Saylor traces bitcoin treasury credit to four centuries of financial history

The article traces ten historical foundations that made bitcoin-backed securities possible, arguing most infrastructure predates Bitcoin by centuries. It cites the Dutch East India Company (1602), preferred stock (1836), stock tickers (1867), securities and commodities law, the Investment Company Act of 1940, return-of-capital tax rules, shelf registration, ATMs, and repurchases. It says Strategy's Stretch (STRC) raised about $2.521 billion in July 2025, buying 21,021 bitcoins, with a November 2026 amendment changing dividend payment dates. The author frames the innovation as combining these elements rather than any single one.

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