[Digital Today reporter Yoonseo Lee] Strategy Chairman Michael Saylor (마이클 세일러) again stressed a vision that bitcoin can be used as an asset underpinning corporate credit and capital structure.

On Aug. 23, local time, blockchain outlet U.Today reported that Saylor argued in a recent post that bitcoin’s biggest innovation is its ability to digitise so-called “economic energy” and securely bind it to a range of entities, including individuals, families, companies, machines and nations.

The remarks align with Strategy’s recent moves. Strategy has aggressively accumulated bitcoin, but it has recently expanded its strategy to building its own financial ecosystem to raise funds and design capital structures based on bitcoin. The “digital energy” role Saylor highlighted is being reflected in Strategy’s financial strategy in concrete ways.

Strategy currently holds 844,047 bitcoin. That is about 4 percent of bitcoin’s maximum supply of 21 million, with its value reaching $64.9 billion.

A bitcoin-centred financial structure is directly exposed to price volatility. Strategy’s bitcoin holdings recorded book losses over a long period, but they turned into $1.4 billion in net unrealised gains last week as bitcoin prices surged. Book value can improve quickly in a rally, but the structure can increase financial burdens during downturns.

Strategy is also expanding its “digital credit” business based on its large bitcoin holdings. It issues perpetual preferred shares that provide dividend income by using bitcoin as a financial foundation, and the size of related products amounts to $13.37 billion.

The digital credit strategy has not been smooth. After its flagship product, STRC, fell below its par value of $100, Strategy moved to stabilise the price by buying back STRC in the market and adjusting the dividend rate. STRC later recovered to the $96 level. The episode showed Strategy defending the preferred-share structure using capital market tools without selling bitcoin, reflecting a strategy to make bitcoin a foundational asset for corporate finance.

Strategy’s efforts can be seen as an experiment in translating Saylor’s concept of “digital energy” into an actual corporate finance model. It aims to expand bitcoin from a long-term holding into a foundational asset underpinning corporate credit and capital structure.

The key is whether such a structure can withstand volatility in bitcoin and traditional financial markets. Even if Strategy continues a strategy of binding economic value to digital assets over the long term, its success depends on whether it can withstand both a fall in bitcoin prices and a deterioration in financing conditions at the same time.

Bitcoin’s most profound breakthrough is the ability to convert economic energy into digital form and bind it securely to a person, family, company, machine, or nation.