So-called digital asset treasury firms have announced plans to raise a combined $79 billion so far in 2025
just for Bitcoin purchases according to advisory firm architect partners
But that trend is expanding into smaller tokens as well
And I'm pleased to say that joining us now is strategy executive chairman Michael sailor
So Michael it feels like of course micro strategy strategy as it's now known really started this crypto treasury company
Trend that we're seeing now. I know that you broadly are supportive of seeing that seeing competitors come out and also raise their own crypto
Treasuries, but how do you feel about the trend that now it's moving more into altcoins? It's moving away from Bitcoin
Do you think that that's a sustainable setup?
Yeah, I still think the vast majority of the capital flowing in the space is flowing into Bitcoin
We've gone from about 60 companies capitalizing on Bitcoin to 160 companies just in the past six months
So I'm laser like focused on Bitcoin. I think Bitcoin is digital capital
I think it's going to outperform the S&P index over the indefinite future
And I think it's the clear global monetary commodity in the world right now
So it's the lowest risk highest return most straightforward strategy if you want to outperform the S&P
And if you want to inject vitality and performance into your balance sheet
So it sounds like you're not concerned that perhaps the fact that we're seeing these other digital
digital asset treasury companies come to the fore here, expand into all coins
You're not concerned that that's going to detract attention away from what strategy is doing
You know, I think there's an explosion of innovation across the entire crypto economy and on the margin
It's really good for everybody in the digital asset space right now
I think the big idea is
$100 trillion plus of capital and the traditional equity capital markets and traditional credit markets
And what we're focused on is delivering
digital asset backed equity and digital asset backed credit
And I think those credit instruments and equity instruments are just going to outperform the traditional fiat credit and traditional fiat equity instruments
All around and capital is going to flow into the digital economy due to that Michael explain the
The assets the unique assets to which you offer
investors access because it's not just
You know Bitcoin treasury company you have you think a unique selling point compared to other other
Others trying that strategy
Yeah, the real compelling idea of a Bitcoin treasury company is
We hold a huge stack of Bitcoin about $74 billion worth of Bitcoin
Bitcoin's
A 21-year duration asset you got to hold it for 21 years if you want the full potential
And it's about 50 vol and 50 AR
Most people don't want that amount of volatility even though it's got that performance and who wants to weigh 21 years
So what we've done is we've created structured Bitcoin in the form of strike STRK
We give you the Bitcoin upside to guarantee dividend and principal protection and that's an alternative for people that don't want the roller coaster
We've created a long duration senior credit instrument called strife think of it as a 21-year
Bitcoin backed bond
pays about eight and a half
Percent dividend yield right now for people that just want that quarterly dividend yield and a seniority in the capital structure
And then you've got a high yield long duration instrument called strife
It's actually paying like 11 and a half percent dividend yield right now
And so that's for people that want high yield forever
And they'd rather have 11% quarterly than take the that's guaranteed then the the roller coaster a Bitcoin
And then the most exciting thing we've done just a few weeks ago
It's the biggest IPO of the year. It's called stretch
strc and strc is like a monthly
Bitcoin backed bill and so think of it as a a Bitcoin alternative to treasury bills or money market funds
It's 9% dividend yield monthly cash pay and if you just want to park short-term cash and get paid 9% dividends and have it powered by Bitcoin
You're not taking duration risk on the interest rate
You're not taking the Bitcoin volatility and and that's that's the our most successful offering to date
Well, Michael. I do want to talk a little bit more about your financing
You touched on it a little bit one of the other trends that you've started is issuing convertible notes to fund your Bitcoin purchases
You've also been issuing preferred stock as well when it comes to just straight micr strategy shares
We know that's very popular with retail. We know convertible notes have been popular with more of the Wall Street crowd
Do you have any insight on who the end buyer of your preferred stock is?
Well right now we've had really extraordinary demand from retail
Our in our last offering I mean we started with about 30 or 40 million of retail demand on the first
Preferred and then it increased the 60 million on the second preferred and then 120 million on the third preferred and and about
600 million on the fourth preferred
Retails off the charts. We've also got a lot of institutional long investors people that are holding
It look if you like Bitcoin or if you like mst. Or these are all pretty compelling for any pool of capital you've got
And then of course a bunch of hedge funds also got very excited about this
There's lots of different ways to trade these against each other
So a good mixture of institutional as well as retail investors buying it all these preferred
And Michael it also love to get your thoughts on some of the other big news
From today a lot has certainly happened on this Friday
But one of those is what's going on in the gold market right now
You have the Trump administration ruling that gold bars will be subject to tariffs
As well these reciprocal tariffs so imports of gold will be tariffed and that's really sending shockwaves
Through the gold ecosystem gold and Bitcoin are often compared to one enough of their Bitcoin called digital gold for example
I wonder if you think this has any ripple effects positive or negative for Bitcoin
It does Bitcoin is digital gold. It's going to accelerate the migration of capital from physical gold to digital gold
You know Bitcoin lives in cyberspace no tariffs in cyberspace the big appeal of Bitcoin is it's not physical
It doesn't have weight you can settle anywhere with anybody in a few minutes
And so gold has always been too heavy too slow
You know, and you can't really ship it across an ocean and if you do now you're getting tariff
So I really think it just reminds everybody why the digital version of gold is better than the then actual physical gold
And and I think it's going to catalyze a new wave of institutional adoption of Bitcoin
All right crypto is stateless. It's hard to tariff Michael have to leave it there really enjoyed
Speaking with you though that is strategy executive chairman Michael sailor