Strategy Executive Chairman Michael Saylor outlined the company’s digital-credit strategy, assigning different roles to its MSTR common stock and STRC preferred stock. MSTR is positioned as amplified exposure to Bitcoin and ownership of Strategy’s digital-credit business, while STRC is intended to provide dollar-based yield with lower price volatility. Strategy can issue additional STRC when the shares trade above par and market conditions are suitable, and may buy back shares when they trade below par, adjusting the amount outstanding and potential future dividend obligations. Saylor also divided the company’s dollar liquidity between reserves for preferred-stock dividends and debt interest, and funds that can be used to buy Bitcoin or repurchase securities. A plan for daily dividend accrual on Strategy’s U.S.-listed preferred stock still requires approval. Saylor cautioned that buybacks do not guarantee a price floor for STRC, and that STRC does not guarantee principal stability or dividend payments.