Strive CEO Matt Cole claims his company (ASST) has emerged as the leading contender to outperform Strategy as the "fastest horse" among Bitcoin corporate treasury firms in the next bull market. Speaking to podcaster Robin Seyr, Cole stated that Strive's higher amplification ratio and strategy around preferred stock give it a structural advantage without sacrificing upside.
Strive Amplification Ratio Doubles Strategy
According to Cole, total returns during a Bitcoin bull run will be driven by maintaining a high amplification ratio without giving up price appreciation. Amplification measures a company's preferred stock and debt relative to its total Bitcoin portfolio value. Strive's proprietary tracker places its amplification ratio at 51.4%, backed entirely by SATA preferred shares with zero debt. In contrast, Strategy holds an amplification ratio of roughly 25%, giving Strive approximately double the leverage profile.
Cole projects Bitcoin could realistically reach $400,000 to $500,000 by late 2029, driven by a U.S. debt crisis that depresses long-term yields and weakens the U.S. dollar—a target he described as conservative. Despite the rivalry, Cole rejected claims of a bitter feud with Michael Saylor's firm, noting that Strategy bought 334 Bitcoin for $28.7M on October 5, the same day Strive acquired 2,000 BTC for $169 million. Currently, Strive holds 29,462 BTC compared to Strategy's 848,000 BTC.
Competition and Institutional Digital Credit Market
Cole emphasized that Strive and Strategy are expanding the total market for Bitcoin-backed digital credit rather than fighting over a fixed investor base. Daily trading volume for Strive's SATA preferred shares ranges between 25% and 50% of Strategy's STRC. Responding to arguments that SATA is stealing market share, Cole noted that even if Strategy had captured all of SATA's roughly $1 billion market value, STRC would only be about 10% larger. Furthermore, institutional investors face single-issuer exposure limits, necessitating multiple corporate treasury issuers.
Key comparative metrics include:
- Bitcoin Reserves: Strategy leads with 848,000 BTC, while Strive holds 29,462 BTC.
- Preferred Dividends: Strive's SATA pays a 13% daily dividend, while Strategy's STRC pays 12%.
- Stock Performance: ASST trades near $30, up roughly 137% over three months but down 42% over the past year.
Why It Matters
The debate between Strive and Strategy highlights how corporate treasury models are evolving beyond simple balance-sheet accumulation into complex yield-bearing digital credit instruments. As institutional demand grows, issuer limits will force large buyers to distribute capital across multiple treasury issuers rather than relying solely on a single player. If Strive can sustain its higher amplification ratio without adding debt, it offers investors an alternative risk-reward structure for leveraged Bitcoin exposure during the next market cycle.
