Strive CEO Matt Cole positioned his company as the leading contender among Bitcoin treasury firms for the next bull market, citing three key factors: maintaining a high amplification ratio, achieving consistent performance, and preserving Bitcoin upside.
Amplification measures a company's preferred stock and debt against its Bitcoin holdings. Strive reports a 51.4% amplification ratio through SATA preferred shares with no debt, compared to MicroStrategy's roughly 25% ratio, putting Strive at approximately twice the amplification of its competitor.
Cole expects Bitcoin to reach between $400,000 and $500,000 by late 2029, driven by a U.S. debt crisis that would lower long-term yields and weaken the dollar.
Despite the competitive positioning, Cole emphasized that the two firms need not be adversaries. He argued that institutional buyers face issuer limits and require multiple providers, and that expanding the overall market for Bitcoin-backed digital credit benefits both companies. Cole noted that SATA trades at 25% to 50% of STRC's daily volume, but added that even if MicroStrategy had captured all of Strive's roughly $1 billion in market value, it would represent only about a 10% increase for MicroStrategy.
Cole also noted mutual innovation between the firms, stating that MicroStrategy has adopted daily dividends and cash reserves similar to Strive's model. He wrote on social media that competing and collaborating are not mutually exclusive, and that management teams owe their first duty to shareholders while benefiting from broader market growth.
As of the reporting date, Strive held 29,462 BTC compared to MicroStrategy's 848,000 BTC. SATA was trading near $30, up approximately 137% over three months and down about 42% over one year, while paying a 13% daily dividend against MicroStrategy's 12%.
