Michael Saylor says ChatGPT helped design a new Bitcoin-backed security

What was said

"So, we used AI to design a a convertible preferred stock called STRK. when we did it, no one had ever created a preferred stock uh that was backed by Bitcoin before and uh and we'd never issued it."

MicroStrategy founder Michael Saylor says he used ChatGPT to help design a new convertible preferred stock, STRK, which he describes as a Bitcoin-backed instrument. He frames it as a novel hybrid between equity and debt after he says the firm had “maxed out” both equity markets and the convertible bond market for raising capital to buy more Bitcoin.