MicroStrategy executive chair Michael Saylor argues that Bitcoin miners no longer determine BTC's price, as structured credit products now absorb all newly mined coins. In a recent statement, Saylor emphasized that the shift is structural, not cyclical, with institutional credit demand outpacing mining output. MicroStrategy's STRC preferred stock, launched in July 2025, has grown to about $10.5 billion in notional value in ten months, with $2 billion issued in the past month alone. Saylor claims MicroStrategy will likely buy every bitcoin produced by miners until 2140. The company already holds roughly $65 billion in Bitcoin and has purchased more BTC this year than miners produced. STRC offers an 11.5% monthly dividend rate, converting expected Bitcoin appreciation into tax-deferred yield for credit investors. However, critics question the model's sustainability, citing potential structural ceilings and cash reserve depletion. Saylor's thesis treats Bitcoin pricing as a function of structured finance, with the next halving in 2028 serving as a key test.

Key facts

• Saylor claims miners no longer set Bitcoin price; institutional credit now absorbs all output.
• MicroStrategy's STRC preferred stock grew to $10.5B in 10 months since July 2025.
• MicroStrategy holds ~$65B in Bitcoin, buying more than miners produce this year.
• STRC pays 11.5% monthly dividend, converting BTC appreciation into tax-deferred yield.
• Critics question sustainability as cash reserves decline and structural ceilings loom.

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