Michael Saylor argues Bitcoin miners no longer determine the price of Bitcoin (BTC). The MicroStrategy executive chair says structured credit products now absorb every coin produced. That shift moves pricing power from mining output to institutional credit demand.
MicroStrategy will likely buy every bitcoin produced by miners until 2140, according to Saylor, with the firm’s STRC preferred stock, launched in July 2025, now anchoring that demand.
Why Bitcoin Miners No Longer Drive Price
Saylor framed the shift as structural rather than cyclical, arguing that the formation of digital credit means the credit market itself absorbs all organic bitcoin issuance.
That pattern continues until mining tapers off near the next century. Strategy already holds roughly $65 billion in Bitcoin.
The company bought more Bitcoin this year than miners produced, according to Saylor. The remark echoes prior data showing institutional bitcoin demand trends have repeatedly outpaced miner output during 2025.
“Strategy grabs twice the Bitcoin mined each year. Supply shock accelerates and locks in Bitcoin as the institutional asset,” one user remarked.
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STRC Becomes the Pipeline
STRC has grown from zero to about $10.5 billion in notional value in ten months. Saylor said $2 billion of that issuance came in the past month alone.
The instrument’s monthly STRC dividend rate sits at 11.5%. It resets to keep the share price near its $100 par.
The structure converts expected Bitcoin appreciation into a tax-deferred yield for credit investors while routing capital toward continued BTC purchases.
Strategy’s broader Bitcoin capital plan and rising STRC trading activity have drawn steady retail flows. However, critics question how long the model can compound.
Saylor’s Bitcoin empire bet now hinges on STRC scaling through the next halving in 2028. Sustaining the yield without straining the model is the open test.
For now, his thesis treats Bitcoin pricing as a function of structured finance rather than mining output.