• Michael Saylor categorizes Strategy’s $STRC as Digital Credit with low volatility, BlackRock’s $IBIT Bitcoin ETF as Digital Capital with moderate volatility, and $MSTR common stock as Digital Equity with high volatility.
• The accompanying chart displays 30-day historical volatility as of September 25, 2026: MSTR at 102%, IBIT at 47%, STRC at 10%—placing STRC in line with SPY and below GLD, QQQ, and BND.
• This framework reflects Strategy’s capital structure, using lower-volatility preferred stock like STRC to issue yield (around 12% dividends) and raise funds for Bitcoin holdings while directing upside and volatility to MSTR equity holders.
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