Strive CEO Says Multiple Issuers Can Expand Bitcoin Credit Market

Strive CEO Matt Cole said multiple issuers will be needed to expand the Bitcoin-backed digital credit market, arguing that institutional buyers may face limits on purchases from any single provider.

Strive’s amplification ratio was 51.4%, compared with roughly 25% for Strategy. The measure compares preferred shares and debt with the value of a company’s Bitcoin holdings. Strive’s ratio came entirely from its SATA preferred stock, with no debt.

Cole described Strive as a leading candidate to be the “fastest horse” in the next Bitcoin bull market. He said returns would depend on maintaining a high amplification ratio while preserving exposure to Bitcoin’s gains.

Cole put Bitcoin’s potential price range in the next bull run at $400,000 to $500,000. He tied that outlook to a U.S. debt crisis that could push long-term yields lower and weaken the dollar, and called the range conservative.

SATA trades at between 25% and 50% of Strategy’s STRC daily volume. Cole argued that the comparison does not show meaningful lost market share: even if Strategy had captured all of SATA’s roughly $1 billion, STRC would be about 10% larger. He said institutional issuer limits make multiple providers useful as the market develops.

Cole also pointed to Strategy’s move to daily dividends and its cash reserve as examples of the firms adopting ideas from each other. He said competition and collaboration can coexist.

The figures discussed put Strive’s holdings at 29,462 Bitcoin (BTC) after a 2,000-BTC purchase for $169 million on Oct. 5. Strategy’s holdings were listed at 848,000 BTC after an addition of 334 BTC for $28.7 million. SATA was paying a 13% dividend, compared with 12% for STRC.