On October 31, 2025, the company Strategy (MSTR) announced a major global expansion plan to become a dominant issuer of digital asset-backed credit, fueled by a dramatic financial turnaround and its substantial Bitcoin treasury. This move signals a significant step in the convergence of traditional finance and the digital asset world.
The Financial Engine for Global Ambitions
Strategy’s plan is supported by a powerful financial recovery. The company reported a massive swing to profitability, with an operating income of $12 billion and a net profit of $8.6 billion for the first nine months of 2025. This reverses the losses from the previous year and translates to earnings per share of $27.71. This robust financial health provides the foundation for its ambitious new strategy to issue credit instruments internationally, using its Bitcoin treasury as a backbone.
Strategy’s Credit Expansion and Market Impact
The core of the announcement is a roadmap to expand its financial footprint beyond the United States. President and CEO Phong Le stated the company is “actively laying the groundwork for credit securities in international jurisdictions,” with the goal of becoming a “dominant credit issuer globally”. This initiative will involve creating new Bitcoin-backed debt and digital asset-linked preferred instruments for markets outside the U.S..
The company has demonstrated strong institutional support, raising $20 billion year-to-date through various securities. Management has also reaffirmed a key objective of financial discipline: to eliminate all convertible debt by 2029. This commitment, along with a solid earnings report, contributed to Strategy qualifying for potential inclusion in the S&P 500 for the second consecutive quarter.
A Look at the Broader Context
Strategy’s move is a powerful example of a larger trend: the tokenization of real-world assets (RWAs). This process involves converting rights to an asset into a digital token on a blockchain, and it is increasingly being applied to areas like credit instruments, treasuries, and real estate.
For institutional investors, tokenization offers compelling benefits, including real-time settlement, which reduces counterparty risk, enhanced transparency from an immutable ledger, and lower costs by automating processes like interest payments with smart contracts. As this technology scales, it has the potential to unlock liquidity in traditionally illiquid markets, such as private credit, by allowing for fractional ownership and creating new avenues for capital formation.
