Michael Saylor pushes back on criticism of Bitcoin treasury companies

Strategy president Michael Saylor defended Bitcoin treasury companies against disapproval during a caller quality connected the What Bitcoin Did podcast. 

Responding to questions astir smaller companies that contented equity oregon indebtedness to bargain Bitcoin (BTC), Saylor said the determination yet comes down to superior allocation, arguing that companies with excess currency are amended disconnected allocating it to Bitcoin than holding it successful Treasurys oregon returning it to shareholders.

He compared firm treasury strategies to idiosyncratic investing, arguing that ownership levels alteration but the underlying determination to clasp BTC is rational careless of institution size oregon concern model.

Saylor besides pushed backmost connected the thought that unprofitable companies should beryllium singled retired for criticism, arguing that Bitcoin holdings tin assistance offset anemic operating results.

He said a institution moving astatine a nonaccomplishment could inactive amended its wide fiscal presumption if the worth of its Bitcoin holdings rises faster than its operating losses. “If you’re losing $10 cardinal a twelvemonth but making $30 cardinal successful Bitcoin gains, didn’t I conscionable prevention the company?” Saylor said.

Strategy president (left) Michael Saylor speaks with Danny Knowles, big of the What Bitcoin Did podcast connected Monday. Source: YouTube

Saylor contrasted Bitcoin purchases with different uses of excess cash, arguing that buybacks and low-yield Treasurys tin worsen outcomes for struggling companies. Buying backmost shares successful a money-losing concern “just amplifies your losses faster,” helium said, adding that Bitcoin offers a materially antithetic risk-reward illustration for firm equilibrium sheets.

Saylor said companies that clasp Bitcoin are often held to a antithetic modular than those that debar the plus altogether. “The Bitcoin assemblage tends to devour its young,” helium said, adding:

You someway deliberation that it’s OK for 400 cardinal companies to not bargain Bitcoin, and someway that’s okay, and you’re going to knock the 200 companies that bought Bitcoin.”

Strategy began accumulating Bitcoin successful 2020 and is the largest crypto firm holder. According to BitcoinTreasuries.NET data, the institution held 687,410 BTC astatine clip of writing.

Related: Strategy makes biggest Bitcoin acquisition since July 2025, adds $1.25B successful BTC

More nationalist companies crook to Bitcoin arsenic a treasury asset

Corporate adoption of Bitcoin treasury strategies accelerated successful 2025, with a increasing fig of publically traded companies adding Bitcoin to their equilibrium sheets arsenic a semipermanent asset.

At the clip of writing, publically listed companies collectively held astir 1.1 cardinal BTC, representing astir 5.5% of the 19.97 million coins successful circulation.

Source: BitcoinTreasuries.NET

Companies that adopted treasury strategies implicit the past twelvemonth person done truthful amid little favorable marketplace conditions.

According to Markus Thiele, laminitis of 10x Research, galore digital plus treasuries saw their nett plus values autumn successful November, constraining superior raising and leaving existing shareholders stuck with mounting insubstantial losses.  

Cointelegraph reported that Bitcoin treasury adoption slowed successful precocious 2025, with a full of 117 companies adopting BTC reserves implicit the year.

However, firm ownership remains highly concentrated, with MARA Holdings having 53,250 BTC connected its equilibrium expanse and Twenty One Capital holding 43,514 BTC, 2nd lone to Strategy.

Top 20 Bitcoin treasury companies. Source: BitcoinTreasuries.NET

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