MSTR Eyes Global Credit Expansion With Focus on International Markets

MicroStrategy (MSTR), Michael Saylor's bitcoin treasury company, is actively preparing to launch credit securities in international jurisdictions as part of its strategy to become a dominant global credit issuer. This expansion aims to broaden its financial presence beyond the U.S. market for bitcoin-backed and digital asset-based credit instruments.

The company reported strong Q3 2025 financial results, posting operating income of $3.9 billion and net income of $2.9 billion, a significant turnaround from year-ago losses. For the first nine months of 2025, operating income reached $12 billion, with net income at $8.6 billion. MSTR has annual dividend and interest obligations totaling $689 million, alongside $8.2 billion in convertible bonds with a low blended interest rate.

CEO Phong Le reaffirmed the goal of eliminating all convertible debt by 2029, which aligns with S&P's assessment that gave the company a B- credit rating. Despite Executive Chairman Michael Saylor noting that the multiple to net asset value (mNAV) is at its weakest level since early 2024 due to market factors, the company has raised $20 billion year-to-date across various securities. Furthermore, MSTR has qualified for potential S&P 500 inclusion for the second consecutive quarter and does not expect to be subject to the Corporate Alternative Minimum Tax on unrealized bitcoin gains.

(Source：CoinDesk)