Michael Saylor, chairman of Strategy, has recently defended Bitcoin treasury companies against increasing criticism, arguing that Bitcoin's role in credit markets and corporate balance sheets is more significant than short-term price fluctuations. In a recent appearance on the "What Bitcoin Did" podcast, Saylor addressed concerns about the sustainability and potential risks associated with companies, including Strategy, borrowing to invest in Bitcoin.
Saylor framed the discussion around Bitcoin as a matter of long-term financial strategy rather than short-term trading gains, emphasizing its growing integration into global credit systems. He believes that companies can improve their prospects by holding BTC, regardless of their current financial standing. He also dismissed concerns about the number of Bitcoin treasury companies, comparing the skepticism to early doubts about the adoption of electricity.
However, Saylor's defense comes amid a challenging period for Bitcoin treasury companies. According to recent data, approximately 40% of the top 100 Bitcoin treasuries are trading at a discount, hindering their ability to raise new capital. Furthermore, over 60% of these companies initially purchased Bitcoin at prices higher than the current market value, leading to significant losses in some cases.
In the podcast, Saylor responded sharply to a question from host Danny Knowles about the sustainability of companies borrowing to buy Bitcoin, calling the question "ignorant and offensive". He countered the criticism by asserting that even companies experiencing losses could create value by holding Bitcoin, especially if the gains from Bitcoin outpace their operational losses. He also dismissed the idea that Bitcoin treasury companies are in competition with each other, stating that there is room for many more companies to adopt Bitcoin as a treasury asset.
Strategy, formerly MicroStrategy, is at the center of the Bitcoin treasury conversation. The company has dedicated a significant portion of its resources to Bitcoin acquisition, with over 99% of its Bitcoin treasury funded through securities issuances rather than operational cash flow. As of early 2026, Strategy holds 687,410 BTC, making it the largest corporate holder of Bitcoin.
Saylor has been a vocal advocate for Bitcoin, arguing that allocating excess cash to Bitcoin is a more strategic move than holding it in traditional assets like Treasuries or returning it to shareholders. He also criticized what he sees as a double standard in the corporate world, where companies embracing Bitcoin face more scrutiny than those that avoid it. Saylor believes that Bitcoin's real progress is reflected in its integration into institutions, credit markets, accounting rules, and bank adoption, rather than solely in its daily price movements.
