Bitcoin digital credit framework puts Solana and Ethereum in key distribution role, says Michael Saylor

Speaking at Strategy World 2026, Michael Saylor outlined how bitcoin digital credit could reshape capital markets and the role major blockchains may play.

Strategy’s model: turning Bitcoin into predictable yield

At Strategy World 2026 on February 25, executive chairman Michael Saylor presented a financial architecture with Bitcoin as the core capital base and digital credit as the main product layered on top. He framed Strategy’s mission as “converting capital into credit” by transforming volatile Bitcoin exposure into more predictable income streams for investors.

According to Saylor, the firm takes BTC on its balance sheet, neutralizes short-term price swings, and then delivers yield to shareholders in a structured format. That structured product is Strategy’s STRC preferred stock, which he described as the flagship example of Bitcoin-backed income in public markets.

During a period when Bitcoin fell 45% from its all-time high, Saylor said STRC “lost zero percent” of its value. Moreover, he highlighted that STRC simultaneously paid a 4.5% dividend through that same drawdown, positioning it as a defensive yield instrument tied to Bitcoin economics without direct spot exposure.

He argued this track record makes STRC preferred stock attractive for investors who want participation in Bitcoin’s upside but prefer a credit-style profile instead of holding the underlying asset. That said, the model still depends on Bitcoin serving as the long-term appreciating collateral base.

From leverage structures to variable preferred credit

Saylor walked the audience through several categories of leverage that can be built on top of Bitcoin, analyzing how each behaves under stress. However, he ultimately arrived at variable preferred credit as his preferred structure, claiming it strikes the best balance between upside optionality and downside protection during market downturns.

To manage this system, he outlined three internal metrics that Strategy uses. The first is a BTC rating, which measures collateral coverage for the credit issued. The second is BTC risk, an assessment of the probability that collateral value falls below required thresholds. The third is an implied credit spread, representing the additional yield investors demand for bearing that risk.

For comparison, Saylor pointed to traditional bond markets. As of now, he said investment-grade bonds trade around 78 basis points, while high-yield debt sits near 288 basis points. Moreover, he argued that if Bitcoin compounds at 30% annually over time, then tokenized credit built on top of it could match or outperform those benchmark spreads on a risk-adjusted basis.

This vision sets the stage for a broader marketplace of tokenized bitcoin credit, in which various instruments are engineered around Bitcoin collateral but distributed across multiple financial venues and technologies.

Solana and Ethereum as programmable distribution rails

The most closely watched section of Saylor’s keynote came when he described digital credit as programmable and listed the platforms that could host it. In his words: “I put it on a platform — the NASDAQ, the London Stock Exchange, Solana, Ethereum, Binance, Coinbase Base.” This framing placed blockchains and traditional exchanges side by side as venues for future credit issuance.

Saylor emphasized that Bitcoin remains the capital base in his conceptual model. However, he was explicit that Solana and Ethereum are distribution rails rather than the foundational reserve asset. In that setup, programmable networks function as the channels through which Bitcoin-backed income products reach end users, similar to how payments networks distribute fiat-denominated credit today.

He explained that once credit has been packaged as a modular security, issuers can fine-tune characteristics such as volatility, liquidity, payout frequency, and currency exposure. Moreover, these parameters can be encoded directly into the asset itself when deployed on programmable infrastructure like Solana or Ethereum.

Within this architecture, Saylor cast bitcoin digital credit as the bridge between Bitcoin’s role as pristine collateral and the diverse set of financial products investors demand, from yield-bearing instruments to potentially programmable money-like assets.

Notable omission of XRP in Saylor’s framework

Throughout the keynote, Saylor repeatedly named specific platforms and venues where digital credit could circulate, including NASDAQ, the London Stock Exchange, Solana, Ethereum, Binance, and Coinbase Base. However, one major crypto asset was entirely absent from his distribution list.

XRP was not mentioned anywhere in Saylor’s framework for digital credit infrastructure. That omission drew attention in the broader market debate, as XRP is often promoted by its supporters as a cross-border settlement and liquidity solution. In this model, though, it did not feature as a rail for Bitcoin-backed instruments.

Market reaction: Solana rallies, Ethereum strengthens

Markets reacted quickly to Saylor’s comments from the Strategy World stage. Within 24 hours of the February 25 keynote, Solana surged more than 13%, with its market cap moving toward the $50 billion mark. Traders interpreted the remarks as a strong endorsement of Solana’s role in institutional-grade programmable finance.

Ethereum also saw renewed buying interest as market participants viewed the speech as another signal of institutional validation for smart contract platforms. Moreover, both Solana and Ethereum have long competed to become core infrastructure for decentralized finance, and Saylor’s framing reinforced their status as leading rails for tokenized assets.

The reaction highlighted how influential commentary from high-profile corporate Bitcoin advocates can still move major altcoin markets. That said, the underlying thesis focused less on speculative price action and more on a long-term shift toward on-chain credit instruments.

Strategy’s roadmap for Bitcoin-backed credit products

Looking ahead, Saylor said Strategy’s stated intention is to deepen liquidity for STRC and continue scaling its Bitcoin asset base. The firm aims to expand the pool of collateral that underpins its preferred stock, thereby supporting larger volumes of digital credit issuance over time.

At the same time, Strategy expects partners across exchanges, brokerages, and blockchain ecosystems to build additional digital yield and digital money products around the STRC structure. Moreover, the integration of Solana, Ethereum, and traditional venues like NASDAQ and the London Stock Exchange could create a multi-rail environment for distributing Bitcoin-backed yield.

In summary, Saylor’s February 25 keynote positioned Bitcoin as long-term collateral, STRC as a live example of Bitcoin-backed income, and leading programmable networks as the future rails that may carry a new generation of digital credit into both retail and institutional portfolios.