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FIGR_HELOC $1.03 Saylor says Strategy and Strive can grow Bitcoin credit together
Saylor said competing issuers of Bitcoin-backed preferred securities can expand the market while Strive keeps 505,000 STRC shares.
Key takeaways
- Both hold bitcoin. Strategy held 847,666 BTC and Strive held 27,462 BTC, per filings.
- Strive holds STRC. Strive held 505,000 STRC shares worth about $49.76 million as of Sept. 25.
- Rates differ. Strategy's STRC pays 12% annually, while Strive's SATA carries a 13% annualized dividend rate.
What happened
Michael Saylor said on Sept. 30 that Strategy and Strive can compete for investor capital while helping each other expand the market for Bitcoin-backed preferred securities. He wrote that he wants Strive, and every well-managed issuer of what he calls Digital Credit, to succeed.
Strive already owns Strategy's STRC. It bought $50 million of the preferred stock on March 11, and its Sept. 28 SEC filing shows 505,000 STRC shares as of Sept. 25 with a fair value of about $49.76 million. Strive also held 27,462 BTC after buying another 1,107 BTC in the preceding week.
Strategy held 847,666 BTC after buying 1,665 coins in the week ending Sept. 27. Strategy issues STRC and Strive issues SATA, and both are perpetual preferred securities with different terms and dividend schedules.
Why it matters
Saylor framed the rivalry as a contest with much larger traditional markets rather than with each other. SIFMA data he cited put global equity and fixed-income markets at $157.8 trillion and $160.7 trillion. He said a 0.1% allocation from either pool would equal roughly $160 billion.
He argued familiarity helps the category, saying an investor who learns to assess SATA is better prepared to assess STRC. A triple amplifier of appreciation, adoption and recognition could, in his view, narrow credit spreads.
What the data shows
- Strategy's bitcoin holding: 847,666 BTC after a purchase of 1,665 coins in the week ending Sept. 27.
- Strive's holdings: 27,462 BTC, plus 505,000 STRC shares valued near $49.8 million on Sept. 25 and fair valued at about $49.76 million.
- Dividend rates: Strategy's STRC pays 12% annually and Strive's SATA carries a 13% annualized rate.
- Strive's March 11 purchase of Strategy's STRC was $50 million for an initial 500,000 shares, and it extended Strive's SATA dividend reserve to 18 months.
- SIFMA market sizes: $157.8 trillion in global equity and $160.7 trillion in fixed income, with a 0.1% allocation equal to roughly $160 billion.
What is still unclear
- The Digital Capital, Digital Credit and Digital Equity labels are part of Saylor's own framework and are not formal regulatory asset classes.
- The two companies remain separate businesses with different securities, liabilities and management decisions.
Questions readers ask
What did Michael Saylor say about Strategy and Strive?
He said the two companies can compete for investor capital while helping expand Bitcoin-backed preferred securities, and that he wants Strive and other well-managed Digital Credit issuers to succeed.
How much STRC does Strive hold?
Strive held 505,000 STRC shares as of Sept. 25, with a fair value of approximately $49.76 million, according to its Sept. 28 SEC filing.
How much bitcoin do Strategy and Strive hold?
Strategy held 847,666 BTC after buying 1,665 coins in the week ending Sept. 27, while Strive held 27,462 BTC after buying another 1,107 BTC in the preceding week.
What are the dividend rates on STRC and SATA?
Strategy's STRC pays 12% annually, while Strive's SATA carries a 13% annualized dividend rate.
