As debates around Bitcoin treasury companies grow more intense, Michael Saylor, one of the most divisive voices in cryptocurrency, has turned up the rhetoric. Responding to pointed questions on a recent podcast, Saylor defended the wave of companies borrowing to invest in Bitcoin.
Tough Terrain for Bitcoin Treasuries?
In the current climate, Bitcoin treasury firms are navigating substantial financial challenges. A staggering 40% of the top 100 treasuries are now valued below market expectations. This downturn has been compounded by the fact that over 60% initially bought Bitcoin at prices surpassing current rates, resulting in share price declines nearing 99% for several firms.
Is Strategy’s Approach Sustainable?
Strategy, formerly MicroStrategy, faces overwhelming criticism as its financial decisions come under fire. Despite generating around $125 million from its core software business in 2025’s first nine months, the company has amassed over $50 billion through various financial instruments for Bitcoin procurement. This reliance on securities rather than profits for Bitcoin purchase raises eyebrows. Though the software division remains lucrative, its insufficiency in supporting Bitcoin assets financially is evident.
Holding over 650,000 Bitcoins, Strategy leads as the largest Bitcoin holder among corporations by a significant margin.
Motivated by Strategy’s shift to stock-funded Bitcoin purchases starting in 2020, other companies have mirrored this model. By 2024, this approach led to a tenfold stock price increase for Strategy, prompting global corporations to pursue a similar path.
BitcoinTreasuries.net reports that more than 200 companies now list Bitcoin as a balance sheet asset, tallying up to 1.1 million Bitcoin in total holdings, almost equating to $100 billion in assets.
Metaplanet, along with others, exemplifies firms that have entirely shifted to Bitcoin-centric business models, abandoning traditional operations like property management for purely financial maneuvers. Companies such as Nakamoto and OranjeBTC have followed suit, targeting financial growth through Bitcoin holdings.
Saylor: “Adopting Bitcoin mirrors adopting electricity.”
Saylor equates embracing Bitcoin to leveraging advanced technologies, defending the treasury model as a future-shaping necessity.
Critics argue that, unlike electricity, Bitcoin requires intricate financial schemes and continual borrowing. Saylor counters that firms, including those facing losses, have good reason to adopt Bitcoin due to potential value increments.
“There’s room for millions in Bitcoin acquisition.”
Saylor dismisses notions of competition within treasury firms, asserting a wide-open market for Bitcoin acquisition. Skeptics challenge this view, questioning if Bitcoin alone can sustain business models absent traditional revenue streams. Strategy has not offered further comments.
