Strategy, the Bitcoin-focused company founded by Michael Saylor, is broadening its financial horizons. The firm, already recognized for pioneering Bitcoin as a corporate reserve asset, is now preparing to expand into global credit markets. This next phase of evolution could transform Strategy into a key player in the emerging world of digital credit instruments.
During the company’s third-quarter earnings call, President and CEO Phong Le outlined an ambitious plan: Strategy aims to become a dominant issuer of credit securities across international jurisdictions. “We are actively laying the groundwork for credit securities in international jurisdictions, positioning Strategy to become a dominant credit issuer globally,” Le stated, signaling the company’s intent to extend beyond U.S. borders.
The move marks a major shift in Strategy’s business model, evolving from a Bitcoin treasury firm into a globally integrated digital finance company capable of bridging traditional credit and blockchain technology.
Financial Turnaround Strengthens Expansion Plans
Strategy’s plans for global credit expansion come on the heels of an impressive financial recovery. For the third quarter of 2025, the company reported operating income of $3.9 billion and net income of $2.9 billion — a sharp turnaround from losses of $432.6 million and $340.2 million during the same period last year.
Earnings per share surged to $8.42, up from $1.72 in Q3 2024. Over the first nine months of 2025, operating income hit $12 billion compared to a loss of $0.8 billion the year before, while net income reached $8.6 billion, reversing a $0.5 billion deficit.
This transformation highlights Strategy’s growing financial discipline and its ability to generate sustained profitability from its Bitcoin-centric operations. The strong financial base now provides the leverage the company needs to enter new, higher-value markets such as digital credit issuance.
Managing Debt While Expanding Horizons
Despite its growth trajectory, Strategy remains careful about managing debt. The firm reported $689 million in annual dividend and interest payments, with the majority — $522 million — linked to cumulative preferred shares and $125 million from non-cumulative preferred programs.
Its convertible bonds total $8.2 billion, with a blended interest rate of just 0.421%, translating to $35 million in yearly interest payments. Around 39% of this debt is already “in the money,” while the rest, particularly the 2029 and 2030 zero-coupon tranches, will mature closer to 2028. These bonds currently hold a market value of $10.6 billion.
Phong Le reaffirmed the company’s commitment to clearing all convertible debt by 2029 — a target echoed by S&P Global Ratings, which assigned Strategy a B- credit rating. This clear debt management plan sets a foundation for long-term growth while maintaining financial flexibility.
Saylor’s View: A Maturing Market and Expanding Value
Executive Chairman Michael Saylor remains confident in the company’s evolving strategy. He noted that Strategy’s multiple to net asset value (mNAV) has fallen to around 1.25, its lowest point since early 2024, attributing the dip to the maturing Bitcoin market.
With reduced volatility, growing institutional ETFs like BlackRock’s IBIT, and new derivative markets, Bitcoin is becoming more stable — which Saylor sees as an opportunity. He believes Strategy’s expansion into digital credit and preferred-equity products could significantly enhance long-term value creation.
“The next growth phase,” Saylor explained, “will depend less on Bitcoin’s price movement and more on how effectively we integrate digital assets into the credit markets.”
Raising Capital and Avoiding Tax Friction
In 2025, Strategy has maintained a strong pace of fundraising, bringing in $20 billion through a mix of common equity, perpetual preferreds, and convertible debt — almost matching the $22.6 billion raised in 2024.
Crucially, the company received positive news from U.S. tax authorities. According to interim guidance issued by the Treasury and IRS on September 30, Strategy is not expected to be subject to the Corporate Alternative Minimum Tax (CAMT) on unrealized Bitcoin gains. This development removes a potential hurdle for maintaining profitability while expanding its issuance activities.
Toward the S&P 500 and Beyond
For the second consecutive quarter, Strategy qualified for potential inclusion in the S&P 500 index — a clear sign of the company’s growing financial strength and investor appeal. Following its Q3 earnings report, Strategy’s shares rose over 5%, reaching $269.51.
This milestone signifies not only Strategy’s financial recovery but also its evolution from a single-asset Bitcoin holder to a diversified, yield-oriented digital finance company. The firm’s expansion into global credit markets, paired with its disciplined financial management, could solidify its position among major publicly traded corporations.
Strategy’s Evolution Is Just Beginning
Strategy’s journey from a corporate Bitcoin treasury innovator to a global digital credit powerhouse illustrates the ongoing evolution of corporate finance in the blockchain era.
The company’s strong earnings, forward-looking debt strategy, and aggressive move into international credit markets mark a new chapter — one that extends well beyond Bitcoin accumulation.
With Michael Saylor’s long-term vision and Phong Le’s operational leadership, Strategy appears ready to become a cornerstone of the digital credit economy, where blockchain-based assets fuel sustainable, global financial innovation.
The transformation of Strategy may well signal the next stage in Bitcoin’s integration into mainstream finance — not just as a store of value, but as a structural component of modern capital markets.
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