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Michael Saylor has spent the last six years transforming Strategy from a mid-tier business intelligence company into the world’s largest corporate Bitcoin holder. In an interview with CoinDesk, the Strategy founder described the scale of the shift, citing $62 billion in cumulative Bitcoin purchases, a treasury valued above $100 billion, and a tokenized credit product called Stretch that he says has become the financing engine behind the strategy.
Stretch, which trades under the ticker STRC, launched in 2024 as a tokenized credit product intended to enable leveraged Bitcoin acquisitions by linking traditional finance with decentralized finance.
In 2025 alone, Stretch facilitated more than $10 billion in leveraged Bitcoin purchases, expanding Strategy’s treasury position.
With Bitcoin trading above $150,000 per token, Strategy’s accumulated holdings are valued at more than $100 billion. The company’s pivot to a Bitcoin-centric treasury strategy began in 2020, when Saylor made his first purchase.
Bitcoin’s total market capitalization exceeded $3 trillion in April 2026. Over the past month, Bitcoin’s price increased by roughly 15%, which has further added to Strategy’s unrealized gains.
While the strategy has helped drive large-scale corporate Bitcoin accumulation, the risks are significant. Stretch is fundamentally a leverage product, and leveraged positions in volatile assets can unwind rapidly. Bitcoin remains one of the most volatile major assets.
There is also a regulatory dimension. The combination of tokenized credit, leveraged crypto acquisitions, and public company balance sheets operates in a regulatory gray zone that has not been fully addressed. The article notes that increased scrutiny in coming quarters could create friction that makes Strategy’s model harder to replicate or harder to sustain.
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