Strategy chairman Michael Saylor has outlined a “Digital Credit” framework that combines the company’s Bitcoin treasury with common equity, preferred stock, debt and dollar liquidity. MSTR represents common equity and exposes holders to changes in Strategy’s assets, including Bitcoin, as well as operating and financing decisions; new common-share issuance can dilute existing investors. STRC is perpetual preferred stock focused on dividends, but neither its principal nor dividend payments are guaranteed. Strategy separates a USD Reserve for preferred dividends and debt interest from broader USD Cash, which can be deployed for Bitcoin purchases, debt repayment or security repurchases. Debt ranks ahead of preferred stock, while STRF ranks above STRC and STRK, STRE and STRD rank below it. Strategy has also proposed daily record dates and next-business-day dividend payments for preferred securities, subject to stockholder approval.