Saylor Sees Synergy in Digital Credit Issuers
Michael Saylor has written an essay on X that makes a case for Bitcoin-powered Digital Credit issuers, stating they strengthen each other rather than cannibalize investors.
The Smarter Web Company's MORE share is one such issuer that saw its price jump by 66.4% this year, with the company planning to list the first preferred share issued by a UK corporate Bitcoin holder.
Saylor distinguishes between Digital Capital (Bitcoin), Digital Credit (preferred instruments like Strategy's STRC and Strive's SATA), and Digital Equity (common shares like MSTR and ASST).
He cites Strive's $50 million STRC purchase in March 2026 as an example of the complementarity between firms holding the same reserve asset, noting that a rise in Bitcoin's price lifts holdings across the board.
The Smarter Web Company has spent over $300 million acquiring Bitcoin and holds 2,747 BTC, ranking it 29th among public corporate holders. MORE pays a cumulative variable weekly dividend, carries a liquidation preference, and grants no voting rights, making it a fixed-income-style claim against a Bitcoin balance sheet.