Michael Saylor details Strategy’s $62B Bitcoin buying spree and Stretch credit engine in CoinDesk interview
The largest corporate Bitcoin holder explains how a tokenized credit product turned a software company into a $100B crypto treasury.
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Add us on Google by Editorial Team May. 12, 2026Michael Saylor has spent the last six years turning what was once a mid-tier business intelligence company into the world’s single largest corporate Bitcoin holder. In a sit-down with CoinDesk, the Strategy founder laid out the full scope of what that transformation looks like today: $62 billion in cumulative Bitcoin purchases, a treasury valued north of $100 billion, and a digital credit product called Stretch that has become the financing engine behind the whole operation.
Stretch: the credit product doing the heavy lifting
Stretch, which trades under the ticker STRC, launched in 2024 as a tokenized credit product designed to enable leveraged Bitcoin acquisitions by connecting traditional finance with decentralized finance.
In 2025 alone, Stretch facilitated over $10 billion in leveraged Bitcoin buys, meaningfully expanding Strategy’s treasury position.
The numbers behind the world’s biggest corporate Bitcoin stack
With Bitcoin trading above $150K per token, Strategy’s accumulated holdings now carry a valuation exceeding $100 billion. The company’s pivot to a Bitcoin-centric treasury strategy began in 2020, when Saylor made his first purchase. Bitcoin’s total market capitalization exceeded $3 trillion in April 2026. The roughly 15% price increase over the past month has only padded Strategy’s unrealized gains further.
What this means for institutional crypto adoption
But the risks are equally worth understanding. Stretch is, at its core, a leverage product. Leveraged positions in volatile assets can unwind spectacularly, and Bitcoin remains one of the most volatile major assets on the planet. There’s also the regulatory dimension. The intersection of tokenized credit, leveraged crypto acquisitions, and public company balance sheets sits in a gray zone that regulators have not fully addressed. Increased scrutiny in the coming quarters could introduce friction that makes Strategy’s model harder to replicate, or harder to sustain.
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