Saylor Sees Coexistence Between Strategy and Strive in Bitcoin Market
Michael Saylor recently argued that Strategy and Strive can coexist in the market for Bitcoin-backed preferred securities, helping each other grow while competing for investor capital.
Saylor's framework divides assets into three categories: 'Digital Capital' (Bitcoin), 'Digital Credit' (preferred securities like STRC and SATA), and 'Digital Equity' (MSTR and ASST). He believes that several companies can bring new investors into products built around Bitcoin, citing the vast size of traditional capital markets.
The global equity market capitalization stood at $157.8 trillion as of 2025, while fixed-income debt outstanding reached $160.7 trillion. A 0.1% allocation from either pool would equal roughly $160 billion.
Saylor argues that if corporate buying contributes to wider Bitcoin adoption and the asset appreciates, other companies holding Bitcoin can benefit even when they did not make the specific purchase. However, he acknowledges that individual corporate purchases do not guarantee a higher Bitcoin price, and both Strategy and Strive remain exposed to market declines.
The proposed daily dividend payment for STRC would be the next test for Strategy's credit plan, which aims to shorten reinvestment delays and improve trading liquidity.