Strategy 執行長 Michael Saylor 週二在拉斯維加斯永利酒店舉辦的 Strategy World 2026 年度大會上發表題為「數位信用」的主題演講，將比特幣（BTC）定位為新金融體系的基礎資本層，並透過 Strategy 旗下的納斯達克永續優先證券 STRC，提出以比特幣支撐的穩定收益工具架構。
數位資本論：比特幣作為新金融體系基礎
Saylor 在演講中以「數位資本」重新定義比特幣的本質，強調其核心價值在於以數位形式儲存經濟財富，並能瞬間、無國界地進行跨境流通。他表示：「這就是數位資本——透過數位管道將有價值的東西轉移到地球上任何地方的能力。」
Saylor 認為，比特幣的高便攜性使其有別於不動產、黃金等傳統資產，具備成為全新金融基礎設施的獨特條件。在此基礎上，「數位信用」被定義為建立在數位資本之上的金融衍生層：「數位信貸建立在數位資本之上，而數位資本就是比特幣……我們正在將經濟財富轉化為現金流。」
STRC 的機制設計：波動性管理與收益創造
此次演講的核心產品是 STRC——Strategy 在納斯達克上市的永續優先證券。其機制設計旨在解決長期困擾企業投資者的「成長與收益」權衡難題：
收益來源：STRC 發行募集的資金用於購買更多比特幣，隨持倉增加，每股比特幣價值相應提升
波動性隔離：比特幣短期波動風險被移轉至普通股，優先股股東獲得收益保障與本金保護
流動性優勢：STRC 的流動性高於典型優先股，並兼具類股票的上漲潛力與類信用工具的穩定性
規模效應：持倉增加 → 流動性提升 → 對比特幣支撐工具的需求增加 → 進一步帶動信用發行
Saylor 指出，這種結構使機構和企業得以獲得比特幣長期升值收益，而無需直接承擔其短期價格波動的風險。
機構採用信號與 Strategy 的比特幣積累進展
Strategy 近期完成了連續第 100 週的比特幣購買，目前持有超過 717,000 枚 BTC，鞏固了其作為全球最大企業比特幣持有者的地位。
STRC 的機構採用已出現初步信號：美國首家獲得聯邦特許的加密銀行 Anchorage Digital 已公開披露持有 STRC；企業投資者 Prevalon Energy 亦在大會期間宣布了涉及 STRC 的國庫資產配置計劃。
常見問題
Michael Saylor 的「數位信用」與傳統金融信用有何根本差異？
傳統信用以法幣、國債或實體資產作為抵押基礎，結算受制於傳統金融基礎設施的時間與地域限制。Saylor 的數位信用構想以比特幣作為底層資本層，利用其全球可流通、即時結算的特性，建立突破傳統金融邊界的信用工具，並透過 STRC 等結構化產品將比特幣波動性轉化為穩定的收益流。
STRC 是什麼，投資者如何理解它的風險收益結構？
STRC 是 Strategy（前 MicroStrategy）在納斯達克上市的永續優先證券，持有者享有固定收益優先權與本金保護，同時間接參與比特幣資產的長期升值。其風險在於：若比特幣價格大幅下跌影響 Strategy 的整體資產負債表，或公司無法持續支付優先股股息，持有者仍面臨潛在損失。與直接持有比特幣相比，STRC 提供了波動性緩衝，但也放棄了部分直接的比特幣敞口。
「50 兆美元賽道」的市場機遇是否具有現實基礎？
Saylor 的 50 兆美元估算基於全球信貸市場約 300 兆美元規模的 5% 至 10% 份額捕獲假設。這是一個長期宏觀框架，並非短期預測。全球信貸市場龐大而成熟，以比特幣支撐的信用工具目前仍處於早期採用階段，能否實現此規模，取決於監管環境的演進、機構採用速度以及比特幣作為抵押資產的合法性認可程度。
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