2月27日消息，Michael Saylor在Strategy World 2026大会上提出一套以比特币为资本底座的数字信贷框架，强调“比特币是基础资产，数字信贷是其上层产品”。他将Strategy的核心业务定义为“把资本转化为信贷”，通过结构化设计对冲波动，为投资者提供更稳定的收益敞口。
Saylor重点介绍了STRC优先股。在比特币自高点回撤45%的阶段，STRC未出现净值损失，并支付约4.5%股息。他称该产品适合希望参与比特币经济、但不愿直接持币的投资者。其风控体系包含三项内部指标：用于衡量抵押覆盖的“比特币评级”、评估抵押不足概率的“比特币风险”，以及补偿投资者的隐含信用利差。对比当前投资级债约78个基点、高收益债约288个基点，他认为若比特币年复合增速达30%，数字信贷回报具备竞争力。
在平台层面，Saylor将Solana与Ethereum定义为分销渠道，而非资本基础；信贷可被打包为模块化资产，在不同平台上调整波动、流动性与支付频率等参数。其框架未提及XRP。
市场迅速回应，Solana相关资产24小时内显著走强，以太坊亦获得买盘。随着机构探索代币化资产路径，围绕STRC构建更多数字收益产品与扩展比特币资产池，成为Strategy下一阶段的明确方向。
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