Michael Saylor Doubles Down: How He’s Rewriting the Crypto Yield Curve in 2025

Wall Street's yield curve is so last decade—Michael Saylor's building his own. The MicroStrategy chairman isn't just hodling Bitcoin; he's architecting an alt-finance ecosystem where BTC is the bedrock.

Yield farming, Saylor-style

While traditional finance struggles with inverted curves, Saylor's stacking sats like a digital Scrooge McDuck. His playbook? Convert corporate treasuries into self-custodied Bitcoin, then leverage it for institutional-grade yield—no banks required.

The ultimate Bitcoin collateral play

Forget T-bills. Saylor's treating BTC like the new zero-coupon bond—except it appreciates 200% between Fed meetings. His latest move? Secured lending against MicroStrategy's 250,000+ BTC war chest at rates that make sovereign debt look like a payday loan.

Wall Street's watching through clenched teeth as the OG Bitcoin maximalist builds the anti-fiat yield curve—one hyperbitcoinized basis point at a time.

According to a Fidelity alert on X, the deal is 28 million shares priced at $90 each, totaling over $2.52 billion. This represents a dramatic increase from the original $500 million goal announced just days earlier and underscores the company’s continued ambition to aggressively expand its Bitcoin BTC holdings.

STRC is a senior, perpetual preferred stock offering a variable monthly dividend designed to appeal to yield-seeking investors who want stability NEAR par value. At the time of the offering, STRC carried an effective yield of 9.5%–10.0% paid monthly. It contains mechanisms to maintain a trading range close to $100, including adjustable dividend rates, secondary issuance windows and call options above par.

The toolkit includes raising dividends and halting sales when STRC trades below $99, or issuing new shares and calling the stock if it rises above $101. These levers are designed to create a self-correcting system that promotes market stability while offering attractive returns in the current interest-rate environment.

Any step-downs in the dividend are capped at 25 basis points plus the maximum decline in the one-month secured overnight financing rate (SOFR) over the period.

Compared with conventional short-duration credit options, STRC stands out, offering more than double the 4% available from money market funds and Treasury bills. It is targeting investors looking for higher yield without significant price volatility, positioning it competitively against traditional instruments like commercial paper and bank deposits.