Michael Saylor publicly backed rival Bitcoin holder Strive this week, writing on X that he wants the smaller firm to succeed. Strive CEO Matt Cole responded in kind, saying the two companies are stronger together. The exchange of goodwill comes as both firms continue their shared strategy of raising money to buy Bitcoin.
The friendly tone is unusual for a sector where firms compete for the same investors. But it also lands against a harder backdrop: a DWF Ventures study found that only four of the top 20 crypto treasury stocks trade above the value of the coins they hold.
Two firms, one playbook
MicroStrategy holds 847,666 BTC, more than any other listed company. Strive ranks fifth among public Bitcoin holders with 27,462 BTC. Both follow the same basic playbook — sell shares or debt, use the proceeds to buy Bitcoin, and repeat.
The two aren't strangers. In March, Strive bought $50 million of MicroStrategy's STRC shares. That investment tied the smaller firm directly to its larger competitor's capital structure.
Saylor's essay on Wednesday framed the relationship as cooperative rather than adversarial. He wrote that he wants Strive to succeed, and Cole agreed the two firms are stronger together. The remarks were public and on the record.
Buying continues despite the math
MicroStrategy added 1,666 BTC this week. Strive also bought Bitcoin this week, and on September 21 purchased 1,355 BTC. According to Cole, Strive raised 85% of the money for its latest purchase by selling SATA.
Strive paid an average of $85,396 per coin for its latest purchase, while Bitcoin traded near $83,699 on Wednesday. That's a paper loss on the most recent buy. The gap is small, but it illustrates the pressure facing treasury firms when the asset they accumulate dips below their cost basis.
Bitcoin pays no interest. Any income promised to investors has to come from company cash or new fundraising. That's the structural tension running through every one of these companies, regardless of size.
Saylor's warning about weak players
Saylor warned that one weak company could damage trust across the whole sector. It's a notable admission from the largest holder, and it helps explain the public support for Strive. If a smaller treasury firm fails or trades far below its net asset value, the fallout hits everyone with the same model.
The DWF Ventures data underlines the point. Most of the top 20 firms by Bitcoin holdings don't trade at a premium to their coins anymore. A few still do. The rest are caught between the cost of raising capital and the market's willingness to pay above book value.
For now, both MicroStrategy and Strive are still buying. Whether that continues depends on whether investors keep funding the purchases — and whether Bitcoin stays anywhere near the prices these firms paid.
