According to Woofun AI, Michael Saylor posted on the X platform on September 30, clearly defining that Bitcoin-backed credit issuance institutions occupy complementary ecological niches rather than engaging in a zero-sum game for capital flows. The underlying reason for this non-competitive logic lies in the homogeneity of the underlying asset. On September 30, 2026, Saylor, as Executive Chairman, pointed out that institutions building balance sheets based on cryptocurrency share the same capital foundation. In his financial model, Bitcoin is defined as the core of digital capital, STRC and Strive's SATA preferred securities are classified as digital credit, and MSTR common stock belongs to digital equity.
As early as a report in August 2026, Saylor had listed STRC as a credit asset and regarded USDT issued by Tether as digital currency. When the BTC spot price rises, the book value and risk resistance of companies holding this asset increase simultaneously, forming a triple amplification effect: accelerating institutional credit adoption, driving up related equity valuations, and boosting the BTC spot price. Data from the Securities Industry and Financial Markets Association shows that as of the end of 2025, the global equity market reached $157.8 trillion, and the fixed-income debt market stood at $160.7 trillion, providing a macro reference for this structure.
The theoretical framework has been validated in market practice. Asset management company Strive (ASST.US) spent $50 million to purchase STRC preferred shares on March 11, 2026, reflecting asset mutual-holding cooperation. Meanwhile, The Smarter Web Company is advancing its listing business on the London Stock Exchange Group and announced the launch of the MORE product on September 11, 2026, regarded as the first preferred stock security issued by a BTC-holding company in the UK. According to data compiled by Woofun AI, the private placement targets a fundraising amount of £15 million to £25 million.
The MORE prospectus stipulates that holders enjoy floating weekly accumulating dividends, priority liquidation rights, and redemption options, but no voting rights, allowing institutional funds to obtain reserve-backed fixed-income returns without directly purchasing BTC spot. TD Cowen (TD.US) raised its target price for the stock from £0.64 to £0.73 on September 14, 2026, maintaining a "Buy" rating. Data shows that from January 2026 to September 2, its BTC investment portfolio achieved a cumulative return of 11.5%, successfully offsetting the negative impact of liquidating 178 BTC on July 23, 2026, to repay TOBAM's outstanding convertible debt. The closing price on September 30, 2026, was 69.49 pence, approaching the 52-week high of 78 pence, with a market capitalization of approximately £261 million.
The company has spent over $300 million cumulatively to reserve 2,747 BTC. Although it incurred approximately $100 million in unrealized losses when Bitcoin fell below $78,000 in early 2026, its financial condition improved significantly as the price recovered above $84,300. At the end of September 2026, an extraordinary general meeting of shareholders approved the issuance resolution, and the official listing of MORE is pending approval from the UK Financial Conduct Authority, expected to be completed in the coming weeks.
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