By Michael Saylor says Strategy and Strive can grow together
Michael Saylor has argued that Strategy and Strive can compete for investor capital while helping each other expand the market for Bitcoin-backed preferred securities.
Summary
- Saylor argues Strategy and Strive can compete while expanding Bitcoin-backed credit products for investors together.
- Strive still holds 505,000 STRC shares, valued near $49.8 million on September 25, filings show.
- Strategy held 847,666 BTC after buying 1,665 coins during the week ending September 27 overall.
- SIFMA values global equity and fixed-income markets at $157.8 trillion and $160.7 trillion respectively, worldwide.
- Strategy’s STRC pays 12% annually, while Strive’s SATA carries a 13% annualized dividend rate currently.
Saylor wrote on Sept. 30 that he wants Strive and other well-managed issuers of what he calls “Digital Credit” to succeed, because several companies can bring new capital and investors into products built around Bitcoin.
Under Saylor’s terminology, Bitcoin represents “Digital Capital,” preferred securities such as Strategy’s STRC and Strive’s SATA represent “Digital Credit,” while MSTR and ASST sit in what he calls the “Digital Equity” category. The labels form part of Saylor’s own framework and are not formal regulatory asset classes.
Why Michael Saylor thinks Strategy and Strive can both benefit
Michael Saylor’s argument starts with the size of traditional capital markets. SIFMA reports that global equity market capitalization reached $157.8 trillion at the end of 2025, while global fixed-income debt outstanding stood at $160.7 trillion.
A 0.1% allocation from either pool would equal roughly $160 billion. Michael Saylor used that comparison to argue that Bitcoin treasury companies are competing mainly against much larger traditional equity and fixed-income markets, not only against one another.
He wrote that Strategy and Strive may compete for the same individual investment, but a new investor learning how to assess one Bitcoin-linked preferred security could become more comfortable evaluating another. Saylor said several credible issuers could bring more research, trading liquidity and institutional attention to the category.
The two companies remain separate businesses with different securities, liabilities and management decisions. Strategy issues STRC, while Strive issues SATA. Both are perpetual preferred securities, but their terms and dividend schedules differ.
Strive already owns Strategy’s STRC
The relationship is more than theoretical. Strive disclosed on March 11 that it purchased $50 million of Strategy’s STRC preferred stock, initially acquiring 500,000 shares.
Strive said the purchase extended its SATA dividend reserve to 18 months, consisting at the time of 12 months of cash and another six months represented by STRC at prevailing market prices. The company described STRC as part of its reserve strategy, while stressing that market values can change.
The position remains on Strive’s balance sheet. Its Sept. 28 SEC filing shows that the company held 505,000 STRC shares as of Sept. 25 with a fair value of approximately $49.76 million. Strive simultaneously held 27,462 BTC after buying another 1,107 BTC during the preceding week.
That latest filing provides a direct example of the relationship Michael Saylor described. Strive issues its own preferred security while keeping exposure to a preferred security issued by another Bitcoin treasury company.
Earlier crypto.news coverage of Strive’s $50 million STRC purchase reported that the company paired the investment with an increase in SATA’s dividend rate and continued Bitcoin accumulation.
Strategy is still changing how STRC works
Strategy’s own preferred-stock program has continued to change during 2026. STRC currently carries a 12% annualized dividend rate, with two cash payments each month. Strategy’s published dividend history shows two $0.50-per-share payments tied to September record dates.
Strive’s SATA has a higher annualized rate. An SEC filing states that Strive maintained SATA at 13% for periods beginning Oct. 1, with dividends paid on each business day.
The difference shows that the two issuers remain competitors even as Saylor argues that category growth can benefit both. Investors still choose between separate dividend rates, capital structures, Bitcoin exposure, liquidity and issuer risks.
Strategy has recently spent substantial capital supporting STRC in the market. During the week ending Sept. 27, it repurchased about 1.53 million STRC shares for $151.7 million while buying 1,665 BTC for $142.7 million. Its Bitcoin position rose to 847,666 BTC at an aggregate purchase cost of $63.95 billion.
The latest Strategy Bitcoin purchase and STRC repurchase followed several weeks in which the company used cash and proceeds from MSTR issuance to buy back preferred shares below their $100 stated amount.
Michael Saylor’s argument that more successful issuers could eventually reduce financing costs remains forward-looking. STRC itself has required dividend increases and buybacks during 2026 as Strategy sought to move its trading price closer to $100.
Bitcoin links the companies but does not remove their risks
Michael Saylor described Bitcoin as the common asset connecting companies such as Strategy and Strive. His argument is 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.
Individual corporate purchases do not guarantee a higher Bitcoin price. Strategy and Strive remain exposed to Bitcoin market declines, while their preferred securities carry separate issuer, dividend, liquidity and capital-structure risks.
Recent market stress has already tested the category. In June, both STRC and SATA experienced sharp price declines, with crypto.news analysis of the Bitcoin-backed preferred-stock selloff finding that thin liquidity, leverage and Bitcoin volatility remained important risks for investors.
Strategy has since increased its U.S. dollar reserves and repurchased STRC below par. Strive has maintained cash reserves alongside Bitcoin and its STRC investment.
Saylor acknowledged in his Sept. 30 article that Bitcoin produces no coupon and that any economic margin between asset appreciation and financing costs must be earned through active management. He wrote that higher Bitcoin prices, lower credit spreads and stronger equity valuations are possible benefits, not guaranteed outcomes.
Daily dividends are the next test for Strategy’s credit plan
Strategy is now seeking another change to its preferred securities. Its board approved a proposal that would allow STRC, STRF, STRK and STRD to record dividends every calendar day, with payment on the next business day when declared.
If shareholders approve the amendment, STRC would be the first Strategy preferred security to move onto the new schedule, with the first proposed daily record date on Nov. 1 and payment on Nov. 2. Strategy says the change is designed to shorten reinvestment delays and improve trading liquidity, though those outcomes remain company expectations.
The special shareholder meeting is scheduled for Oct. 28 at 10 a.m. ET. Common shareholders of record as of Sept. 25 are entitled to vote on the proposed amendments.
