Saylor's Bitcoin Bet Turns Sour as MicroStrategy Focus Shifts to 'Credit'

Michael Saylor's sudden shift from championing Bitcoin to promoting 'credit' has left many in the crypto space perplexed. A recent social media audit revealed that Saylor, CEO of MicroStrategy (MSTR), began praising fiat-denominated credit and launching his own 'digital credit' product, STRC, after a five-year campaign touting the superiority of Bitcoin.

The pivot started in June 2025, with Saylor lavishing praise on credit in online posts. He even went as far as to redefine key terms, referring to Bitcoin as 'digital capital,' MSTR common stock as 'digital equity,' and STRC as 'digital credit.'

The shift was not without consequences. As the value of $BTC plummeted from its peak above $126,000, Saylor's stocks performed even worse. In June 2026, the company's enterprise value fell below the value of its $BTC holdings for the first time. The company made its first voluntary Bitcoin sale since December 2022, despite previous guidance from Saylor that Strategy didn't plan to sell $BTC.