Michael Saylor says Strategy and Strive can grow the Bitcoin-backed credit market together because both companies rest on the same underlying asset. Strategy has raised its holdings to 847,666 BTC, while Strive has expanded its treasury to 27,462 BTC.
Michael Saylor argues that Strategy and Strive expand the same market rather than simply competing against each other, because Bitcoin sits behind both companies' balance sheets. The Strategy chairman said the two firms issue different securities and make separate financial decisions, but share a common foundation.
Saylor Frames Bitcoin as Capital, Credit and Equity
Saylor wrote that BTC functions as Digital Capital, while STRC and SATA represent Digital Credit and MSTR and ASST represent Digital Equity. He said the bigger opportunity lies in pulling investors away from traditional stocks and fixed-income products.
He cited SIFMA data showing global equity markets reached $157.8 trillion at the end of 2025, while global fixed-income debt stood at $160.7 trillion. He argued that Bitcoin credit products such as STRC and SATA compete with bonds and other income investments.
Strategy recently added another 1,665 BTC to its treasury, spending about $142.7 million to raise its holdings to 847,666 BTC.
More Issuers Could Ease Financing Costs
Saylor said additional issuers could help investors learn to evaluate Bitcoin-backed credit products, making the sector easier to assess overall. According to CoinGape: "An investor who learns how to evaluate SATA is better prepared to evaluate STRC", Saylor said.
He added that wider adoption could shrink the extra return investors demand for holding unfamiliar securities. Lower financing costs could then let companies issue further credit products under better market conditions.
Strive has been building its own SATA preferred stock program. The company recently raised about $86 million through SATA sales as it kept expanding its Bitcoin treasury, and it disclosed a $50 million purchase of Strategy's STRC preferred stock in March.
Three Drivers Could Reinforce the Market
Saylor described Bitcoin appreciation, Digital Credit adoption and Digital Equity recognition as three factors that could reinforce each other. Stronger Bitcoin prices could improve asset coverage for treasury companies, he said, while wider credit adoption could bring more capital into the sector. However, he acknowledged that individual Bitcoin purchases cannot guarantee higher prices.
Strive is currently the fifth-largest public holder of Bitcoin globally, ranking behind Strategy, Twenty One Capital, Metaplanet and MARA. The company bought 1,107 BTC for $94.5 million between Sept. 21 and Sept. 25, taking its holdings to 27,462 BTC.
Saylor said the broader growth of Bitcoin-linked credit will still depend on responsible management at each issuer, with financing, liquidity and governance risks remaining company-specific.
Source: CoinGape
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