Michael Saylor reveals how ChatGPT helped Strategy unlock $15 billion for its Bitcoin machine

Michael Saylor says Strategy used AI to design a brand new class of most well-liked shares that in the end allowed the corporate to lift roughly $15 billion for its Bitcoin technique.

The Strategy government chairman stated he turned to AI after the corporate’s present financing channels, together with common-stock gross sales and convertible bonds, had been turning into tougher to scale.

“I used AI to make $15 billion final yr,” Saylor stated throughout an Aug. 6 look on The Diary of a CEO podcast.

Saylor was referring to capital raised by way of securities somewhat than $15 billion of non-public revenue or company revenue. He stated Strategy in the end bought about $10.5 billion of 1 preferred-stock instrument and one other roughly $4 billion throughout associated merchandise.

He didn’t initially determine the AI system by identify. Later within the dialogue, after Saylor described asking an AI how Strategy may construction an uncommon variable-dividend most well-liked inventory, host Steven Bartlett requested whether or not he meant ChatGPT and OpenAI. Saylor affirmed the characterization.

Strategy turned to AI after its outdated Bitcoin playbook hit limits

According to Saylor, the experiment started in early 2025 as Strategy searched for one other option to finance Bitcoin purchases.

By then, Saylor stated the corporate had already pushed closely into common-stock issuance and had develop into one of many world’s largest issuers of convertible bonds.

Those devices had powered a lot of Strategy’s first several years of Bitcoin accumulation, however he believed neither market may assist the size of capital the corporate wished to lift subsequent.

He stated:

“We wanted to invent a brand new sort of safety, a brand new sort of credit score instrument that we may use to borrow cash to purchase extra Bitcoin.”

He continued that he started utilizing AI to discover the design of most well-liked shares, securities whose phrases can mix traits of debt and fairness.

That course of first produced STRK, a convertible preferred stock. Strategy later moved towards a distinct construction designed to behave extra like short-duration credit score and commerce near its $100 said worth.

To maintain that value comparatively secure, Strategy developed a most well-liked inventory whose dividend fee may very well be adjusted as market situations modified.

Saylor stated the construction was unfamiliar sufficient that typical advisers had been skeptical.

“Their reply, by the way in which, is nobody’s ever achieved it earlier than, and other people don’t try this,” he stated.

Saylor stated Strategy used AI to work by way of how the construction may very well be constructed inside present securities guidelines.

He stated:

“We go to the AI. We stated, ‘Well, can we do it?’ They’re like, ‘Of course you are able to do it.’”

That work in the end contributed to STRC, Strategy’s variable-rate preferred stock.

Saylor stated Strategy raised about $2.5 billion within the preliminary providing and later bought one other roughly $8 billion by way of subsequent issuance, taking the full raised by way of that instrument to about $10.5 billion.

Combined with roughly $4 billion raised by way of its different most well-liked securities, he put the full at about $15 billion.

“So we mainly bought $15 billion of credit score,” Saylor stated.

The outcome was a brand new financing channel sitting alongside Strategy’s frequent fairness and convertible debt markets, giving the corporate one other option to increase capital for Bitcoin purchases.

Saylor’s account additionally illustrates a much less typical use of generative AI in company finance. Rather than utilizing the know-how to commerce property or forecast costs, Strategy used AI as a part of the method for exploring how a brand new safety may very well be structured.

Strategy is the biggest company holder of the highest crypto, with greater than 840,000 BTC in its coffers.

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