MicroStrategy Executive Chairman Michael Saylor says he wants rival Strive to succeed. He made the case in an essay on X on Wednesday.
Strive is a smaller company that also buys Bitcoin (BTC). MicroStrategy holds more of the asset than any other listed firm, which makes Saylor’s support for a competitor unusual.
Both companies follow the same playbook. They raise money from investors and use it to buy Bitcoin.
MicroStrategy holds 847,666 BTC, more than any other listed company. Strive ranks fifth among public holders with 27,462 BTC, BitcoinTreasuries data shows.
“I want Strive to succeed. I want every well-managed issuer of Bitcoin-powered Digital Credit to succeed,” Saylor indicated.
In Saylor’s view, every coin Strive buys adds demand for an asset with a fixed supply. A higher price, he argued, would lift the value of both companies’ holdings.
Both firms also sell shares that pay investors a regular income. MicroStrategy calls its version STRC, while Strive calls its SATA.
Saylor wrote that more sellers could build investor trust and lower borrowing costs for all. Strive CEO Matt Cole agreed in a reply, saying the two firms are stronger together.
The ties between the two firms go further. In March, Strive bought $50 million of MicroStrategy’s STRC shares.
Saylor has also congratulated Strive on its Bitcoin purchases, including 1,355 BTC on September 21. Both firms bought again this week, with MicroStrategy adding 1,666 BTC.
Bitcoin pays no interest, and Saylor acknowledged as much in the same essay. That means the income promised to investors must come from company cash or new fundraising.
Strive raised 85% of the money for its latest purchase by selling SATA, Cole said. The company paid an average of $85,396 per coin, while Bitcoin traded near $83,699 on Wednesday.
Investors are not fully convinced, either. DWF Ventures found that only four of the top 20 crypto treasury stocks trade above the value of the coins they hold.
Saylor himself warned that one weak company could damage trust across the whole sector
The post Michael Saylor Wants His Bitcoin Rival to Win: What’s in It for MicroStrategy? appeared first on BeInCrypto.
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