Michael Saylor (@saylor) is making a bold case for the scale of opportunity available to Bitcoin treasury companies, arguing that even a marginal slice of global capital markets would represe
Michael Saylor (@saylor) is making a bold case for the scale of opportunity available to Bitcoin treasury companies, arguing that even a marginal slice of global capital markets would represent a transformational sum for the sector.
Saylor's thesis rests on the sheer size of global equity and fixed income markets. According to SIFMA's 2026 Capital Markets Fact Book, global equity market capitalization reached $157.8 trillion in 2025, while global fixed income securities outstanding totalled $160.7 trillion, putting the combined figure at roughly $318.5 trillion. Saylor noted that even 0.1% of either market would represent approximately $160 billion, illustrating the scale of potential demand for Bitcoin-linked capital market products.
Saylor specifically named Strive and other well-managed issuers as the companies he wants to succeed in building out this category. He classifies both Strategy's $STRC and Strive's $SATA as Bitcoin-powered digital credit products, distinguishing between the two: preferred shares, in his view, can target income-focused investors, while common shares offer growth exposure to Bitcoin's upside.
The cross-investment between the two firms underscores the emerging ecosystem. Strive announced the purchase of $50 million of Strategy's perpetual preferred stock, STRC. That holding now forms part of Strive's dividend reserve for its own preferred instrument, SATA.
Strive launched its Variable Rate Series A Perpetual Preferred Stock, ticker SATA, in November 2025. SATA carries a $100 par value and pays a variable annualized dividend of roughly 13%. The instrument has grown rapidly. Strive's SATA preferred shares recently traded enough volume to fund roughly 1,400 Bitcoin purchases worth $117 million, pushing total BTC holdings toward 25,000.
Strive has also moved to broaden access to the digital credit theme. On September 26, 2026, Strive launched the T-Strive Digital Credit Preferred Income ETF, which will invest at least 80% of its assets in preferred shares and related derivatives, initially targeting STRC and SATA preferred shares with equal weighting.
The broader argument Saylor is making is structural: that Bitcoin treasury companies are not simply Bitcoin holders but emerging issuers of a new class of capital market instrument. If global institutional and retail investors allocate even a fraction of their fixed income and equity portfolios toward Bitcoin-powered digital credit, the companies building that infrastructure early stand to benefit considerably.
Sources:SIFMA 2026 Capital Markets Fact Book Key FindingsStrive Official Press Release: SATA Enhancements and STRC PurchaseCrypto Briefing: Strive Preferred Stock SATA Bitcoin Treasury
