Michael Saylor: Strategy and Strive, as Bitcoin treasury companies, are not in zero-sum competition and can jointly expand the digital credit market

Founder of Strategy Michael Saylor posted that he hopes Strive and all well-managed "Bitcoin-driven digital credit" issuers achieve success.

Strategy is built on the same foundation as Strive: BTC belongs to digital capital, STRC and SATA belong to digital credit, and MSTR and ASST belong to digital equity. The securities structures and decisions of both parties are independent, although they will compete for individual capital allocations, they can also jointly expand long-term market opportunities.

Saylor cited SIFMA data stating that by the end of 2025, the global stock market value will reach $157.8 trillion, and the fixed income debt balance will reach $160.7 trillion, with 0.1% of either market being approximately $160 billion.

He proposed a threefold amplification mechanism: corporate financing to purchase supply-constrained Bitcoin can increase demand and improve the asset coverage of related companies; more issuers launching digital credit products can accumulate research, trading, and liquidity foundations, reducing the premium investors demand due to unfamiliarity, and potentially narrowing credit spreads and financing costs; more companies proving that this model can operate in different market environments may enhance market recognition of digital equity.

He also emphasized that a single purchase does not guarantee Bitcoin appreciation, Bitcoin itself does not pay interest, and the profit margin between long-term asset returns and financing costs must be obtained through disciplined management; more issuers will not automatically lead to higher valuations.

This model depends on a robust capital structure, prudent liquidity, transparent disclosure, and useful products. Weak issuers may undermine confidence in the entire category, while more credible issuers can meet institutional diversification investment needs and attract funds that would not otherwise enter the category.