I joined @GaryGillX to discuss Strategy’s Digital Credit Capital Framework, $STRC’s path to par, Bitcoin monetization, institutional adoption, regulatory Clarity, and $MSTR as Amplified Bitcoin.

"Strategy is the JPMorgan of the crypto economy." I join @KellyCNBC and @TheDomino on @CNBC today to discuss $MSTR and $BTC. 00:53 - Bitcoin’s bear cycle, macro headwinds, and how Strategy is navigating volatility through active capital management 02:05 - Legislative clarity as the catalyst for tokenization, stablecoins, bank adoption, and Bitcoin’s role as an inflation hedge 02:45 - Why Strategy is not a forced seller of $BTC, and why Bitcoin Per Share matters more than average cost 03:43 - Net Bitcoin accumulation: ~170,000 BTC added this year and 35x more bitcoin bought than sold 04:02 - Why Strategy sells bitcoin: funding dividends, buying back $STRC below par, and increasing Bitcoin Per Share 05:01 - Strategy’s Bitcoin scale: 842,138 BTC, over 4% of total supply, and the largest institutional Bitcoin position 05:36 - Balance sheet flexibility: $4B of USD reserves and multiple ways to fund dividend obligations 06:00 - The Clarity Act, executive rulemaking, and why regulatory decisions matter for the broader digital asset industry

$MSTR is built to outperform Bitcoin over time. It has outperformed Bitcoin in every four-year holding period since we adopted Bitcoin on August 10, 2020. Outperformance comes from growing Bitcoin per share.

Digital Credit is entering the institutional mainstream. $STRC is now the largest holding in three leading U.S. preferred stock ETFs, with $756 million held across BlackRock’s $PFF, Virtus InfraCap’s $PFFA, and VanEck’s $PFXF.

Updated $STRC facts from March to July. Retail ownership declined from 78% to 71% as institutional adoption accelerated. Average institutional holdings increased 105% to $3.5 million. The institutions are coming.

Today nine institutions including BlackRock, Fidelity, Coinbase, and Strategy announced the Bitcoin Security Consortium (@BTCconsortium), pledging $15M toward Bitcoin security work over the next three years. I've agreed to help coordinate the group's work as a volunteer. I said yes because supporting Bitcoin's developers and helping people understand their work are the two things I've spent my time in Bitcoin on, through Brink and Optech. This group wants to do both: fund the people already securing Bitcoin, and bring accurate information about that work to audiences it doesn't currently reach. The group's first focus is quantum computing, a potential long-term threat that's reasonable to prepare for. Its true that a sufficiently powerful quantum computer would break Bitcoin's current signatures. What's usually wrong are the loudest "imminent doom" voices. The development community is already working on this. These institutions want to help. I know exactly how "nine giant institutions form a group to 'help' Bitcoin" sounds, I had the same reaction. So before accepting, I spoke one-on-one with each company about their values and priorities, to judge whether this would actually be a productive initiative for Bitcoin. Two things mattered most to me, and I found the members already aligned on both: - No pooled funding. Each member company funds who they choose, independently. The Consortium doesn't hold funds or pick recipients. - No Consortium positions on protocol changes. Members speak for themselves. I'm a volunteer, receiving no compensation from the Consortium. I continue to run Brink, independent of any Consortium member. I've committed to a year in this role, maybe I'd do two, but ultimately I see it as a seat that should rotate to other participants over time. My commitment is to Bitcoin, and that doesn't change. My hope is that this effort results in more funding reaching more developers/researchers, on their own terms, and a measured counterweight to quantum panic, in both directions (no doomerism, but also no dismissal). Quantum is the first focus, but if this group works the way I think it can, there's room to support other security efforts down the road too. More about the Consortium: I expect plenty of skepticism. Ask me anything.

As long-term holders, we have every incentive to see Bitcoin remain secure for generations. Funding the people who do this work, and helping inform the conversation around it, is a natural way for us to contribute.

Over the last 3 years, global assets have grown at an 8% CAGR, primarily driven by money supply expansion. The most supply-constrained assets performed best during a period of continued monetary inflation: Bitcoin at 44% CAGR and gold at 34% CAGR.

Bitcoin dominance has increased over the last 4 years with Bitcoin Treasury Companies, ETFs, institutions, and US support. I expect it to keep increasing as stablecoins, tokenization, big bank adoption, and global support expand the digital asset economy around Bitcoin.

One of the more interesting dynamics is the race for second on the Bitcoin Banking Adoption Index. Goldman, JPMorgan, Morgan Stanley, and Citi are all working on multiple Bitcoin and crypto projects launching this year, with more Clarity by year end.

A record 14.8M BTC are being held long term. Nearly 40% of that supply is now at a loss—a level that has previously aligned with bitcoin's bottoming process. The key question: Is history starting to rhyme?

I joined @kgreifeld and @RomaineBostick on Bloomberg today to discuss Strategy’s evolution into a Digital Capital platform, our $3B cash reserve, $STRC, balance sheet resilience, and our long-term commitment to Bitcoin. 01:17 - Strategy’s evolution from Bitcoin Treasury Company to full Digital Capital platform 01:25 - Over 840,000 BTC, $10.5B of $STRC, and Strategy’s responsibilities 01:45 - Why Strategy built a $3B cash reserve after listening to preferred shareholders 02:30 - The path for $STRC: build USD reserves, return $STRC to par, issue more $STRC, and buy $BTC 04:22 - $MSTR’s goal: outperform Bitcoin over time while managing volatility through bull and bear markets 05:41 - Balance sheet resilience and why debt risk is low 06:50 - Strategy’s long-term Bitcoin commitment: “We’re not going anywhere” 07:04 - Bitcoin is bigger than Strategy: 4% ownership, $30–40B of daily volume, and bitcoin sales that did not move the market 08:46 - Software, AI, Bitcoin, and the maturity of a 25-year public company operating inside digital finance

Trading activity in crypto treasury preferreds has accelerated sharply in 2026, with monthly par-normalized volume reaching approximately $13B in June. The step-change has been driven by STRC and a growing number of new preferred listings, transforming what was once a niche market for bespoke financing dominated by financial institutions (banks and insurers) into a broader, more liquid, and increasingly evergreen asset class. Beyond higher trading volumes, the key signal is the maturation of the preferred equity market itself. As liquidity deepens, these instruments become increasingly more efficient not only on coupon and issuer quality, but also on secondary-market depth, relative value, and the durability of investor demand. This evolution is beginning to extend beyond crypto: in June, Alphabet launched its first convertible preferred offering as part of an $80B + equity raise to fund AI infrastructure, while Super Micro Computer announced a $3.75B convertible preferred issuance within a $7B capital raise for AI expansion, underscoring the growing role of preferred equity as a scalable financing instrument across sectors.

Introducing the Bitcoin Bank Adoption Index. Adoption of Bitcoin and the related digital asset ecosystem across major banks and financial institutions is accelerating, but still early at 32%. Methodology and updates to follow. Institutions with questions, corrections, or additional public information: ir@strategy.com.

A discussion between @macroleverageTP, @PhongLe, and me on why Bitcoin Treasury Companies exist, what the first real stress test for Digital Credit taught us, and the opportunity ahead for Bitcoin-backed financial innovation. TIMESTAMPS 0:04 - Why Bitcoin Treasury Companies Exist 7:22 - Financial Engineering Vs. Financial Innovation 14:24 - What Makes Bitcoin Treasury Companies Durable 18:42 - Does Bitcoin Need Treasury Companies? 22:20 - Addressing Bitcoin Treasury Company Criticism 26:46 - Growing Demand For Bitcoin-Backed Products 30:11 - What Has Surprised The CEOs Most 36:06 - The Evolution Of Digital Credit Products 45:10 - Lessons From The First Market Stress Test 53:10 - Bitcoin Market Depth And Liquidity 55:21 - Why Selling Bitcoin Is Not A Contradiction 1:03:37 - The Future Of Bitcoin Treasury Companies $MSTR $ASST $STRC $SATA $BTC