Saylor Says $BTC Is the Collateral, STRC and SATA Are the Receipts 🍔

Strategy chairman Michael Saylor framed the relationship between Strategy and Strive as two companies built on the same underlying asset but issuing different securities, arguing that broader participation in Bitcoin-backed credit would expand the overall market rather than divide it. "BTC is Digital Capital. STRC and SATA are Digital Credit. MSTR and ASST are Digital Equity," Saylor wrote, adding that both firms benefit when more investors allocate capital into the sector. He positioned the opportunity against traditional markets, citing SIFMA data showing global equity markets reached $157.8 trillion at the end of 2025 and global fixed-income debt stood at $160.7 trillion. According to Saylor, instruments such as STRC and SATA compete directly with bonds, preferred securities and other income products tied to those pools of capital.

Strategy recently purchased an additional 1,665 BTC for approximately $142.7 million, bringing its total holdings to 847,666 BTC. Strive has separately grown its corporate treasury to 27,462 BTC. The two companies offer distinct securities and operate with separate financial decision-making, but Saylor maintained that Bitcoin serves as the common balance-sheet asset connecting their businesses.

Saylor also argued that a wider field of Bitcoin credit issuers could help investors become familiar with the structure and pricing of these products. "An investor who learns how to evaluate SATA is better prepared to evaluate STRC," he said, suggesting that education and liquidity would deepen as more firms enter the space. He stopped short of disclosing any joint initiatives between Strategy and Strive, framing their parallel growth as a shared response to demand for Bitcoin-linked income instruments.