Michael Saylor is giving a speech again, but this time it’s different from before.

On February 24, 2026, at 1 p.m., in Las Vegas, Michael Saylor will take the stage at the Enterprise Bitcoin Conference.

This will be his countless Bitcoin speeches. Over the past five years, he has spoken at numerous similar events, passionately telling the world: Bitcoin is digital gold, and companies should put it on their balance sheets.

But this time is different.

The conference name has changed from “MicroStrategy World” to “Strategy World.” Saylor’s title has shifted from CEO to Executive Chairman. And the core topic of his speech has moved from “Why buy Bitcoin” to three unfamiliar words: digital capital, digital credit, digital equity.

If you’re still stuck with the impression that “Saylor is just shouting buy signals,” you might miss an ongoing shift.

Source: CCN.com

From “Buying Coins” to “Issuing Debt”: Saylor’s Script Has Changed

For the past five years, Saylor’s script was simple: issue stock, issue convertible bonds, use the proceeds to buy Bitcoin. MicroStrategy’s stock price became a leveraged ETF for Bitcoin—rising faster than the coin itself, and falling harder too. This approach has been widely imitated and also widely criticized.

But in 2025, things changed.

An annual report on corporate Bitcoin adoption showed that last year, the real story wasn’t “which companies bought Bitcoin,” but “which companies learned to finance with Bitcoin.” ATM issuances, private placements, convertible bonds, preferred stocks—these capital market tools have been turned into a production line by a group of Bitcoin treasury companies.

Saylor was very straightforward in a January interview: Bitcoin is evolving into digital capital that supports digital credit—“the driver of power is credit, not price.”

In plain language, this means: stop focusing on K-line charts; the real battlefield is the credit market.

What Is Digital Credit Anyway?

If you look at the agenda for Strategy World 2026, you’ll find a dedicated section titled “Risks, Returns, and Portfolio Roles of Bitcoin Credit Products.” The discussion isn’t about whether Bitcoin will go up or down, but about how to price and allocate tools like Bitcoin-issued preferred stocks and convertible bonds within investment portfolios.

By 2025, these financial products, which Saylor calls “digital credit,” grew from zero to a market worth billions of dollars, paying about $370 million in dividends by year’s end. Strategy itself issued several series of preferred stocks: STRK, STRF, STRD, STRC, STRE. Each with different terms, maturities, and risk levels.

What does this mean?

It means a Bitcoin treasury company can build a mini investment bank within its capital structure—top tier common stock, middle tier convertibles, and lower tier preferred stocks. Different investors can choose their position on the ladder based on their risk appetite.

Recently, Saylor simplified this logic when pitching to sovereign wealth funds in the Middle East: selling a credit instrument equivalent to 1.4% of capital assets can fund forever dividends and increase Bitcoin holdings indefinitely. This “1.4% forever” formula sounds like magic, but behind it is a whole capital operation pipeline.

Why Is This Speech Worth Paying Attention To?

The opening speech on February 24 is titled “Freedom by Design.” Saylor aims to, together with Strategy’s CEO, depict a “sovereign, independent, immortal” corporate form—supported by Bitcoin treasuries, unbound by traditional banking systems, capable of withstanding AI disruptions.

This narrative sounds grand, but there are several questions worth asking.

First, who benefits from this model? The report shows that the number of companies holding Bitcoin increased in 2025, but only a few can scale their capital markets operations. Most companies just hold some coins; they’re not playing in the same league as Saylor’s approach.

Second, where are the risks? During market volatility in the second half of last year, some companies were forced to sell Bitcoin to repay debts. Once they have fiat liabilities with set dates, Bitcoin is no longer an “untouchable” reserve asset. The complex preferred stocks and convertibles may turn into a noose when liquidity dries up—yet they haven’t been stress-tested under real pressure.

Third, how is the market pricing these assets? The report notes that the credit spreads and risk levels among different series of Strategy’s preferred stocks have long been mismatched. This indicates that the market has yet to learn how to price these assets properly. When pricing is chaotic, it’s an opportunity for the knowledgeable but a trap for the uninformed.

What Is Saylor Trying to Prove?

Next week, when Saylor takes the stage, he won’t be holding the Bitcoin whitepaper anymore. Instead, he’ll present a set of financial statements and capital structure diagrams.

He aims to demonstrate that a Bitcoin-backed company can, like a traditional financial institution, issue layered products to attract different types of capital, creating a self-sustaining capital ecosystem.

If this logic works, Bitcoin’s role at the corporate level will change. It won’t just be a number on the balance sheet but the foundation of an engine—on which stocks, bonds, preferred stocks, and even yet-to-be-invented financial instruments can be built.

Of course, this approach might not succeed. The game in capital markets is far more complex than just buying coins. Liquidity, pricing, risk management, regulation—each step could become a bottleneck.

But one thing is certain: Saylor is no longer content to be just the “Bitcoin buyer.” He wants to be a pioneer in defining a new asset class.

Conclusion

On February 24, at 1 p.m., in Las Vegas.

When Saylor steps onto the stage, the audience may be the most concentrated group of “Bitcoin enterprise believers” in the world. Their companies have either already bought coins, are considering buying, or are learning to issue debt like Saylor.

What they hear, ask, worry about—these will be the window into the market’s next few months.

After all, when someone starts talking about “digital credit” instead of “digital gold,” the game behind the scenes has already changed.