Michael Siler explains how Strategy and Strike can boost Bitcoin credit markets

Michael Saylor outlines vision for Bitcoin credit market

Michael Saylor outlines a grand blueprint, pointing out that multiple issuers, including Strategy and Strike, can accelerate the growth and diversification of the Bitcoin credit market. He believes that a credible competition mechanism among issuers is expected to attract a wider investor base, deepen market liquidity, and stimulate more in-depth research on bitcoin-related securities.

Thaler's Framework: Digital Capital, Credit and Equity

Thaler positions Bitcoin itself as "Digital Capital" and classifies preferred securities such as STRC issued by Strategy and SATA issued by Strive as "Digital Credit." At the same time, the equity of companies like MSTR and ASST falls under their definition of "Digital Equity." This framework aims to clarify the roles and risks of various financial instruments associated with the Bitcoin ecosystem.

Citing data from SIFMA, Selle pointed out that as of the end of 2025, the global stock market value was US$157.8 trillion, while the global market value of fixed income securities was US$160.7 trillion. Even if only 0.1% of assets flow from these mature markets to bitcoin-linked preferred securities, it will bring in US$160 billion in new capital, significantly expanding the market size beyond the current size of Bitcoin treasury holders.

He emphasized that competition among issuers does not necessarily weaken overall market growth. Investors familiar with one issuer's preferred securities may be more confident to analyze other issuers 'products, and a general increase in participation is expected to improve liquidity and market coverage.

Update on Strategy and Strike

Recent filings show that both publishers are actively involved in market activities. Strive disclosed in a September 28 filing with the SEC that it held 505,000 STRC units on September 25 with a fair value of $49.76 million. In addition, Strive added 1,107 BTC to its reserves between September 21 and September 25, bringing its total Bitcoin holdings to 27,462, with the average price of recent acquisitions at $85,396 each.

Strive issued SATA while holding STRC, strengthening direct connections between leading participants in the Bitcoin credit market. Although the two issuers compete for investor funds, their products remain unique. STRC uses a floating rate structure, while SATA is based on its own interest rates and unique dividend distribution plan.

Meanwhile, Strategy increased its bitcoin reserves by acquiring 1,665 BTC units (worth approximately $142.7 million) between September 21 and September 27. The company also bought back approximately $151.7 million worth of STRC units, raising its total Bitcoin holdings to 847,666, with a reported cost base of $63.95 billion.

Market Risk, Liquidity and Investor Dynamics

尽管市场处于增长阶段，但风险依然存在。比特币价格的波动、股息结构的变化、市场流动性以及发行商的底层财务健康状况都会影响收益率。STRC和SATA在6月份出现的交易大幅下跌，提醒着该领域对波动性和流动性压力的脆弱性。

塞勒建议，通过吸引信誉良好的发行商，比特币信贷市场可以实现更高的流动性，并从较低的融资成本中受益。然而，每种工具的表现和可靠性仍然取决于发行商的商业实践及其风险管理能力。

在强调资产活动中时机和监控的重要性时，模因币（Meme Token）市场往往展现出突然的大规模兴趣。据报道，在Fomo App上，一笔关于代币“Niu Lai”的交易将99美元的投资转化为约37万美元的收益。在这种快速变化的环境中，不仅要追踪价格走势，还要监测主要投资者的行动和代币选择。Fomo App集成了代币发现、交易、投资者排名和交易通知等功能于单一平台，使用户能够把握模因币脉搏及参与者动态。

Strategy股东投票与股息调整

Strategy已定于10月28日举行特别股东大会，普通股东将被要求批准更改STRC、STRF、STRK和STRD的股息时间表。如果提案获得通过，这些优先股的股息记录日期将设定为每日进行。

If approved, the first scheduled daily dividend payment for shareholders holding shares as of November 1 will occur on November 2. Strategy said the adjustment is aimed at reducing reinvestment delays. Overall, the impact of these changes on the broader Bitcoin credit market will depend on how investors respond and adopt them.

Thaler emphasized that while competitive issuers such as Strategy and Strive have attracted more investor funds, liquidity and research into preferred securities linked to Bitcoin, the sustainability of market growth and the realization of lower financing costs will always depend on each issuer's ability to manage risk and maintain investor trust.