Macro
Saylor Is Now a Sovereign Wealth Fund. He's Not Even Hiding It Anymore.
Strategy stopped behaving like a corporate treasury years ago. In 2026 it has stopped pretending. The financing pattern, the holding policy, the public messaging, and the way credit markets price the paper now match a sovereign wealth fund more closely than they match a company. The implications run further than most institutional investors are willing to say out loud.
9 min read·strategy, microstrategy, saylor