Michael Saylor Embraces Ethereum and Solana in Shift to Three-Tier, Bitcoin-Centric Financial Model

Bitcoin’s early culture treated decentralization, self-custody and freedom from intermediaries as defining principles. Michael Saylor, co-founder of Strategy, formerly MicroStrategy, argues that institutional and sovereign adoption requires a broader framework encompassing regulated custody, financing and counterparty-risk management. In his view, Bitcoin is evolving from a conviction-driven asset held by technologists into digital capital infrastructure capable of supporting global pools of wealth.

In a recent essay outlining a “Bitcoin Reformation,” Saylor said self-custody should remain a right rather than become an obligation for every holder. He advocated managing counterparty trust through institutional structures instead of rejecting it outright, allowing banks, companies, investment funds and governments to choose custody and financial services suited to their mandates. The proposal seeks to widen Bitcoin’s access to mainstream capital without removing the option to hold assets independently.

Strategy, formerly known as MicroStrategy, has long treated Bitcoin as its core treasury asset, raising funds through common stock, convertible bonds and preferred shares to expand its holdings. It held 846,800 BTC at the time of reporting, the largest position among publicly listed companies. Michael Saylor’s argument is significant because it shifts the source of returns from on-chain staking to layers of credit and equity in capital markets.

On June 16, 2026, Strategy Executive Chairman Michael Saylor unveiled a five-layer “Digital Asset Stack” on X. The framework places Bitcoin at the base, followed by credit, currency, yield and equity, and stresses that Bitcoin does not need to emulate Ethereum’s staking or inflation. Strategy’s perpetual preferred stock, STRC, closed at $95.20 on June 15, down 1.45% and below its $100 par value.