Michael Saylor Sees Strategy, Strive Expanding Bitcoin Credit Market

Michael Saylor says Strategy and Strive can compete for investor capital while simultaneously helping expand the emerging Bitcoin-backed credit market.

In a recent post, the Strategy chairman explained that the two companies issue different securities and make independent financial decisions, but Bitcoin serves as the common foundation for their balance sheets.

“BTC is Digital Capital. STRC and SATA are Digital Credit. MSTR and ASST are Digital Equity,” Saylor wrote.

According to Saylor, the bigger opportunity lies in attracting capital currently invested in traditional equities and fixed-income securities. Citing SIFMA data, he noted that global equity markets reached $157.8 trillion at the end of 2025, while global fixed-income debt totaled $160.7 trillion.

Bitcoin-linked credit products such as Strategy’s STRC and Strive’s SATA therefore compete for capital with bonds, preferred securities and other income-generating investments.

Strategy recently purchased another 1,665 BTC for approximately $142.7 million, increasing its Bitcoin holdings to 847,666 BTC. Strive has also expanded its Bitcoin strategy, raising roughly $86 million through SATA preferred stock sales.

Saylor argued that having multiple Bitcoin credit issuers could benefit the entire sector by making investors more familiar with these products. Investors who understand how to evaluate SATA, he said, may also be better positioned to assess STRC.

Greater familiarity could eventually reduce the premium investors demand for holding relatively unfamiliar Bitcoin-backed securities, potentially lowering financing costs and supporting additional issuance.

Despite competing for capital, the companies also have financial links. Strive disclosed a $50 million investment in Strategy’s STRC preferred stock in March.

Saylor identified three potential drivers for the market: Bitcoin price appreciation, increased adoption of Digital Credit and greater recognition of Digital Equity. However, he acknowledged that individual Bitcoin purchases cannot guarantee higher BTC prices.

Strive recently acquired 1,107 BTC for $94.5 million between Sept. 21 and Sept. 25, bringing its holdings to 27,462 BTC.

Saylor added that the long-term development of Bitcoin-linked credit will ultimately depend on responsible management, as financing, liquidity and governance risks remain specific to each issuer.