Strategy’s Bitcoin-Backed Securities: A New Era in Fixed Income?

Michael Saylor’s Strategy, formerly MicroStrategy, revolutionized fixed income markets by issuing bitcoin-backed perpetual preferred shares in 2025. This landmark move raised $4.2 billion in July and €100 per share in November, signifying a novel approach to investing. However, the innovative structure has sparked debate over market liquidity, dividend sustainability, and investor confidence, leading to heightened volatility in MSTR stock prices.