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BTC Strive CEO Matt Cole: Seven competition principles for becoming the "fastest horse race" in the next bull market
Strive CEO Matt Cole is positioning his company as the most potential "fastest horse race" in the next bull market in the field of Bitcoin treasury management. He published seven competition principles on the X platform to support this view. However, his broader argument is that Strive and Strategy (formerly MicroStrategy) need to work together to expand the bitcoin-backed digital credit market, rather than just competing for the same investor base.
Strive claims its leverage is twice that of Strategy.
In an interview with podcast host Robin Seyr, Cole said: "I think Strive has become a strong contender to lead the next bull market." He pointed out that there are three key factors driving the highest total return: first, having a high leverage ratio; second, being able to maintain a high leverage ratio; and third, pursuing leverage without giving up Bitcoin's upside potential.
The so-called "Amplification" refers to the comparison between the value of a company's preferred stock and debt and the value of the bitcoins it holds. According to Strive's own tracking data, its leverage ratio is 51.4%, all from SATA preferred shares and has no debt burden; Strategy's leverage ratio is approximately 25%. This means that Cole's company has about twice the leverage of the company led by Michael Saylor.
Cole predicts that due to factors such as a decline in long-term yields driven by the U.S. debt crisis and a weakening of the U.S. dollar, bitcoin prices may reach the range of $400,000 to $500,000 by the end of 2029, and believes this forecast is relatively conservative.
downplays competition with Strategy and emphasizes potential for cooperation
Strive's CEO is also committed to downplaying any antagonism with Saylor's companies. He cited an article in which Strategy's co-founder described the prospects for a partnership between the two companies.
Cole pointed out that SATA trading volume accounts for 25% to 50% of STRC's daily trading volume. Although some Strategy investors interpreted this as a loss of market share, he believed it was a "very bad view" because even if Strategy acquired the entire share of SATA's approximately $1 billion, STRC would only expand by about 10%. In his view, what is more important is whether the digital credit pool can achieve exponential growth in the next three and a half years.
He said institutional investors face issuance limits, so large buyers need multiple issuers. He also claimed that the two companies learned from each other, such as Strategy's daily dividend and cash reserve strategies, which all originated from imitating or responding to Strive's model. "I'm happy that they innovate based on our practices, and we innovate based on their practices." Cole told Seyr.
On the X platform, Cole wrote that each management team's primary responsibility is to be accountable to its own shareholders, and that "competition and cooperation are not mutually exclusive."
Position comparison and market performance
According to previous reports, Strive purchased 2,000 BTC units for US$169 million on October 5, and Strategy announced on the same day that it purchased 334 BTC units for US$28.7 million. So far, Strive holds 29,462 BTC, while Strategy holds 848,000 BTC.
As of writing, ASST was trading at close to $30, up about 137% in three months, but down about 42% in the past year. At the same time, SATA pays a daily dividend of 13%, while Strategy's STRC daily dividend rate is 12%.
