Michael Saylor said Bitcoin backing alone could not keep Strategy's 12% annual dividend preferred stock, Stretch (STRC), at its $100 target. Saylor said credit investors wanted a cash cushion before returning. Strategy introduced a US dollar dividend reserve and a share buyback program after STRC fell to roughly $75. Saylor said Strategy repurchased about $1.5 billion of STRC, bringing the stock within a few cents of par. Strategy now holds about three and a half years of dividends in cash, according to Saylor. Saylor said digital credit must demonstrate resilience through bear markets before gaining wider acceptance.