Michael Saylor believes Strategy and Strive do not have to choose between competing with each other and helping expand the broader market for Bitcoin-backed investment products.
In a Sept. 30 post, Saylor said he wants Strive and other well-managed issuers of what he calls “Digital Credit” to succeed. His view is that having several credible companies in the market could attract more investors, improve liquidity and increase institutional interest in Bitcoin-linked securities.
Under Saylor’s framework, Bitcoin is described as “Digital Capital,” preferred securities such as Strategy’s STRC and Strive’s SATA are categorized as “Digital Credit,” while common stocks such as MSTR and ASST fall under “Digital Equity.”
These labels are part of Saylor’s own investment framework rather than officially recognized regulatory asset classes.
Why Saylor believes Strategy and Strive can grow together
Saylor’s argument is based partly on the enormous size of global capital markets.
According to SIFMA, global equity markets were valued at about $157.8 trillion at the end of 2025, while global fixed-income debt outstanding reached roughly $160.7 trillion.
Even a small shift in capital from those markets could represent a substantial opportunity for Bitcoin-related financial products. A 0.1% allocation from either market would be worth around $160 billion.
Saylor argues that companies such as Strategy and Strive are therefore competing not only with each other, but also with the much larger traditional equity and debt markets.
Although the two companies may occasionally compete for the same investor, Saylor believes exposure to one Bitcoin-backed security may also make investors more comfortable evaluating similar products from other issuers.
In his view, having multiple established companies in the sector could encourage more research coverage, deeper trading liquidity and broader institutional participation.
However, Strategy and Strive remain completely separate businesses. Their preferred securities have different structures, dividend rates, balance-sheet risks and management strategies.
Strategy issues STRC, while Strive offers SATA.
Strive already holds Strategy’s STRC shares
The connection between Strategy and Strive is not only theoretical.
In March, Strive disclosed that it had invested $50 million in Strategy’s STRC preferred stock, initially purchasing 500,000 shares.
Strive said the investment helped extend its SATA dividend reserve to 18 months. At the time, the reserve included roughly 12 months of cash and another six months represented by STRC shares based on prevailing market prices.
The company also noted that the market value of those securities could fluctuate.
A more recent SEC filing dated Sept. 28 showed that Strive held 505,000 STRC shares as of Sept. 25. The position was valued at approximately $49.76 million.
At the same time, Strive held 27,462 BTC after purchasing another 1,107 Bitcoin during the previous week.
The disclosure illustrates the relationship Saylor described: Strive competes with Strategy by issuing its own preferred security while simultaneously holding a preferred security issued by Strategy.
Strategy continues to adjust STRC
Strategy has also continued modifying and supporting its preferred-stock program throughout 2026.
STRC currently offers an annualized dividend rate of 12%. Strategy’s dividend history shows two $0.50-per-share payments associated with September record dates.
Strive’s SATA currently carries a higher annualized rate. According to an SEC filing, Strive maintained SATA’s dividend rate at 13% for periods beginning Oct. 1, with dividends scheduled to be paid on each business day.
The different terms highlight the competitive side of the relationship between the two companies.
Investors still have to compare dividend yields, liquidity, capital structures, Bitcoin exposure and the financial risks associated with each issuer.
Strategy has also committed significant capital to supporting STRC in the market.
During the week ending Sept. 27, the company repurchased approximately 1.53 million STRC shares for $151.7 million.
During the same period, Strategy bought another 1,665 BTC for approximately $142.7 million.
That purchase increased Strategy’s total Bitcoin holdings to 847,666 BTC, acquired for an aggregate purchase price of about $63.95 billion.
The company has used both available cash and proceeds from MSTR share issuance to repurchase preferred stock trading below its $100 stated value.
Saylor believes a larger and more established Bitcoin-backed credit market could eventually reduce financing costs for issuers. However, that remains a forward-looking expectation rather than a guaranteed outcome.
STRC has already required dividend increases and market repurchases during 2026 as Strategy has attempted to bring the security’s trading price closer to its stated value.
Bitcoin connects the companies, but risks remain
Bitcoin remains the main asset connecting Strategy, Strive and other corporate Bitcoin treasury companies.
Saylor argues that when corporate Bitcoin purchases increase demand and contribute to wider adoption, other companies holding Bitcoin may also benefit from a stronger market.
However, a corporate Bitcoin purchase does not guarantee that Bitcoin’s price will rise.
Both Strategy and Strive remain exposed to significant Bitcoin price volatility.
Their preferred securities also carry separate risks related to dividends, issuer finances, liquidity, leverage and capital structure.
Those risks became more visible during market volatility earlier in 2026, when both STRC and SATA experienced notable price declines.
Thin liquidity, leveraged corporate structures and fluctuations in Bitcoin prices remain important factors for investors evaluating these securities.
Strategy has since increased its U.S. dollar reserves while also repurchasing STRC shares below their stated value.
Strive, meanwhile, has continued to maintain cash reserves alongside its Bitcoin holdings and STRC investment.
Saylor has also acknowledged that Bitcoin does not produce a coupon or traditional cash yield.
As a result, companies using Bitcoin as part of a financing strategy must actively manage the difference between Bitcoin’s potential appreciation and the cost of funding their operations.
Higher Bitcoin prices, narrower credit spreads and stronger equity valuations may improve the economics of the model, but none of those outcomes are guaranteed.
Daily dividends could become Strategy’s next major change
Strategy is now proposing another significant change to its preferred securities.
The company’s board approved a proposal that would allow STRC, STRF, STRK and STRD dividends to be recorded every calendar day, with payment made on the next business day when declared.
If shareholders approve the proposal, STRC would be the first Strategy preferred security to move to the new schedule.
The first proposed daily record date is Nov. 1, with payment expected on Nov. 2.
Strategy says the change could shorten the time between dividend payments and reinvestment while potentially improving market liquidity.
However, those benefits remain expectations and are not guaranteed.
A special shareholder meeting is scheduled for Oct. 28 at 10 a.m. ET.
Common shareholders who were on record as of Sept. 25 will be eligible to vote on the proposed amendments.
Overall, Saylor’s message is that the growth of Strive or other Bitcoin-backed securities does not necessarily weaken Strategy.
Instead, he believes multiple successful issuers could help expand the overall market for Bitcoin-based credit products, attract new investors and bring greater liquidity to the sector.
At the same time, Strategy and Strive continue to compete through different dividend structures, capital strategies and risk profiles, meaning investors still need to evaluate each company and security independently.
