Michael Saylor’s Bitcoin empire is preparing for its next evolution. After years of building one of the world’s largest corporate Bitcoin treasuries, Strategy (MSTR) now wants to export its balance-sheet model worldwide — transforming from a digital asset holder into a global credit powerhouse.
The firm’s leadership says groundwork is underway to issue Bitcoin and digital-asset-backed securities in overseas markets. President and CEO Phong Le told investors that the company is preparing regulatory pathways in multiple jurisdictions to support this expansion, signaling Strategy’s ambition to compete in international credit markets traditionally dominated by banks.
For Saylor, the vision extends far beyond holding BTC. The goal is to create an entire ecosystem of credit instruments — from convertible bonds to preferred shares — that are anchored in digital assets but structured to meet the compliance standards of traditional finance. If successful, Strategy could become the first company to export Bitcoin-based financial products at scale.
Massive Earnings Shift Momentum
The announcement comes on the heels of Strategy’s strongest quarter on record. The company reported $3.9 billion in operating income and $2.9 billion in net income for Q3 2025 — a dramatic recovery from the losses it posted a year ago. Earnings per share jumped to $8.42, up from $1.72 in the same period of 2024, as Bitcoin’s resurgence and a series of financing deals boosted results.
Over the first nine months of the year, total operating income reached $12 billion, reversing a $0.8 billion loss in 2024. Net income rose to $8.6 billion from a half-billion loss, and per-share earnings skyrocketed to $27.71, compared to a negative $2.71 last year.
The turnaround cements Strategy’s position as one of the most profitable public companies in the digital asset sector — and provides the capital base for its next phase of expansion.
Debt, Discipline, and a B-Rated Balance Sheet
Despite its explosive growth, Strategy still carries a complex mix of debt obligations. The company owes roughly $689 million annually in dividends and interest, primarily from cumulative preferred securities. It also manages $8.2 billion in convertible bonds with an ultra-low blended rate of 0.42%. About 39% of those bonds are currently “in the money,” while others, including the zero-coupon notes maturing in 2029 and 2030, will remain out of play until their 2028 put dates.
Le emphasized that the firm intends to retire all convertible debt by 2029 — a strategy noted by S&P when reaffirming the company’s B- credit rating. Strategy’s leadership sees debt reduction as key to making its Bitcoin-backed financial model more resilient and sustainable over the long term.
Saylor’s View: Market Maturity, New Horizons
Saylor, who has long been one of Bitcoin’s most visible corporate champions, reflected on the changing nature of the market. He said Strategy’s multiple to net asset value (mNAV) — now around 1.25 — has reached its lowest point since early 2024. The compression, he explained, reflects a more mature Bitcoin ecosystem with lower volatility, deeper ETF participation, and the stabilizing influence of derivatives.
But Saylor remains confident that new financial products — particularly digital credit instruments — will lift valuations again. He believes the same forces that have softened volatility will also make Bitcoin safer collateral for mainstream credit markets. “As Bitcoin matures, its usefulness as a foundation for digital finance grows,” Saylor has said in previous discussions about the company’s strategic direction.
Financing a Digital Future
To fund its expansion, Strategy has already raised an impressive $20 billion this year across common shares, perpetual preferreds, and convertible debt — nearly matching its total capital raised in 2024. Those funds are being redeployed to strengthen reserves, reduce leverage, and prepare for entry into new credit markets abroad.
Beyond Treasury: The Next Phase of Strategy
What began as a corporate experiment in holding Bitcoin is rapidly transforming into a full-fledged digital financial institution. By marrying blockchain-based collateral with traditional credit structures, Strategy aims to prove that decentralized assets can underpin global lending with transparency and precision.
If the plan succeeds, the company won’t just be a Bitcoin custodian — it will become one of the first to industrialize digital credit as a global asset class, rewriting how balance sheets interact with blockchain technology.
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