Saylor Wants Bitcoin Finance To Reach Stocks And Bonds

Michael Saylor believes that Strategy, Strive, and other bitcoin treasury companies can capture a fraction of the global stock and bond markets, which together are valued at 318.5 trillion dollars. However, this amount does not represent either an expected valuation for these companies or a revenue forecast, but the theoretical financial market that their new products seek to access.

Bitcoin finance eyes 318.5 trillion dollars

The executive chairman of Strategy does not see other companies accumulating bitcoin as mere competitors. “I want Strive to succeed. I want every well-managed issuer of Bitcoin-backed digital credit to succeed,” said Michael Saylor in a post released on September 30.

His reasoning is based on the size of traditional financial markets. Products built around bitcoin could, according to him, attract a small part of the capital currently invested in stocks and bonds.

The figures come from the SIFMA annual report :

• The global stock capitalization reached 157.8 trillion dollars at the end of 2025 ;
• The global bond outstanding represented 160.7 trillion dollars ;
• Both markets thus totaled 318.5 trillion dollars ;
• A 0.1% share of each of these markets would amount to about 160 billion dollars.

Saylor’s calculation applies to each category separately. A 0.1% share of the combined total would rather represent 318.5 billion dollars. SIFMA confirms that global stocks increased by 18.9% in 2025, while bond outstanding grew by 10.6%.

Bitcoin finance is based on three types of products

Michael Saylor divides the market into three levels. Bitcoin constitutes the “digital capital”, intended for investors seeking direct exposure to the asset. Common stocks of companies like Strategy and Strive represent, in his vocabulary, “digital shares” oriented towards growth.

Between the two are instruments classified as “digital credit”. This category notably includes STRC, the preferred stock issued by Strategy, and SATA, that of Strive. These securities seek to pay dividends while financing the purchase of new bitcoins.

Strategy remains by far the main company in the sector. After acquiring 1,665 BTC for 142.7 million dollars, it held 847,666 bitcoins at the end of September. Its average purchase price was around 75,437 dollars per token.

Strive follows the same model on a smaller scale. The company owned 27,462 BTC after its last purchase of 1,107 bitcoins. SATA issuances provided 85% of the capital raised for this operation.

Bitcoin finance players can help each other

Michael Saylor describes a mechanism in which a competitor’s success can benefit the entire sector. When a company raises funds to buy bitcoin, it increases demand for an asset whose maximum supply remains limited to 21 million units.

A rise in bitcoin then improves the value of reserves held by all exposed companies. It can also strengthen their capacity to issue new shares or preferred securities. Saylor states:

The value created by broader adoption of bitcoin can reach every balance sheet built around bitcoin.

The relationship between Strategy and Strive illustrates this interdependence. Strive invested 50 million dollars in 500,000 STRC shares in March. These securities then joined the reserve intended for SATA dividend payments. A competitor of Strategy thus became one of its investors.

The multiplication of issuers could also attract more analysts, market makers, and institutional investors. This infrastructure would strengthen the sector’s liquidity, even if each company maintains its own financial strategy.

Saylor’s scenario remains highly theoretical

The 318.5 trillion dollar market is mainly a size comparison. Bitcoin treasury companies do not directly compete with all global stocks and bonds. They only seek to convince some investors to reallocate a small part of their portfolios.

The model also retains several risks. Preferred stocks like STRC and SATA represent claims on their issuers, not direct ownership of the bitcoins held. Their value depends on dividend payments, financing conditions, and each company’s balance sheet strength.

A sustained drop in bitcoin would reduce the value of reserves and could complicate new fundraising. Regular issuance of common shares also leads to dilution of existing shareholders.

The goal put forward by Saylor is thus not to conquer 318.5 trillion dollars. It is to show that a minimal allocation of traditional markets would be enough to make bitcoin-backed credit a financial category worth several hundred billion dollars.