Michael Saylor, executive chairman of Strategy, continues to champion the cause of corporate Bitcoin adoption, positioning himself as a leading advocate. Beyond merely accumulating BTC, Saylor is now actively defending his vision of Bitcoin as a strategic corporate treasury asset against ongoing criticism. In a climate of macroeconomic uncertainty, his stance has reignited discussions about the relevance and long-term viability of this corporate strategy.
Key Points
- •Michael Saylor is vocally defending the strategy of companies integrating Bitcoin into their treasury operations.
- •He asserts that even unprofitable companies can gain advantages from Bitcoin exposure due to its appreciation potential.
- •Saylor criticizes traditional alternatives like share buybacks and Treasury bonds, deeming them less effective.
- •He draws a parallel between corporate Bitcoin allocation and a rational decision-making process for individual investors.
An Unapologetic Defense of a Contested Bitcoin Strategy
During an appearance on the podcast “What Bitcoin Did”, Michael Saylor directly addressed criticisms leveled against companies that raise capital, either through debt or equity, to acquire Bitcoin.
These strategies, perceived by some as risky or even reckless, are, in Saylor's view, entirely rational, even for companies that are not currently profitable. He posed a rhetorical question in response to attacks: "If you lose 10 million dollars a year, but you earn 30 million thanks to your bitcoin positions, haven’t I saved the company?"
Saylor argues that this form of arbitrage is not speculative but rather a long-term treasury management strategy, which he believes is more pertinent than traditional financial options.
He contrasts common allocation choices with that of Bitcoin, suggesting that conventional methods can potentially worsen a company's financial standing. Specifically, he claims that:
- •Share buybacks by unprofitable companies tend to amplify losses more rapidly because they reduce available cash without generating tangible value.
- •Low-yield bonds, such as Treasury notes, do not offer adequate protection against monetary inflation or cyclical economic challenges.
- •Bitcoin, conversely, presents a compelling asymmetry, with its appreciation potential potentially outweighing operational losses.
- •The decision to hold Bitcoin is comparable to a rational choice made by an individual, irrespective of the company's scale or financial condition.
Saylor is not simply defending a niche strategy; he is advocating for Bitcoin to be recognized as a significant element in corporate asset management, directly challenging the established norms of traditional corporate finance.
A Fragile and Unevenly Distributed Adoption
Beyond Michael Saylor's individual advocacy, available data indicates that corporate Bitcoin strategy represents more than a fleeting trend.
According to data compiled by BitcoinTreasuries.net, publicly traded companies collectively hold approximately 1.1 million BTC, which constitutes about 5.5% of the total circulating supply, estimated at 19.97 million BTC. However, this adoption is highly concentrated. Strategy alone possesses 687,410 BTC, followed by MARA Holdings with 53,250 BTC and Twenty One Capital with 43,514 BTC. This means that a small number of entities account for the vast majority of corporate Bitcoin holdings.
The momentum of this movement saw a slowdown in 2025. While 117 companies adopted BTC as a store of value during the year, this pace faltered by the year's end, partly due to less favorable market conditions.
Markus Thiele, founder of 10x Research, observes that several crypto treasuries experienced a decline in their net asset value in November. This made capital raising more challenging and left some shareholders with accumulating unrealized losses. This observation provides a more nuanced perspective on Saylor's optimistic outlook, suggesting that while Bitcoin can serve as a lifeline, it can also become a liability during periods of significant volatility, especially if they occur at inopportune times.
MSCI has extended the grace period for crypto-centric companies like Strategy, offering temporary relief to a financially strained model. Nevertheless, the overall situation remains precarious. Navigating market valuations, market access, and evolving regulatory landscapes, corporate Bitcoin strategy will soon need to demonstrate its long-term viability beyond the convictions of its proponents.