Michael Saylor Defends Bitcoin Treasury, Says Credit Matters More Than Price
Michael Saylor stepped again into the highlight this week, pushing again towards critics of Bitcoin treasury corporations throughout a wide-ranging public dialogue on company technique, market construction, and long-term adoption.
The Strategy co-founder argued that Bitcoin’s rising position in credit score markets and company steadiness sheets issues way over short-term worth strikes, framing the controversy as one about monetary energy moderately than buying and selling positive factors.
Bitcoin Treasuries Under Fire as Saylor Doubles Down
Saylor’s remarks got here on the What Bitcoin Did present, the place he said Bitcoin’s actual progress exhibits up in “establishments, credit score markets, accounting guidelines, and financial institution adoption,” not day by day charts. The dialog revisited 2025, a 12 months he described as misunderstood by merchants who fixated on pullbacks as an alternative of structural positive factors.
Bitcoin reached its newest all-time high in early October 2025, roughly three months earlier than year-end, a degree Saylor used to problem claims that the 12 months was a failure. While the asset completed the 12 months beneath that peak, he pointed to a bounce in company participation: the variety of public corporations holding Bitcoin on their steadiness sheets grew from about 30–60 in 2024 to roughly 200 by the tip of 2025.
According to him, Strategy alone purchased roughly $25 billion value of the flagship cryptocurrency in 2025, funded largely by means of capital raises. The firm has not let up in 2026, making further purchases, together with a $1.25 billion splurge on 13,627 BTC.
Saylor additionally highlighted regulatory and accounting shifts that decreased friction for company holders, together with fair-value accounting guidelines and clearer tax steering for unrealized positive factors. By late 2025, main U.S. banks have been extending credit score towards spot Bitcoin ETFs, with some getting ready to lend instantly towards BTC.
Credit, Optionality, and What Comes Next
At the core of Saylor’s argument is the distinction between working corporations and passive funding automobiles. He stated corporations that maintain Bitcoin inside an working construction have way more flexibility than ETFs, together with the flexibility to concern debt, write credit score merchandise, or construct new monetary providers on high of their holdings.
This, he argued, explains why some Bitcoin treasury shares commerce above or beneath the worth of their underlying property. Equity costs replicate expectations about administration choices and future money technology, not simply the Bitcoin they maintain in the present day. Complaints about corporations buying and selling at reductions to internet asset worth, he stated, miss that broader image.
Saylor additionally dismissed fears that there are “too many” Bitcoin treasury corporations, evaluating the criticism to early doubts about electrical energy adoption. In his view, each sturdy and struggling companies can enhance their prospects by holding BTC, although he acknowledged that poorly run corporations stay risky no matter technique.
Looking forward to 2026, Saylor prevented short-term worth forecasts, calling makes an attempt to foretell Bitcoin over 90-day home windows misguided. Instead, he framed the asset as digital capital steadily integrating into international credit score methods, a shift he believes will outline the following section of adoption, whether or not or not the worth cooperates within the close to time period.
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