Michael Saylor: Bitcoin treasury companies like Strategy and Strive are not in zero-sum competition and can jointly expand the digital credit market.
BlockBeats news, September 30 — Strategy founder Michael Saylor posted that he hopes Strive and all well-managed "Bitcoin-driven digital credit" issuers succeed. Strategy and Strive are built on the same foundation: BTC is digital capital, STRC and SATA are digital credit, and MSTR and ASST are digital equity. Their securities structures and decisions are independent of each other; while they will compete for individual capital allocations, they can also jointly expand the long-term market opportunity.
Citing SIFMA data, Saylor said that by the end of 2025, global equity market capitalization reached $157.8 trillion and fixed-income debt outstanding reached $160.7 trillion, with 0.1% of either market amounting to approximately $160 billion. He proposed a triple amplification mechanism: companies financing to buy supply-constrained Bitcoin can increase demand and improve the asset coverage of the companies involved; more issuers launching digital credit products can build up research, trading, and liquidity foundations, reduce the premium investors demand due to unfamiliarity, and potentially narrow credit spreads and financing costs; and more companies proving that the model can operate across different market environments may enhance market recognition of digital equity.
He also emphasized that a single purchase does not guarantee Bitcoin will rise, that Bitcoin itself does not pay interest, and that the profit margin between long-term asset returns and financing costs must be obtained through disciplined management; more issuers will not automatically bring higher valuations either. The model depends on sound capital structure, prudent liquidity, transparent disclosure, and useful products. Weak issuers may damage confidence in the entire category, while more credible issuers can meet institutional diversification needs and attract capital that would otherwise not enter the category.
