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BTC 迈克尔·塞勒呼吁协作，比特币信贷领域瞄准150万亿美元市场
MicroStrategy（微策略）执行董事长、企业金库整合比特币的坚定倡导者迈克尔·塞勒（Michael Saylor）表示，发行比特币支持型数字信贷的机构不仅争夺投资者的资金配置，还通过协作潜力强化整个行业。
对行业增长的支持
塞勒公开表达了对数字资产投资公司Strive的支持，并向所有运营良好、以比特币为动力的数字信贷发行商发出了鼓励。他将比特币视为连接这些公司多样化资产负债表的基石资产。
他指出，全球资本市场是比特币信贷领域的主要长期机遇。引用证券行业和金融市场协会（SIFMA）的数据，塞勒指出，截至2025年底，全球股票市场和固定收益市场的规模均超过了150万亿美元。
塞勒写道，比特币充当“数字资本”，而STRC和SATA等工具则作为数字信贷，MSTR和ASST则等同于数字股权。他强调：“我们提供不同的证券，做出独立的决策，并为具有不同目标的投资者服务。尽管如此，我们可以在争取资金配置的同时，共同扩大长期的市场机会。”
He noted that Bitcoin credit and treasury equity remain emerging categories aimed at gaining greater recognition in these huge financial markets. Siler estimates that even a small portion of that market share-or one thousandth-represents a value of about $160 billion.
Thaler compares Bitcoin Vault with traditional competitors. Although beverage or clothing brands operate independently, Bitcoin vault entities are unique in that they share Bitcoin as a core asset. He said that the rise in the value of Bitcoin also benefits all treasury companies that hold the asset. In his words: "Our core capital values are linked through a common market."
Amplifiers for future expansion
Thaler explains three main "amplifiers" that he believes will support future growth: value added, adoption and market recognition.
The first amplifier involves the appreciation of digital capital, driven by increased demand for Bitcoin, which has a limited supply. However, he emphasized that a single purchase does not guarantee a price increase.
The second amplifier refers to the adoption of digital credit. Thaler believes that having multiple reputable publishers builds market trust faster than a single provider. He emphasized the importance of research, trading records and continued liquidity to help institutional investors evaluate this emerging asset class. "Learning how to evaluate SATA investors will be better prepared to evaluate STRC," he wrote. Siler added that industry familiarity could narrow credit spreads between digital asset-backed products.
Thaler warned that Bitcoin does not pay coupons, so "the profit margin between asset returns and financing costs must be achieved through disciplined management." In MicroStrategy's strategic business case, he suggested that increased demand for STRC, the strategy department's digital credit product, could ultimately allow more issuance and lower dividend yields, creating more value for common shareholders.
The third amplifier is digital equity recognition. He pointed out that valuation premiums (such as higher market capitalization net asset value mNAV) must be actively pursued and that an increase in the number of issuers will not automatically increase the overall market multiple. Siler cited Strive's purchase of a $50 million stake in STRC on March 11, 2026, as an illustration of complementarity rather than pure competition among industry participants. In his conclusion, he encouraged the industry to pursue collective growth.
