Michael Saylor claims that Strategy and Strive can compete for capital while simultaneously expanding the market for Bitcoin-backed preferred securities. As of September 25, Strive held 505,000 shares of STRC valued at approximately $49.8 million, while Strategy owned 847,666 BTC, purchasing 1,665 coins in the week leading up to September 27. SIFMA estimates the global equity and debt markets at $157.8 trillion and $160.7 trillion, respectively. STRC offers a 12% annual return, while SATA offers 13%.
In Saylor's terminology, Bitcoin is "Digital Capital," the preferred securities STRC and SATA are "Digital Credit," and MSTR and ASST represent "Digital Equity." This is his own system of designations, not regulatory classes. Saylor's argument relies on the size of traditional markets: 0.1% of any of them is approximately $160 billion. Bitcoin treasury companies primarily compete with these markets, not just with each other. A new investor who learns to evaluate one such security will be more confident in assessing another. A few reliable issuers will attract more research, liquidity, and institutional attention.
The connection between the companies is not merely theoretical: on March 11, Strive purchased $50 million worth of STRC shares from Strategy (500,000 shares), extending the dividend reserve of SATA to 18 months. As of September 25, the position stood at 505,000 shares valued at $49.76 million. At the same time, Strive owned 27,462 BTC, acquiring an additional 1,107 BTC for $94.5 million from September 21 to 25. In terms of holdings, it ranks fifth among public holders after Strategy, Twenty One Capital, Metaplanet, and MARA. In the week leading up to September 27, Strategy repurchased approximately 1.53 million shares of STRC for $151.7 million and bought 1,665 BTC for $142.7 million. The total holding is 847,666 BTC with a cumulative value of $63.95 billion.
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