Strategy Executive Chairman Michael Saylor outlined the theoretical foundation for the company's digital credit product Stretch (STRC), positioning it as the latest evolution in a four-century financial architecture. In posts on X, Saylor argued that STRC combines historical innovations—common stock separating capital from investment cycles, preferred stock establishing priority claims, and tax law defining return mechanisms—with Bitcoin as a corporate reserve asset. The STRC product, first issued in July 2025, raised approximately $2.521 billion and enabled the purchase of 21,021 bitcoins. According to Saylor, the instrument uses Bitcoin to back the balance sheet while employing preferred stock structures to define investor returns and claim rights, supported by exchange liquidity, shelf registration, and ATM mechanisms for capital formation.