Michael Saylor

speaker

2,284 appearances 6 recordings 5 series first heard Nov 2024 last heard 14 Jun

Michael Saylor’s voice in public audio — every appearance, attributed to the second.

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recordings per month · last 12 months

Recordings per month over the last 12 months — 3 in all, peaking in Jun 2026 with 1.

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Bankless · "Fix the Money, Fix the World" — Michael Saylor's Master Plan (plus questions on Quantum and Ethereum) · 13 Apr 2026 podcast

You know, it may not.

If I want the principal to stay stable around 100, I have to make the credit spread variable.

If I make the credit spread or the credit, if I make the dividend constant, then the principal is going to vary widely.

So you can either have stable dividend yield but unstable principal, or you can have stable principal value and unstable or variable dividend yield.

So we created a monthly variable rate preferred stock where the company, the issuer,

has the ability to adjust the credit spread, in essence, adjust the dividend rate each month at its discretion.

And then we pay the dividend as a cash dividend each month.

So what's unique about that?

That's the first time in the history of the world, guys, where anyone ever created variable rate preferred stock.

Well, if you dig through all the preferreds, you'll find that normally they're either fixed, they pay you a fixed dividend, or they pay you a fixed credit spread over SOFR, like SOFR plus 350 basis points.

So that's still fixed.

I mean, it's called a floater, but it's floating with the standard overnight funds rate.

The credit spread is fixed, which means that

the value of the preferred is going to vary depending upon the market perception of the credit of the issuer.

So none of those would be stable.

If you want to create a completely stable preferred stock that trades around 100, then you have to combine a variable credit spread

with a adjustable at-the-market shelf registration.

So we combine a shelf registration where we can sell STRC into the market or not sell it, and we combine it with the ability to adjust the credit spread every month.

So when the market is jittery,

Like, let's say, you know, we had this thing at 100 when Bitcoin was $125,000 a coin.

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