Strive CEO Matt Cole Demands Strict Performance Standards
Strive CEO Matt Cole stated on Sept. 15, 2025, that bitcoin treasury companies must outperform the underlying asset and align executive compensation directly with that goal to maintain shareholder trust. Speaking in an interview with Bitcoin Magazine, Cole emphasized that incentives and industry reputation remain critical as firms adopt digital asset strategies. Corporate bitcoin strategies require more than passive holding. Treasury firms must deliver returns that exceed bitcoin itself, ensuring that management compensation structures reflect that benchmark.
Metaplanet Compensation Scrutiny and Governance
Cole pointed to the executive compensation structure at Metaplanet as a focal point for industry governance. According to Bitcoin Magazine, Metaplanet faced initial shareholder pushback over a potential dilution that could have expanded its share count from roughly 46 million주에서 3억2000만 주 to nearly 320 million shares through an executive option pool. Following shareholder resistance, Metaplanet reduced its option pool by 41%.
Cole evaluated the company’s post-correction adjustments positively, calling the revision the right direction while noting that compensation structures can create risks of misaligned incentives. He stated that Strive has not seen evidence of Metaplanet acting against shareholder interests, pointing out that the firm outperformed bitcoin after launching its digital asset strategy.
Expanding Research and Institutional Demographics
Strive recently added Adam Livingston to its team to deepen industry research and analysis surrounding corporate bitcoin treasuries. Cole noted that the market experienced a speculative bubble last year followed by a market correction, leading some firms to exit the strategy while survivors continue to refine their approach.
Skepticism Over Traditional Sovereign Debt
On the topic of fixed-income alternatives, Cole questioned the stability of traditional sovereign debt during ongoing fiscal pressures.
“Why should you buy the debt of the U.S. government, which is in a debt crisis?” Cole said, according to Bitcoin Magazine.
Multi-Trillion-Dollar Bitcoin Yield Curve Projections
Cole predicted the emergence of a bitcoin-backed yield curve encompassing bitcoin bonds, preferred stock, and structured products designed with varying risk-return profiles and investor protections.
He projected that demand for transparent cash-flow alternatives could scale significantly as fiat currency depreciation continues. According to Cole, the opportunity to generate yield for risk-conscious investors using bitcoin as a core asset spans a multi-trillion-dollar addressable market, tapping into a broader global income investment sector.
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