Michael Saylor: Bitcoin treasury firms like Strategy and Strive are not zero-sum competitors, and can work together to expand the digital credit market.

Michael Saylor, founder of Strategy, stated in a post that he wishes Strive and all well-managed issuers of Bitcoin-driven digital credit every success. Strategy and Strive are built on the same framework: BTC is digital capital, STRC and SATA are digital credit, and MSTR and ASST are digital equity. The two entities have independent securities structures and decision-making processes; while they will compete for individual capital allocations, they can also jointly expand long-term market opportunities. Saylor cited SIFMA data showing that as of the end of 2025, global stock market capitalization reached $157.8 trillion, and fixed-income debt balances stood at $160.7 trillion—meaning 0.1% of either market is roughly $160 billion. He outlined a three-fold amplification mechanism: Corporate financing to purchase Bitcoin, which has a limited supply, can boost demand and improve the asset coverage of related companies; more issuers launching digital credit products can build research, trading, and liquidity infrastructure, reduce the premium investors demand due to unfamiliarity, and potentially narrow credit spreads and financing costs; and more companies proving the model works across different market environments could enhance market recognition of digital equity. He also emphasized that individual Bitcoin purchases do not guarantee price increases, Bitcoin itself generates no interest, and the profit margin between long-term asset returns and financing costs must be achieved through disciplined management; more issuers do not automatically translate to higher valuations. The model depends on a robust capital structure, prudent liquidity, transparent disclosure, and useful products. Weak issuers could undermine confidence in the entire category, while more credible issuers can meet institutional diversification needs and attract funds that would otherwise not enter this space.