📰 Saylor’s take this time is pretty interesting: Strategy, Strive, and similar Bitcoin treasury companies—while they’re all issuing securities and trying to secure investors’ capital—aren’t necessarily mortal enemies competing in a zero-sum game.

🔥 His view is that if there are more issuers with stable, well-managed operations in the market, it could actually attract more new capital, help investors become more familiar with “digital credit” products, and improve liquidity. In turn, eligible issuers may even see their financing costs come down.

To be honest, this is a more direct example than slogans: companies buying each other’s products. In March this year, Strive disclosed that it had bought $50 million worth of STRC issued by Strategy—showing these firms could be customers of one another, not just rivals for the same pot of funds.

💡 But Saylor also made it clear: Bitcoin rising, financing costs falling, and equity valuations increasing are not guaranteed outcomes. These products will still face pricing, liquidity, and financing risks. You can’t assume they’re safe just because they’re called “treasury companies.”

🤔 Do you think when these companies hold each other’s products, it’s expanding the digital credit market—or concentrating the risk even more?

#比特币 #Strategy #STRC #digital credit