Saylor says tokenised MSTR hinges on a US standard that does not yet exist
Strategy executives told analysts on the company's third-quarter earnings call that issuing a tokenised version of its MSTR stock for US investors remains open in principle, but is held back by the absence of a US token standard, which one participant called "the elephant in the room". Michael Saylor and Phong Le took questions from BTIG's Andrew Harte, Treasury's Khing Oei, Galaxy's Alex Thorn, Citi's Pete Christiansen and Scott Melker.
The discussion ranged across the company's digital credit book, the preferred shares it has issued, and the financialisation of bitcoin. Asked why the Stretch preferred (STRC) took four months to return to par, the executives walked through the mechanics; they also addressed what happens to STRD, STRK and STRE, and why the euro-listed STRE presents a particular challenge.
Saylor framed tokenisation as a route to a freer market, arguing that the promise of the technology is a free market, while conceding that US investors lack a standard to build on. The conversation also touched on how institutions are damping bitcoin's volatility, with references to Mr Edison and Mr Rockefeller as historical parallels for financialised bitcoin.
Earlier in the call the executives discussed Strategy's balance sheet against the last bull market and the conditions under which the company would turn its equity at-the-market programme back on, noting that a lot of capital is needed to create a lot of credit. The views expressed were those of the participants.
