Steve buys Strategy shares, and Bitcoin's Treasury starts playing each other. Wa

Author:CurlyDeep tide TechFlow

 

On March 11th, a company called Steve announced a few things。

An additional 179 bitcoins, with a total holding stock of 13,311, valued at approximately $930 million. The interest rate of the SSATA unit of its own priority has increased to 12.75 per cent. And, $50 million to buy Strategy's priority share of STRC。

50 million, more than a third of the firm's treasury。

What's Steve doing? What does Strategy do? It's also for bitcoin。

This turned out to be a company that hoarded bitcoin, bought a third of its money and bought shares from another company that hoarded bitcoin。

Steve's chief risk officer, Jeff Walton, pushed him to say that the STRC was "a high-quality credit product, with good liquidity, and a better risk return than traditional solid harvest". Translation: We think it's better than our national debt。

HE ALSO MADE A DEBT AND SAID THAT 50 MILLION DOLLARS, IF HE BOUGHT THE UNITED STATES TREASURY DEBT, WOULD BE WORTH MILLIONS A YEAR. BUYING STRC WILL YIELD AN ADDITIONAL $3.9 MILLION IN ANNUALIZED REVENUES。

Sounds good。

BUT THINK ABOUT IT. WHERE DID THE MICRO-STRATEGY SEND THE STRC MONEY

Strategy's got a StRC financing, and the money that comes in is for bitcoin. STRC can pay you interest if Stratiegy's bitcoins don't fall too hard。

So the bottom logic of this investment is that I am hoarding up bitcoin, and he is hoarding up bitcoin, and that he is hoarding up bitcoin to pay me interest, and I'm taking it back to bitcoin。

It's not a diversification. It's a condom。

In case you don't know, Steve

There's a lot of people who know Strategy. There's a lot of people who know Strove。

But now the company has 13,311 bitcoins worth about $930 million, just above Tesla's holdout, ranking around the tenth place on the global market。

Strive was founded by Vivek Ramaswamy, Second Generation of Indian Immigrants, Harvard Benko, Yale Law School. In 2022, he and his high school classmates founded the Steve Asset Management, ETF Fund in Ohio。

Early investors included PayPal co-founder Peter Thiel and hedge fund manager Bill Ackman。

One and a half years on the line, the scale of the fund's management is over $1 billion. But Vivek didn't stay longHe resigned early in 2023 to run for President of the United StatesI don't know. The Republicans didn't compete in the primaries, and this year they switched to governor Ohio.

After Vivek, the CEO who took over was Matt Cole, who previously ran $70 billion from the California Civil Service Pension Fund, a traditional financial source. But he made a less traditional decision last year。

In September 2025, Cole announced a transition from Foundation to Bitcoin Treasury. 675 million dollars for more than 5,800 bitcoins at an average price of $1.16 million. In the same month, it announced the acquisition of another listed company, Semler Scientific, which, after the merger, held more than 10,000 bitcoins。

Six months later, today, the holdout was turned to 13,311。

A foundation company founded in 2022 became the top 10 corporate bitcoin holders worldwide three years later. It's fast enough to ask a question:

What money did you buy these bitcoins for

Set-up stocks

Where did you get the money for bitcoin。

Last November, Strove issued a priority stock called SATA, which investors buy, and Strove pays interest on a quarterly basis, which is currently annualized 12.75 per cent. The money that's coming in, Strive takes it to buy bitcoin。

This game wasn't invented by Steve. The inventor is Michael Saylor。

Slategy, the company of Saylor, owns more than 730,000 bitcoins, which are the largest enterprise in the world. He launched a similar product last year called STRC, which investors buy and Strategy pays interest, which is currently annualized 11.5 per cent. The money that comes in, Strategy buys bitcoin。

So far, the two companies have each played their own game, in the same logic as each other。

But on March 11th, the deal was to connect two lines. Steve took $50 million for STRC。

The chain became like this:

Strategy sent STC to buy bitcoin, Strive to buy his family's STRC to eat interest, Strie to sell his own SATA money, to continue to buy bitcoin and STRC。

One layer, each of which pays double-digit interest to investors, each of which comes at the bottom of the same element: Bitcoin cannot fall。

Bitcoin up, everybody makes money. Bitcoin went down, everyone's interest was on hold, but none of the layers could be stopped on their own, because your asset was someone else's debt。

THIRD FLOOR PRODUCT, THIRD FLOOR INTEREST, THIRD FLOOR INVESTOR. THE NEXT ASSET IS THE BTC。

And Strive's own stock ASST, the highest point in the last 52 weeks is $268 and it's less than $9, down 97%. On the day of the announcement of the purchase of STRC (11 March), the stock price increased only 5.52 per cent。

AT THE END OF OCTOBER LAST YEAR, ASST ONCE FELL BELOW 0.80 DOLLARS, DOWN FROM ALMOST 50 PER CENT OF ITS NET ASSETS HELD IN BITCOIN

SO HERE'S THE PICTURE: A COMPANY WITH $930 MILLION BITCOIN, THE MARKET VALUE IS JUST OVER $500 MILLION. THE STOCK PRICE FELL 97 PER CENT FROM THE HIGH POINT. BUT MANAGEMENT IS STILL ADDING MORE BITCOIN, BUYING STRC, ADDING INTEREST TO SATA。

But Strategy's own stock MSTR has been down for eight months this year. Bitcoin pulled back a lot from last year。

But everyone in this chain is adding。

Strategy bought 66,000 bitcoins in the first two months of the year, more than any other year before. Strive spent $50 million on the increase in bitcoin. The SATA dividends went from 10 per cent to 12.75 per cent at the time of listing. The STRC dividends also increased from 10% to 11.5%。

The higher the interest rate, the greater it becomes, the more difficult it becomes for investors to retain and to raise the price。

According to the data, there are now more than 200 publicly listed companies worldwide that have publicly announced the Bitcoin Treasury strategy. Until 2025, this number was less than 30。

Saylor invented a new play, 200 companies copied their work. Now they're buying each other's products。

WHEN EVERYONE'S BETS ARE ON THE SAME TABLE, THE DIFFERENCE BETWEEN "STRUCTURED FINANCING" AND "CENTRALIZED GAMBLING" IS PROBABLY JUST A FEW MORE ARROWS ON PPT。