Michael Saylor: The Next Phase of the Cryptocurrency Industry Will Be "Digital Lending"

According to a Forbes report on March 27, Michael Saylor transformed Strategy (formerly MicroStrategy) from an obscure enterprise software company into the world’s largest Bitcoin holder over the past six years, accumulating more than 762,000 BTC worth billions of dollars.
At the Digital Asset Summit held yesterday in New York, Saylor discussed “digital lending” as a core opportunity. He introduced STRC (nicknamed “Stretch”), a preferred stock product that Strategy positions as a unique tool in the cryptocurrency space: a low-volatility, high-yield asset designed to be included in fixed-income portfolios. Saylor stated that this product offers an 11.5% yield, about 2% volatility, and a Sharpe ratio close to 4. With a nominal size of $5 billion and daily liquidity of $224 million, it has achieved trading volume at the institutional level.
After the meeting, he declared, “Digital lending is the most attractive lending tool in the world. If you can create a product with a Sharpe ratio of 4, it should be in every portfolio.”
Meanwhile, institutional investment funds are returning to Bitcoin through managed channels, with U.S. spot ETF funds experiencing the longest net capital flow period this year. However, the proportion of cryptocurrency assets allocated to asset management funds in the U.S. still remains below 0.5% — a gap Saylor is working to close. For investors seeking yields, a Bitcoin-backed tool with volatility similar to bonds and double-digit returns opens up a completely new investment story.