Podcast Summary: Bloomberg Talks – “Strategy CEO Mike Saylor Talks Buying Bitcoin”

Date: September 29, 2025
Guest: Michael Saylor, Executive Chairman, Strategy (formerly MicroStrategy)
Hosts: Bloomberg Team

Episode Overview

This episode features an in-depth conversation with Michael Saylor, Executive Chairman of Strategy (the world’s largest corporate Bitcoin holder), exploring the evolution of Bitcoin-backed credit instruments, the company's strategic positioning, and the broader adoption of digital assets. Saylor delves into Strategy’s role in pioneering a new financial paradigm, how traditional concepts like premium and leverage apply in the digital era, and the future of digital currencies versus stores of value.

Key Discussion Points & Insights

1. Strategy’s Bitcoin Premium and Business Model (00:29 – 02:34)

• Host sets the stage: MicroStrategy (now Strategy) shares have been trading at a premium over their underlying Bitcoin holdings (the “M Nav”), historically up to 2x but now closer to 1.4x.
• Saylor explains the dynamic:
  • The market is “still working to digest a new business model.” Strategy and similar Bitcoin treasury companies are a new phenomenon, only recently appearing as analogues to gold-backed credit institutions of the past.
  • Key Quote:

    “We’ve discovered the killer app in the bitcoin world is bitcoin backed credit. I’ll call it digital credit... Digital credit is a new creature and bitcoin treasury companies exist to issue digital credit.”
    — Michael Saylor (01:36)

  • Unlike ETFs, treasury companies can create digital credit instruments, an “extraordinary new asset class.”
• The premium, Saylor argues, exists because of this novel capacity—issuing Bitcoin-backed credit, not just holding coins.

2. Premium Fluctuations, Leverage, and Equity Value (02:34 – 04:06)

• Host inquires about the current premium contraction.
• Saylor elaborates:
  • Premium expands with higher leverage and volatility; contracts when those fall.
  • Crucially, Strategy’s business model is robust regardless of where equity trades vs. Bitcoin.
    Key Quote:

    “Our business model works fine whether or not the equity trades at a premium or a discount to the underlying Bitcoin. The equity will have value because people understand the value of the credit instruments.”
    — Michael Saylor (03:29)

  • The company has launched four credit instruments representing $4 billion in product lines so far this year—“a lot for the world to digest since they didn’t see a new class of credit for a hundred years before us.”

3. On Competition and Differentiation (04:06 – 05:16)

• Co-Host asks about the influx of new digital asset treasury companies.
• Saylor sees this as positive:
  • 250+ treasury companies now; tens of billions in capital entering.
  • Strategy was the first to create treasury preferred stock and Bitcoin-backed credit instruments (“Stretch,” “Stride,” “Strife,” “Strike”).
  • Differentiation will be based on “quality of credit instruments,” amount of collateralization, liquidity, risk, and strong branding. Key Quote:

    “Because we’re the largest player in the space, we can offer the most liquidity, the most collateral, the strongest brand and the deepest markets in those instruments.”
    — Michael Saylor (05:02)

4. Concerns About Liquidations or Market Impact (05:16 – 05:52)

• Host raises concerns about possible sales of Bitcoin holdings.
• Saylor dismisses the risk:
  • Strategy is “way over collateralized.”
  • $74 billion in Bitcoin, $6 billion in preferred credit outstanding; dividend coverage requires just 1–2% annual equity issuance.
  • Key Quote:

    “We’re so way over collateralized, it’s hardly a concern.”
    — Michael Saylor (05:28)

5. Bitcoin: Store of Value vs. Medium of Exchange (05:52 – 07:30)

• Host references Tim Draper’s prediction of Bitcoin as a major currency and contrasts 'store of value' vs. 'currency' roles.
• Saylor’s perspective:
  • The winning digital currency is “the tokenized dollar”—stablecoins like Tether and Circle, comprising a $250 billion asset class.
  • Bitcoin’s role is as “digital capital”—a long-term, scarce, decentralized asset for collateral and investment.
    • Memorable Comparison:

      “If you ask them what do you give to your granddaughter? They’re going to say, give them a bitcoin.”
      — Michael Saylor (07:23)

  • People use stablecoins for payments, Bitcoin for saving and investment. Key Quote:

    “The killer application of bitcoin is digital credit issued against digital capital, whereas the killer application for medium of exchange is a digital currency in the form of a stablecoin.”
    — Michael Saylor (06:48)

6. Future Financing and New Instruments (07:30 – 08:43)

• Host asks about new debt or financing vehicles.
• Saylor outlines future plans:
  • Existing “preferreds” like Stretch are leveraged but not debt (principal doesn’t come due).
    • Analogy:

      “Stretch, I think, represents Kerosene—it’s like extracting jet fuel from a barrel of crude oil.”
      — Michael Saylor (07:53)

  • Potential to launch Stretch-type instruments in other currencies (euro, yen, CAD, GBP).
  • Vision of a 10%+ yield for everyone worldwide, outperforming traditional money markets.
    • Key Quote:

      “We have shown that you can extract that sort of instrument from raw Bitcoin if you have enough bitcoin.”
      — Michael Saylor (08:19)

Notable Quotes & Memorable Moments

• “We’ve discovered the killer app in the bitcoin world is bitcoin backed credit. I’ll call it digital credit.” (Michael Saylor, 01:38)
• “Our business model works fine whether or not the equity trades at a premium or a discount to the underlying Bitcoin.” (Michael Saylor, 03:29)
• “Because we’re the largest player… the most liquidity, the most collateral, the strongest brand...” (Michael Saylor, 05:02)
• “We’re so way over collateralized, it’s hardly a concern.” (Michael Saylor, 05:28)
• “The killer application of bitcoin is digital credit issued against digital capital, whereas the killer application for medium of exchange is a digital currency in the form of a stablecoin.” (Michael Saylor, 06:48)
• “Stretch… is like extracting jet fuel from a barrel of crude oil.” (Michael Saylor, 07:53)
• “We have shown that you can extract that sort of instrument from raw Bitcoin if you have enough bitcoin.” (Michael Saylor, 08:19)
• “If you ask them what do you give to your granddaughter? They’re going to say, give them a bitcoin.” (Michael Saylor, 07:23)

Important Timestamps

• 00:29 — Opening discussion on Bitcoin premium and new credit instruments
• 01:36 — Saylor introduces the concept of Bitcoin-backed digital credit
• 03:29 — Saylor discusses premium contraction and business model resilience
• 05:02 — Saylor on market differentiation and Strategy's advantages
• 05:28 — On overcollateralization and market impact
• 06:48 — Store of value vs. medium of exchange (stablecoins vs Bitcoin)
• 07:53 — Stretch instrument analogy; global financial innovation
• 08:19 — Vision for future Stretch products and yield instruments

Tone and Language

Michael Saylor stays confident, assured, and future-focused throughout, often explaining complex financial innovations in vivid metaphors (“extracting jet fuel from a barrel of crude oil”). He positions Strategy not just as a major player, but as an industry pioneer, highlighting a strong belief in the durability and scalability of the Bitcoin-backed credit model.

For Listeners Who Missed The Episode

This episode offers a masterclass in the institutional adoption of Bitcoin and digital credit instruments, directly from one of the leading figures in the space. Saylor’s explanations will appeal to both finance professionals and crypto enthusiasts, providing both technical substance and market perspective on why Strategy continues to innovate with Bitcoin at its core.