During a recent episode of the "What Bitcoin Did" podcast, Michael Saylor, the chairman of Strategy, defended the practice of companies using equity or debt to purchase Bitcoin. Addressing criticisms aimed at smaller firms adopting this approach, Saylor argued that the choice boils down to effective capital allocation, suggesting that companies with surplus cash should consider investing in Bitcoin rather than traditional Treasurys or distributing it to shareholders.
Saylor likened corporate treasury strategies to personal investing, highlighting that while the levels of ownership might differ, the fundamental reasoning for holding Bitcoin remains sound, regardless of the company’s size or model. He countered the notion that unprofitable companies should be criticized for their Bitcoin investments, stating that gains in Bitcoin value could offset operational losses. He illustrated this by saying, "If a company loses $10 million annually but gains $30 million from Bitcoin, isn’t that saving the company?"
In his discussion with podcast host Danny Knowles, Saylor contrasted Bitcoin investments with other uses of excess cash like stock buybacks and low-yield Treasurys, which could exacerbate financial struggles for companies. He argued that Bitcoin provides a distinct risk-reward profile for corporate balance sheets, stating that share buybacks in loss-making businesses "only accelerate losses."
Saylor also noted a perceived double standard in how companies that invest in Bitcoin are judged compared to those that do not engage with the asset. "The Bitcoin community tends to be harsh on its own," he remarked, questioning why it seems acceptable for numerous companies to avoid Bitcoin while criticizing those that embrace it.
Since 2020, Strategy has been a major player in corporate Bitcoin acquisition, holding 687,410 BTC, as reported by BitcoinTreasuries.NET. The trend of public companies adopting Bitcoin as a treasury asset has gained momentum, with many adding Bitcoin to their balance sheets despite challenging market conditions. Publicly listed firms collectively hold about 1.1 million BTC, equating to roughly 5.5% of the 19.97 million Bitcoins currently in circulation.
Despite market challenges, the adoption of Bitcoin treasury strategies continues, albeit at a slower pace. In 2025, 117 companies adopted Bitcoin reserves, though the market has seen a concentration of ownership among top firms like MARA Holdings and Twenty One Capital, which hold significant amounts of Bitcoin.
The discussion around Bitcoin as a strategic asset for companies continues to evolve, with opinions varying widely on its benefits and risks. As more companies explore this avenue, the debate on its viability and impact on financial health remains active.