Strive CEO Matt Cole is pitching his company as the likeliest “fastest horse” among Bitcoin treasury firms in the next bull market, and he backed it with seven principles on competition posted on X.
His broader argument, however, is that Strive and Strategy need each other to expand the market for Bitcoin-backed digital credit rather than simply fight for the same investors.
Strive Claims Twice Strategy’s Amplification
“I think Strive has emerged as the leading contender to be the fastest horse in the next bull market,” Cole told Podcaster Robin Seyr. “What will drive the highest total returns will be one, having a high amplification ratio; two, being able to maintain a high amplification ratio; and three, not giving up Bitcoin upside for that amplification ratio.”
Amplification compares a company’s preferred stock and debt with the value of its Bitcoin. Strive’s own tracker puts its ratio at 51.4%, all of it from SATA preferred shares, with no debt, while Strategy’s is roughly 25%, putting Cole’s firm at about twice the amplification of Michael Saylor’s.
According to him, the next bull run could see Bitcoin go anywhere from $400,000 to $500,000 by late 2029, tied to a US debt crisis that pushes long-term yields down and weakens the dollar, and he described that as conservative.
The Strive chief was equally keen to play down any feud with Saylor’s company, pointing to a long article in which Strategy’s co-founder pictured the two firms working together.
SATA trades at between 25% and 50% of STRC’s daily volume, he noted, which some Strategy investors read as lost market share, but he called that “a really bad argument,” considering that had Strategy captured all of SATA’s roughly $1 billion, STRC would be only about 10% bigger. According to Cole, what matters more is whether the pool of digital credit can grow exponentially over the next three and a half years.
Institutions face issuer limits, he added, so large buyers need several issuers. He also claimed each firm has copied the other, citing Strategy’s move to daily dividends and its cash reserve.
“I’m glad that they innovate based on what we do and we innovate based on what they do,” he told Seyr.
On X, Cole wrote that every management team owes its first duty to its own shareholders and that “competing and collaborating are not mutually exclusive.”
Strive Holds 29,462 BTC to Strategy’s 848,000
As CryptoPotato reported earlier, Strive bought 2,000 BTC for $169 million on October 5, the same day Strategy announced 334 BTC for $28.7 million. That leaves Strive with 29,462 BTC and Strategy with 848,000.
ASST was trading near $30 at the time of writing, up about 137% in three months and down about 42% over a year. Meanwhile, SATA is paying a 13% dividend daily, against 12% on Strategy’s STRC.
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