Saylor Justifies Massive Bitcoin Purchases

While corporate bitcoin adoption remains a divisive subject, Michael Saylor continues to lead the movement. The executive chairman of Strategy no longer just accumulates BTC. He now steps up to defend, against criticism, an unapologetic vision of bitcoin as a strategic corporate treasury asset. In a context of macroeconomic uncertainty, his positions reignite the debate on the relevance and durability of this strategy.

An unapologetic defense of a contested Bitcoin strategy

During his appearance on the podcast “What Bitcoin Did”, Michael Saylor responded directly to criticism targeting companies that raise funds, by debt or through capital increases, to buy bitcoin.

These strategies, considered risky or even reckless by some, would be, according to him, perfectly rational, including for unprofitable companies. “If you lose 10 million dollars a year, but you earn 30 million thanks to your bitcoin positions, haven’t I saved the company?”, he said in response to attacks.

For Saylor, this type of arbitrage is not speculation, but rather a long-term treasury management strategy, more relevant than traditional options.

In his argument, he directly contrasts usual allocation choices with that of bitcoin, believing that classic methods can worsen a company’s financial situation. He claims in particular that :

• Share buybacks in unprofitable companies amplify losses faster because they reduce cash without creating real value ;

• Low-yield bonds (like Treasury notes) do not provide effective protection against monetary erosion or cyclical difficulties ;

• Bitcoin, on the other hand, offers an interesting asymmetry, with appreciation potential exceeding operational losses ;

• The choice to hold BTC is comparable to that of a rational individual, regardless of the company’s size or situation.

Saylor does not merely defend an isolated strategy. He attempts to reposition bitcoin as a serious component of corporate asset management, in direct opposition to dominant standards of traditional corporate finance.

A fragile and unevenly distributed adoption

Beyond Saylor’s sole position, figures confirm that corporate Bitcoin strategy is much more than a mere fad.

According to data from BitcoinTreasuries.net, publicly traded companies now hold about 1.1 million BTC, or 5.5% of the total circulating supply (estimated at 19.97 million BTC). Yet, this adoption remains extremely concentrated. Strategy alone holds 687,410 BTC, followed by MARA Holdings (53,250 BTC) and Twenty One Capital (43,514 BTC). In other words, a handful of players account for the bulk of corporate bitcoin exposure.

The year 2025 however saw this movement slow down. While 117 companies adopted BTC as a store of value during the year, momentum faltered by year’s end, notably due to less favorable market conditions.

As Markus Thiele, founder of 10x Research, notes, several crypto treasuries saw their net asset value drop in November, making capital raising more difficult and trapping some shareholders with growing unrealized losses. Such an observation nuances Saylor’s optimistic discourse. While bitcoin can be a lifeline, it can also become a burden when volatility strikes at the wrong time.

MSCI extends the grace period for crypto companies like Strategy, offering temporary relief to a stressed model. Nevertheless, the balance remains fragile: between market valuation, market access, and regulatory developments, corporate Bitcoin strategy will soon have to prove itself beyond the convictions of its defenders.