Michael Saylor estimates that Strategy, Strive and other bitcoin treasury companies can capture a fraction of the global stock and bond markets, together valued at $318.5 trillion. This amount, however, represents neither an expected valuation for these companies nor a revenue forecast, but the theoretical financial market to which their new products seek to access.
In brief
- Michael Saylor sees a large potential market for Bitcoin-backed financial products.
- The global stock and bond markets together represent $318.5 trillion.
- Strategy and Strive are banking on Bitcoin, stocks and digital credit to attract a fraction of this capital.
- Saylor believes that bitcoin treasury companies can reinforce each other rather than compete with each other.
- This scenario remains theoretical and strongly depends on the price of bitcoin and financing conditions.
Bitcoin finance eyeing $318.5 trillion
Strategy’s executive chairman doesn’t view other bitcoin-hoarding companies as mere competitors. “I want Strive to succeed. I want every well-managed issuer of bitcoin-backed digital credit to succeed”said Michael Saylor in a publication released on September 30.
His reasoning is based on the size of traditional financial markets. Products built around bitcoin could, he believes, attract a small portion of the capital currently invested in stocks and bonds.
The figures given come from the SIFMA annual report:
- The global capitalization of stocks reached $157.8 trillion at the end of 2025;
- The global outstanding bond securities represented 160.7 trillion dollars;
- The two markets thus totaled 318.5 trillion dollars;
- A 0.1% share of each of these markets would be worth about $160 billion.
Saylor’s calculation looks at each category separately. A 0.1% share of the combined total would be more like $318.5 billion. SIFMA confirms that global stocks rose by 18.9% in 2025, while outstanding bonds increased by 10.6%.
Bitcoin finance is based on three types of products
Michael Saylor distributes the market in three levels. Bitcoin constitutes the “digital capital”aimed at investors seeking direct exposure to the asset. The common shares of companies like Strategy and Strive represent, in its vocabulary, “digital actions” oriented towards growth.
Between the two appear the instruments qualified as “digital credit”. This category notably includes STRC, the preferred share issued by Strategy, and SATA, that of Strive. These securities seek to pay dividends while financing the purchase of new bitcoins.
Strategy remains by far the main company in the sector. After acquiring 1,665 BTC for $142.7 million, she held 847,666 bitcoins at the end of September. Its average purchase price was around $75,437 per token.
Strive follows the same model on a smaller scale. The company owned 27,462 BTC after its last purchase of 1107 bitcoins. SATA issues provided 85% of the capital raised for this operation.
Bitcoin finance players can help each other
Michael Saylor describes a mechanism in which the success of one competitor can benefit the entire industry. When a company raises funds to buy bitcoin, it increases demand for an asset whose maximum supply remains limited to 21 million units.
A rise in bitcoin then improves the value of reserves held by all exposed companies. It can also strengthen their capacity to issue new shares or preferential securities. Saylor states:
The value created by wider adoption of bitcoin can reach every balance sheet built around bitcoin.
The relationship between Strategy and Strive illustrates this interdependence. Strive invested $50 million in 500,000 STRC shares in March. These securities then entered the reserve intended for the payment of SATA dividends. A competitor of Strategy thus became one of its investors.
The proliferation of issuers could also attract more analysts, market makers and institutional investors. This infrastructure would strengthen the liquidity of the sector, even if each company maintains its own financial strategy.
Saylor’s scenario remains very theoretical
The $318.5 trillion market is above all a size comparison. Bitcoin cash companies do not directly compete with all global stocks and bonds. They only seek to convince certain investors to reallocate a small part of their portfolios.
The model also retains several risks. Preferred stocks like STRC and SATA represent claims on their issuers, not direct ownership of the bitcoins held. Their value depends on dividend payments, financing conditions and the strength of each company’s balance sheet.
A lasting decline in bitcoin would reduce the value of reserves and could complicate new fundraising. Regular issuance of common stock also results in dilution of existing shareholders.
The objective put forward by Saylor is therefore not to conquer 318.5 trillion dollars. It consists of showing that a minimal allocation from traditional markets would be enough to make bitcoin-backed credit a financial category worth several hundred billion dollars.
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