Michael Saylor & The Ultimate Bitcoin Strategy

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Dec 18, 2025

Michael Saylor, the Chairman and founder of MicroStrategy, dives deep into the world of Bitcoin and digital finance. He discusses the evolution of digital credit at Strategy, exploring its IPOs and market growth. Saylor highlights the increasing institutional adoption of Bitcoin and the significance of regulatory support. He also anticipates future catalysts that could drive Bitcoin's value, including the creation of bank credit against Bitcoin, and reflects on the interplay of AI and Bitcoin in shaping the financial landscape.

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INSIGHT

2025 Marked A Fundamental Shift

Michael Saylor argues 2025 was the best year for Bitcoin fundamentals with regulatory, banking, and market advances.
He cites spot ETF unblocking, CFTC guidance, fair value accounting, and bank credit thaw as transformational.

INSIGHT

Three-Layer Stack For Digital Finance

Saylor presents a three-layer vision: digital capital, digital credit, and digital money.
He explains how overcollateralized credit can strip volatility from Bitcoin to create yield-bearing instruments.

INSIGHT

Bank Credit As A Supply Sink

Bank credit creation can remove natural miner supply, becoming a demand-side driver.
Each $16B of bank credit created can absorb roughly a year's miner supply and tighten markets.

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Alex Thorn talks to Strategy Chairman and Founder Michael Saylor at his home in Miami. Thorn and Saylor discuss Strategy’s evolution into a digital credit issuer, the future of digital banking, the overlap of bitcoin and AI, and Michael’s impact on markets. The two also take stock of changes to government, markets, and Strategy in the year since Michael previously appeared on Galaxy Brains in December 2024.

This episode was recorded on Tuesday, December 16.

Participants, along with Galaxy Digital, hold a financial interest in bitcoin. Galaxy Digital regularly engages in buying and selling bitcoin including hedging transactions, for its own proprietary accounts and on behalf of its counterparties. Galaxy Digital also provides services to vehicles that invest in bitcoin. If the value of such assets increases, those vehicles may benefit, and Galaxy Digital’s service fees may increase accordingly. For more information, please refer to Galaxy’s public filings and statements.

For additional risks related to digital assets, please refer to the risk factors contained in filings Galaxy Digital Inc. makes with the Securities and Exchange Commission (the “SEC”) from time to time, including in its Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, filed with the SEC on November 10, 2025, available at www.sec.gov.