Bitcoin finance is positioned to compete for allocations within global equity and debt markets totaling $318.5 trillion, according to Michael Saylor, founder and executive chairman of Strategy Inc. (Nasdaq: MSTR). He contends that well-managed competitors can strengthen shared demand, improve funding conditions, and attract institutional investors.
Saylor based his market-size calculation on data from the Securities Industry and Financial Markets Association (SIFMA), which recorded $157.8 trillion in global equity capitalization and $160.7 trillion in fixed-income debt outstanding at year-end 2025. "One tenth of one percent of either market is roughly $160 billion," Saylor wrote on X on September 30.
Growth Drivers for Bitcoin Treasury Companies
Saylor identified three potential growth mechanisms. First, bitcoin appreciation could strengthen asset coverage and financing capacity for companies holding the asset. Second, broader acceptance of preferred-stock products could improve funding terms as investors become familiar with their structures. Third, higher equity valuations could enable capital raising and acquisitions.
He distinguished between three categories: bitcoin for long-term allocations, preferred stocks for income, and common shares for growth capital. Strategy's STRC and Strive Inc.'s (Nasdaq: ASST) SATA are classified as bitcoin-based income securities that prioritize dividends over common shares.
Rival Companies as Customers
Saylor cited Strive's $50 million purchase of STRC in March, representing 500,000 shares, as evidence that competitors can become customers while maintaining independent management. Strive subsequently disclosed the acquisition of 1,107 additional bitcoin for $94.5 million on September 28, bringing its holdings to 27,462 bitcoin. CEO Matt Cole attributed 85% of total capital raised to SATA.
Strategy's $152 million STRC repurchase, disclosed September 28, illustrated active balance-sheet management among the companies. Saylor emphasized that sound capitalization, prudent liquidity, and transparent disclosures are conditions for responsible growth in the category.
