Saylor Backs Strive as Bitcoin Strategy Grows
Saylor sees more Bitcoin treasury companies as a boost for the sector. MicroStrategy and Strive fund their BTC purchases through stock and debt, but that model remains fragile.
Key Takeaways
- Michael Saylor says he wants Strive to succeed, despite the direct competition with MicroStrategy.
- According to Saylor, more Bitcoin buyers increase demand for a scarce asset and can support both balance sheets.
- He warns that weak treasury companies could hurt confidence in the entire sector.
Michael Saylor says he wants Strive to succeed, even though it is a direct rival of MicroStrategy. In an essay on X, the MicroStrategy executive chairman explained why more Bitcoin buyers could actually be good for the whole model of publicly traded treasury companies.
More Buyers, More Demand
According to Saylor, MicroStrategy and Strive work on the same principle: raise money from investors and turn it into Bitcoin. MicroStrategy holds by far the largest position of any public company with 847,666 BTC, while Strive ranks fifth among public holders with 27,462 BTC, according to BitcoinTreasuries data.
Saylor wrote that he wants every well-run issuer of Bitcoin-backed Digital Credit to succeed. In his view, every extra coin Strive buys creates additional demand for an asset with a fixed supply. That could support the value of both balance sheets, although he did not comment on the price.
Funding Is Still Tough
The two companies also sell shares that are supposed to give investors a fixed income. MicroStrategy calls that structure STRC, while Strive uses SATA. Saylor said more issuers could boost investor confidence and lower financing costs for the whole group. Strive CEO Matt Cole responded that both companies are stronger together.
The ties between the two go beyond competition. In March, Strive bought $50 million (€44 million) worth of STRC shares from MicroStrategy. Saylor also previously congratulated Strive on its Bitcoin purchases, including 1,355 BTC on September 21. This week, both companies bought again, with MicroStrategy adding 1,666 BTC.
Why This Matters for Europe
For European crypto followers, this is especially relevant because it shows how big the role of publicly traded treasury companies has become in Bitcoin demand. These companies raise capital through stock or debt and convert it into BTC, making their financing a direct part of the broader market story. At the same time, the model stays vulnerable if investors lose confidence in the revenue structure behind those products.
In the same essay, Saylor also acknowledged that Bitcoin itself does not pay interest. So investor returns have to come from the company’s cash or from new financing. Strive said it raised 85% of the money for its latest purchase through SATA, at an average price of $85,396 (€75,200) per coin, while Bitcoin was trading around $83,699 (€73,700) on Wednesday. DWF Ventures also pointed out that only four of the 20 largest crypto treasury stocks trade above the value of their underlying coins. Saylor himself warned that one weak company could damage confidence in the entire sector.
Strive’s financing side also got attention recently, after the company used its capital structure to buy more bitcoin while keeping more cash on hand. That fits into the broader debate over how these treasury companies keep funding their purchases.
