Michael Saylor, executive chairman of Strategy, stated that Strategy and Strive can compete for investor allocations while jointly expanding the market for Bitcoin-backed credit products. In comments released on September 30, he described both companies as sharing Bitcoin as their core treasury asset even as they issue distinct securities and make independent financial decisions.

Saylor framed the opportunity against the scale of conventional capital markets. Citing data from the Securities Industry and Financial Markets Association, he noted that global equity market capitalization reached $157.8 trillion at the end of 2025, while global fixed-income debt outstanding stood at $160.7 trillion. Capturing even one-tenth of one percent of either pool would represent roughly $160 billion in potential capital for Bitcoin-linked instruments.

Under this framework, Strategy’s STRC preferred stock and Strive’s SATA preferred stock function as forms of digital credit designed to compete with traditional bonds and income products. Common shares of the two companies, traded as MSTR and ASST, represent digital equity. Saylor said the firms offer different securities and serve investors with varying objectives, yet both can benefit when more capital flows into the broader category.

Shared Foundation and Complementary Activity

Strategy recently purchased 1,665 bitcoin for approximately $142.7 million, lifting its total holdings to 847,666 bitcoin at an aggregate cost basis near $63.95 billion. In the same period the company also repurchased about 1.53 million STRC shares for $151.7 million. STRC currently carries a 12 percent annualized dividend rate paid twice monthly.

Strive has expanded its own bitcoin position to 27,462 coins after acquiring 1,107 bitcoin for roughly $94.5 million between September 21 and 25 at an average price of about $85,396 per coin. The firm ranks among the largest public corporate holders of bitcoin. Strive has also issued SATA preferred stock, which carries a 13 percent annualized dividend rate paid on business days, and raised approximately $86 million through earlier SATA sales.

The two companies already hold exposure to each other’s products. Strive disclosed a $50 million purchase of Strategy’s STRC preferred stock in March and continues to hold 505,000 STRC shares valued at about $49.76 million as of September 25. Strive has described the STRC position as part of a multi-month dividend reserve strategy that also includes cash.

Saylor argued that multiple well-managed issuers can accelerate investor education, improve trading liquidity, and generate more research coverage for the emerging asset class. Greater familiarity, he said, could eventually narrow the extra yield investors currently demand for less-known securities and thereby lower financing costs for future issuance.

Three Drivers of Sector Expansion

Saylor identified three interconnected factors that could support growth. The first is appreciation in the value of bitcoin itself, which serves as the common capital base for the treasury companies. He cautioned, however, that any single corporate purchase cannot guarantee higher bitcoin prices.

The second factor is broader adoption of digital credit products. Additional reputable issuers, in his view, can build market confidence faster than a single provider. The third is wider recognition of digital equity, which would need to be earned through performance rather than simply through an increase in the number of issuers.

He noted that bitcoin itself produces no coupon, so any economic margin between asset returns and financing costs must be generated through disciplined management of reserves, liquidity, and governance. Financing, liquidity, and operational risks remain specific to each issuer.

Upcoming Changes and Persistent Risks

Strategy has scheduled a special shareholder meeting for October 28 at which common shareholders will vote on amendments that would allow preferred securities including STRC to record dividends on every calendar day, with payment on the next business day. If approved, the first daily record date is proposed for November 1.

Market conditions have already tested the category. Both STRC and SATA experienced sharp price declines in June amid thin liquidity and bitcoin volatility. Strategy has since increased U.S. dollar reserves and bought back STRC shares below their $100 stated amount, while Strive has maintained cash reserves alongside its bitcoin and STRC holdings.

Saylor expressed support for Strive and other carefully managed issuers, stating that stronger participants can attract additional capital into the sector while weaker performance by any issuer could affect confidence across the category. The companies continue to operate as separate businesses with distinct securities, capital structures, and risk profiles even as they share bitcoin as their foundational asset.