MicroStrategy Executive Chairman Michael Saylor voiced support for corporate competitor Strive in an essay published on X on Wednesday, arguing that rival corporate treasury issuers strengthen demand for the fixed-supply asset. MicroStrategy ($MSTR) remains the world's largest public holder with 847,666 BTC, while Strive ($ASST) ranks fifth with 27,462 BTC, according to BitcoinTreasuries data.
Key Takeaways
- MicroStrategy holds 847,666 BTC, while Strive holds 27,462 BTC, ranking fifth among public corporate treasuries.
- Strive purchased $50 million of MicroStrategy's STRC income-paying shares in March.
- Strive funded 85% of its latest Bitcoin purchase by selling its own SATA preferred stock at an average coin price of $85,396.
- Research from DWF Ventures shows only 4 of the top 20 crypto treasury companies trade above the value of their holdings.
Shared Playbooks and Financial Cross-Investments
Both companies utilize similar corporate finance strategies, issuing dividend-bearing equity to buy digital assets. MicroStrategy offers its STRC product, while Strive issues SATA shares. Corporate ties between the firms run deep: in March, Strive purchased $50 million of STRC equity.
"I want Strive to succeed. I want every well-managed issuer of Bitcoin-powered Digital Credit to succeed," Michael Saylor wrote, arguing that growing institutional adoption lowers borrowing costs and raises balance sheet equity. Strive CEO Matt Cole replied: "The opportunity for our industry is to grow Digital Credit into a multi-trillion dollar asset class... Strive and Strategy are stronger together."
Both firms continued buying coins this week, with MicroStrategy adding 1,666 BTC. This follows Strive's acquisition of 1,355 BTC on September 21. Cole noted that Strive raised 85% of its recent purchase capital by issuing SATA, paying an average price of $85,396 per coin while Bitcoin spot prices floated near $83,699 on Wednesday.
Valuation Pressures and Yield Dynamics
Because Bitcoin generates no native yield, promised investor payouts must be covered by operating cash flow or ongoing capital raises. This cash flow model faces headwinds as Bitcoin dips alongside spot ETF activity and macroeconomic tests. Institutional investors remain cautious; data from DWF Ventures indicates that only 4 of the top 20 crypto treasury stocks trade at a premium to their underlying crypto net asset value. Saylor himself cautioned that poor execution by a single weak issuer could undermine market confidence across the entire corporate treasury landscape, particularly when Bitcoin fails to sustain key breakout levels.
Why It Matters
Michael Saylor's advocacy for Strive highlights a strategic pivot from individual firm dominance to industry-wide validation. By encouraging competing firms to issue debt and equity to buy Bitcoin, MicroStrategy is attempting to standardize digital credit as an accepted institutional asset class. However, with Strive paying $85,396 per coin during market softness and 16 of the top 20 treasury firms trading below net asset value, corporate treasury playbooks remain highly vulnerable to prolonged spot price downturns and dividend coverage stress.
