Michael Saylor Expresses Support for Bitcoin Treasury Competitor Strive

MicroStrategy Executive Chairman Michael Saylor publicly backed rival firm Strive in an essay published on social media platform X, stating that he wants every disciplined issuer of digital credit to succeed. While MicroStrategy remains the largest corporate holder of Bitcoin with 847,666 BTC, Strive ranks fifth among publicly listed entities with 27,462 BTC, according to BitcoinTreasuries data.

Saylor argued that purchases by competitors like Strive reduce the circulating supply of Bitcoin, creating additional upward price pressure that benefits all corporate balance sheets holding the asset. Both firms employ comparable business models, issuing shares that provide yields to investors—branded as STRC by MicroStrategy and SATA by Strive—while channeling capital into Bitcoin purchases. Strive Chief Executive Matt Cole endorsed Saylor's stance, noting that industry cooperation is necessary to build confidence in digital credit.

Financial connections between the two companies are already established, with Strive having acquired $50 million worth of MicroStrategy's STRC shares in March. Both entities expanded their treasuries recently, with Strive adding 1,355 BTC on September 21 and MicroStrategy purchasing 1,666 BTC.

The piece notes a key challenge for this treasury strategy: because Bitcoin does not generate yield natively, the income promised to shareholders must be funded directly through ongoing corporate cash flow or additional capital raises.