Michael Saylor says Strategy and Strive can compete for investor capital while helping expand the Bitcoin credit market. His argument is that several credible issuers can draw more investors, liquidity, and research into Bitcoin-linked preferred securities without eliminating competition between companies.
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In comments published on September 30, Saylor placed Bitcoin, preferred stock, and common equity into his own framework. He calls Bitcoin “Digital Capital,” preferred securities such as Strategy’s STRC and Strive’s SATA “Digital Credit,” and MSTR and ASST “Digital Equity.”
How Could Strategy and Strive Expand the Bitcoin Credit Market?
The first aspect of Saylor’s case concerns the size of the traditional market. According to the SIFMA, global equity market capitalization reached $157.8 trillion at the end of 2025, while $160.7 trillion was the size of the global market of fixed-income securities.
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Even if only 0.1% of funds from either market would move towards the new type of security, the capital will reach the level of $160 billion, thus providing the Bitcoin credit market with a much larger addressable market than that of the current Bitcoin treasury companies.
Despite the possibility to see Strategy and Strive as competitors, Saylor believes that both issuers can help to familiarize potential investors with the category in question. Knowledge of one preferred security may be helpful in analyzing the other, while the involvement of more participants would increase liquidity and coverage.
Strive Holds Strategy’s STRC While Issuing SATA
The correlation is already seen in Strive’s statements. Its filing to the SEC on September 28 contained 505,000 STRC with a fair value of about $49.76 million on September 25.
Strive also had 27,462 BTC in its possession, which it acquired by purchasing 1,107 BTC in the period from September 21 till September 25. The company paid approximately $85,396 for each coin bought.
By possessing STRC and issuing SATA, Strive creates a direct connection between two players in the Bitcoin credit market. Strive is able to compete for capital via its own preferred stock and remain exposed to the preferred security of the strategy.
Yet, the dividends’ terms keep the products apart. STRC is based on the variable rate model, whereas SATA operates under its own rate and dividend payment schedule.
Strategy Buys Bitcoin and Repurchases STRC
The firm has continued adding to its Bitcoin reserves while backing STRC. From September 21 until September 27, Strategy acquired 1,665 BTC, which is approximately $142.7 million worth of Bitcoin, and repurchased about $151.7 million worth of STRC.
Such acquisitions have brought Strategy’s holdings up to 847,666 BTC. The firm reported that its overall Bitcoin purchase price came to around $63.95 billion.
Capital management continues being significant in the Bitcoin credit market since preferred securities have factors beyond Bitcoin’s value impacting their yields. Those factors include costs of dividends, market liquidity, funding situation, and the issuer’s balance sheets.
Such risks have been seen in recent trades. STRC and SATA had faced significant declines during June, showing that liquidity problems and volatility of Bitcoin might be putting pressures on preferred securities of the treasuries.
As a result, Saylor’s general point is that better issuers will be able to create liquidity and lower financing costs in the Bitcoin credit market in the future. Such a perspective does not have guarantees of being true since every security relies on its issuer.
Daily Dividends Set Up the Next Test
Strategy will be seeking approval from its shareholders in order to adjust the dividend schedule for STRC, STRF, STRK, and STRD. The special meeting scheduled for October 28 will seek to have the common shareholders vote to make the record date for the four preferred shares on a daily basis.
If the proposed schedule is passed and declared, then the dividend to the first daily schedule security will be paid out on November 2 for the shareholders of record on November 1.
Strategy explains that such a change is aimed at reducing the reinvestment delays. Whether this will be advantageous to the Bitcoin credit market depends on how the investors react.
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