Strategy, formerly MicroStrategy and the world’s largest corporate Bitcoin holder, held 840,447 Bitcoin as of Aug. 9, equal to about 4% of Bitcoin’s 21 million-token supply. The company plans to issue digital credit products equal to 10% to 20% of its Bitcoin holdings annually, or about $5.4 billion to $10.8 billion at current prices, depending on market conditions. Executive Chairman Michael Saylor and CEO Phong Le said recent share-price weakness and equity issuance should be viewed through Strategy’s role as a leveraged vehicle for Bitcoin exposure rather than a conventional operating company. In a recent investor Q&A with Natalie Brunell, Le said common shareholders remain the company’s top priority, but MSTR is designed to outperform Bitcoin in rallies and fall more sharply in downturns. He argued that issuing stock above 1x net asset value can be accretive on a Bitcoin-per-share basis if the proceeds are used to buy more Bitcoin. Saylor, who said he owns more than 19 million MSTR shares, told investors they should take a seven-to-10-year view and be prepared for difficult years as the company remains in investment mode and builds a digital-credit business. He said Strategy’s central objective is no longer simply to accumulate as much Bitcoin as possible at any price, but to build what he called the world’s "best credit," particularly through STRC, while using proceeds to acquire Bitcoin, maintain dollar reserves or manage its capital structure. Saylor estimated the digital-credit market at roughly $15 billion today and said it could eventually expand to $100 billion, $400 billion and ultimately $1 trillion. Strategy also intends to use corporate bonds, preferred stock and other capital-markets instruments to increase its Bitcoin holdings over the long term. Its BTC yield framework measures whether long-term Bitcoin returns exceed funding costs, with Saylor putting the current hurdle rate at roughly 10.5%. The strategy faces risks from Bitcoin volatility, weaker funding conditions, mNAV declines, dilution, debt and preferred-stock obligations, and regulatory changes.