Strategy's core strategy is to issue debt or debt-like instruments backed by bitcoin, such as convertible bonds and preferred shares (for example, convertible preferred shares with ticker code TRYK). Saylor points out that this is creating a new theory of credit: lending based on actual assets held rather than expectations of future cash flows. Due to bitcoin's high volatility and enormous appreciation potential, Strategy can offer yields above market average (paying junk bond rates), while its massive bitcoin holdings provide de facto "investment-grade credit" (though rating agencies may disagree).

Facing external skepticism about the risks of bitcoin crashes and the company's stock premium, Saylor appears confident. He emphasizes that many of the instruments the company issues, particularly preferred shares, are "perpetual" with no maturity date, no strict collateral requirements, or margin call clauses.

"Bitcoin could fall 99%…no margin calls will come," he states. He even believes that bitcoin's volatility is actually advantageous for Strategy, as high volatility attracts traders, drives up stock premiums, and makes the conditions for issuing convertible bonds and preferred shares more favorable, forming a positive, self-reinforcing "second-order reflexivity" loop.