Key facts
- Michael Saylor believes Strategy and Strive can grow the Bitcoin-backed credit market.
- Saylor views BTC as digital capital, STRC/SATA as digital credit, and MSTR/ASST as digital equity.
- Global equity markets were valued at $157.8 trillion and fixed-income debt at $160.7 trillion at the end of 2025.
- Strategy's Bitcoin holdings increased to 847,666 BTC.
- Strive recently purchased 1,107 BTC for $94.5 million, bringing its holdings to 27,462 BTC.
- Strive is the fifth-largest public holder of Bitcoin.
Michael Saylor, chairman of Strategy, has detailed a strategy for expanding the Bitcoin-backed credit market, emphasizing the roles of Strategy and Strive. He posits that both companies benefit from increased investor participation in the sector, as Bitcoin underpins their respective balance sheets. Saylor articulated that Bitcoin is 'Digital Capital,' while Strategy's STRC and Strive's SATA are 'Digital Credit,' and their parent companies, MSTR and ASST, represent 'Digital Equity.'
Saylor suggested that the primary opportunity lies in attracting capital from investors currently focused on traditional stocks and fixed-income products. He cited SIFMA data indicating that global equity markets reached $157.8 trillion and global fixed-income debt stood at $160.7 trillion by the end of 2025. Bitcoin credit products like STRC and SATA, he argued, directly compete with bonds and other income-generating investments.
Strategy recently acquired an additional 1,665 BTC for approximately $142.7 million, bringing its total holdings to 847,666 BTC. Saylor also noted that the presence of multiple Bitcoin credit issuers could help investors become more familiar with these products, thereby reducing the premium return demanded for exposure to less understood securities. This, in turn, could lead to lower financing costs and more favorable market conditions for issuing additional credit products.
Strive has been growing its Bitcoin treasury through sales of its SATA preferred stock, raising about $86 million. The company also disclosed a $50 million purchase of Strategy's STRC preferred stock in March, illustrating how the companies can coexist and even invest in each other's products while competing in the same market.
Saylor identified three key drivers for market reinforcement: Bitcoin appreciation, the adoption of Digital Credit, and the recognition of Digital Equity. He acknowledged that while stronger Bitcoin prices can enhance asset coverage for treasury companies, individual Bitcoin purchases do not guarantee price increases. As of the reporting date, Strive ranks as the fifth-largest public holder of Bitcoin, following Strategy, Twenty One Capital, Metaplanet, and MARA. Strive recently acquired 1,107 BTC for $94.5 million between September 21 and September 25, increasing its holdings to 27,462 BTC. Saylor concluded that the development of Bitcoin-linked credit ultimately depends on responsible issuer management, with financing, liquidity, and governance risks remaining company-specific.