Strategy executives said the company’s treasury model is built on Bitcoin as a digital capital asset rather than a payments currency, while defending capital raises and stock issuance so long as they increase Bitcoin per share. In an investor Q&A moderated by Natalie Brunell, founder Michael Saylor said most global economic value still sits in traditional capital markets, real estate, gold and credit, and argued Bitcoin’s next phase of growth depends on drawing capital from that system through digital credit instruments. CEO Phong Le said shareholder value should be judged by Bitcoin per share, even when new financing creates dilution, and said a 50% Bitcoin pullback can translate into as much as a 75% swing in Strategy’s stock. Management also said the company may shift among BTC purchases, repurchases of credit instruments and building dollar reserves depending on market conditions, while rejecting the idea of Bitcoin-denominated dividends. The comments add to an ongoing debate over Strategy’s balance-sheet strategy after Le previously said the bear market pushed the company to prioritize liquidity, including 2.7 years of dividend coverage and about $4.75 billion in cash.