Michael Saylor: Bitcoin’s Base Builds as ’OG’ Sellers Exit & Big Money Prepares
Bitcoin's foundation firms up as early adopters cash out and institutional giants position for the next leg up.
The Great Wealth Transfer
OG holders finally taking profits after years of diamond-handing—while Wall Street quietly accumulates positions behind the scenes. Classic finance move: wait for retail to exhaust itself then sweep in for the prime cuts.
Institutional On-Ramps Heating Up
Whale-sized bids stack beneath current levels as family offices and corporate treasuries build exposure. They're not buying the hype—they're buying the infrastructure.
The Cynical Take
Because nothing says 'sound monetary policy' like hedge funds front-running the same volatility they claim to fear. Bitcoin's eating traditional finance's lunch—and they're finally asking for a seat at the table.
Going beyond store of value
A central theme of the conversation was Strategy’s push to reengineer credit markets by using bitcoin as collateral, moving beyond the simple store-of-value narrative.
Saylor said conventional bonds are “yield-starved” and under-collateralized, while bitcoin-backed instruments can be structured to offer higher yields and lower risk.
He outlined the firm’s suite of preferred-stock products — Strike, Strife, Stride, and Stretch — which are designed to provide investors with yields of up to 12% while being heavily over-collateralized with bitcoin.
By doing so, Saylor argued, the company is giving bitcoin cash-flow-like qualities, allowing it to slot into both credit and equity indexes. “We’re giving Bitcoin Cash flow,” he said, framing it as a way to broaden institutional adoption and draw more capital into the ecosystem.
The S&P 500 question
Saylor also addressed why Strategy has yet to be included in the S&P 500 despite its scale and profitability.
He said the firm only became eligible this year following changes in accounting rules and noted that Tesla also waited beyond its first quarter of eligibility. He expects eventual inclusion as the market grows more comfortable with the bitcoin treasury model, which he dates to late 2024.
Transformative years
Looking ahead, Saylor portrayed the rise of bitcoin treasury companies as analogous to the early days of the petrochemical industry, with multiple products, business models, and fortunes emerging in a chaotic but transformative decade.
He predicted bitcoin WOULD continue to appreciate at an average rate near 29% annually over the next two decades, fueling new forms of credit and equity instruments.
In closing, he struck an optimistic tone about both bitcoin and society more broadly, saying much of today’s online toxicity is amplified by bots and paid campaigns rather than genuine discontent.
“Bitcoin is a peaceful, fair, and equitable way for us to settle our differences,” he said. “As everyone embraces it, peace will spread, equity will spread, fairness will spread.”
