore what makes MicroStrategy unique.
He says the company is not a fund or a passive holder of Bitcoin. Rather, it is a mining software company that actively uses Bitcoin. This involves structured financial products. His comments come at a time when investor interest in Bitcoin-powered credit instruments is increasing. This trend spans both traditional markets and the broader digital asset sector.
A business built around Bitcoin software and credit
MicroStrategy still runs a software business that generates hundreds of millions of dollars each year. Saylor says this operational base allows the company to use Bitcoin as productive capital rather than simply storing it. Over the past year, MicroStrategy has created and issued five digital credit products, which together represent more than seven billion dollars in notional value. These products include instruments such as Stretch, a Bitcoin-backed credit note designed to provide monthly dollar yield to retail and institutional buyers.
These products work in a way that seems familiar to people used to traditional bonds, but they are directly tied to Bitcoin reserves. By creating structured notes that can be offered in the marketplace, MicroStrategy attempts to combine the reliability of long-standing financial tools with the growth potential of digital assets. This approach distinguishes the company from funds and trusts that only hold Bitcoin without creating new financial products.
Response to the MSCI Index case
Strategy is not a fund, trust or holding company. We are a publicly traded operating company with a $500 million software business and a unique treasury strategy that uses Bitcoin as productive capital.
This year alone we completed…
-Michael Saylor (@saylor) November 21, 2025
Saylor thinks MicroStrategy is building something different than a holding company. He describes it as a structured finance company backed by Bitcoin. The idea is that the company can design, issue and manage credit products supported by its Bitcoin treasury. This reflects a broader trend in the crypto industry, where major players are experimenting with new forms of credit, yield instruments and tokenized notes.
Learn more about the strategy
On November 20, MicroStrategy highlighted the strength of its Bitcoin-backed treasury approach, noting that at current BTC levels, the company has enough coverage to support 71 years of dividends if the price remains stable. The company added that any annual Bitcoin appreciation above 1.41% would fully offset its annual dividend obligations.
Currently $BTC levels, we have 71 years of dividend coverage assuming the price remains stable. And any $BTC appreciation in excess of 1.41% per year fully offsets our annual dividend obligations. pic.twitter.com/ohN9dctpyv
– Strategy (@Strategy) November 20, 2025
This statement highlights how MicroStrategy leverages its Bitcoin holdings not only as a long-term store of value, but also as a productive asset that can support shareholder returns, even under conservative price assumptions. This illustrates the company’s confidence in Bitcoin as an essential part of its financial strategy.
Disclaimer
The information provided by Altcoin Buzz does not constitute financial advice. It is intended for educational, entertainment and informational purposes only. Any opinions or strategies shared are those of the editors/reviewers, and their risk tolerance may differ from yours. We are not responsible for any losses you may incur as a result of investments related to the information provided. Bitcoin and other cryptocurrencies are high-risk assets; therefore, perform thorough due diligence. Copyright Altcoin Buzz Pte Ltd.
