Saylor: Bitcoin Digital Credit Issuers Can Grow Together

Michael Saylor published an essay on X on September 30, 2026, arguing that issuers of Bitcoin-powered preferred securities compete for the same investor dollars while expanding one shared market. According to Blockonomi, he wrote that he wants Strive to succeed and extended that wish to every well-managed issuer of what he calls Bitcoin-powered Digital Credit.

Saylor’s post also cited SIFMA data putting global equity markets at $157.8 trillion and fixed-income debt outstanding at $160.7 trillion at the end of 2025. He noted that a 0.1% allocation from either pool would equal roughly $160 billion. Crypto.news reported the same SIFMA totals, as did Cryptopolitan.

Key facts

• Saylor labeled Bitcoin as Digital Capital, preferred securities including Strategy’s STRC and Strive’s SATA as Digital Credit, and common shares MSTR and ASST as Digital Equity.
• Strive disclosed a $50 million STRC purchase on March 11, 2026, initially acquiring 500,000 shares, which Saylor cited as an example of complementarity.
• Strive’s September 28 SEC filing showed it held 505,000 STRC shares as of September 25, valued at approximately $49.76 million, and 27,462 BTC, per Crypto.news.
• Strategy held 847,666 BTC at an aggregate purchase cost of $63.95 billion after buying 1,665 coins during the week ending September 27, Crypto.news reported.
• Strategy’s STRC pays a 12% annualized dividend while Strive’s SATA carries a 13% annualized rate, Crypto.news reported.

Saylor’s argument for shared growth

Saylor wrote that Bitcoin treasury companies differ from ordinary rivals because beverage, apparel and retail brands do not share an underlying asset. Companies holding Bitcoin do, so a price increase lifts the market value of Bitcoin held across the sector. He described this as a triple amplifier of Bitcoin appreciation, Digital Credit adoption and equity recognition.

He cautioned that individual corporate purchases do not guarantee higher prices and that a premium must be earned rather than assumed from a growing issuer count. Bitcoin pays no coupon, he noted, so the margin between asset returns and financing costs must come from disciplined management. Cryptopolitan reported that Saylor framed the point using familiar brand rivalries such as Nike and Adidas, which he said do not apply in the same way to treasuries holding the same reserve asset.

The Strive and Smarter Web examples

Strategy and Strive remain separate businesses with different securities, liabilities and management decisions. STRC is perpetual preferred stock with two cash payments each month, and Strategy repurchased about 1.53 million STRC shares for $151.7 million during the week ending September 27, according to Crypto.news. Strive said its STRC purchase extended its SATA dividend reserve to 18 months, consisting of 12 months of cash and six months represented by STRC at prevailing market prices.

Cryptopolitan reported that the UK’s Smarter Web Company has been preparing a preferred share called MORE, targeting £15 million to £25 million in gross proceeds, which would be the first preferred share issued by a UK corporate Bitcoin holder. MORE still needs FCA approval of its prospectus before it can trade, though shareholders approved resolutions clearing the listing at a late-September general meeting. Cryptopolitan also reported SWC closed at GBX69.49 on September 30, up 66.4% for the year within a 52-week range of GBX24 to GBX78.

Why it matters

Bitcoin treasury companies have spent 2026 building out preferred-stock programs that let investors take fixed-income-style exposure to corporate Bitcoin holdings without buying the coin or the common stock. Saylor’s essay is an argument that this category grows faster when several issuers are credible, because institutions need research, trading history and liquidity before they will evaluate the asset class at all.

The same logic cuts both ways. Crypto.news reported that both STRC and SATA fell sharply in June during a Bitcoin-backed preferred-stock selloff, with thin liquidity and leverage identified as risks. Saylor has repeatedly framed higher Bitcoin prices, narrower credit spreads and stronger equity valuations as possible outcomes rather than guarantees.

What to watch

Strategy’s board has approved a proposal, subject to a special shareholder meeting on October 28 at 10 a.m. ET, that would let STRC, STRF, STRK and STRD record dividends every calendar day with payment the next business day. If approved, STRC would move first, with a proposed initial daily record date of November 1 and payment on November 2, according to Crypto.news. Cryptopolitan noted that MORE’s FCA prospectus approval remains the gate for the Smarter Web listing.

Nothing here is investment advice, and Bitcoin-linked credit and equity markets remain volatile and uncertain.

Disclaimer: This article is for information only and is not investment, financial or trading advice. Cryptocurrency prices are highly volatile. Always do your own research.

Sources: Blockonomi, Crypto.news, Cryptopolitan