Michael Saylor Says ChatGPT Helped Strategy Raise $15 Billion for Bitcoin Purchases: 'They Never Thought to Do It'

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Strategy Inc. co-founder Michael Saylor said OpenAI's ChatGPT helped Strategy design a novel preferred stock structure that ultimately enabled it to raise roughly $15 billion to purchase additional Bitcoin.

How ChatGPT Helped Strategy Design a New Bitcoin Funding Vehicle

Speaking on The Diary of a CEO podcast on Thursday, Saylor said he turned to ChatGPT after Strategy had largely exhausted traditional fundraising options, including equity offerings and convertible bonds, as it sought additional capital to expand its Bitcoin holdings.

Saylor said the company needed to create an entirely new type of security that sat somewhere between common equity and debt.

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He described using ChatGPT to explore different structures for a preferred stock, combining elements of financial engineering, securities law and digital assets.

"We went to the AI," Saylor said. "I started exploring how do I design a preferred stock."

The result was, a convertible preferred stock that Saylor said was backed by the company's Bitcoin strategy. He added that neither lawyers nor investment bankers had seen a similar structure before, often responding, "No one's ever done it before."