Michael Saylor defends firms holding Bitcoin as corporate treasuries

Strategy chairman Michael Saylor defended companies that hold Bitcoin as a treasury asset during a recent appearance on the What Bitcoin Did podcast, arguing the choice is primarily one of capital allocation. Saylor said companies with excess cash are often better off allocating it to Bitcoin than leaving it in low-yield Treasurys or returning it to shareholders.

He compared corporate treasury strategy to individual investing, pushed back on singling out unprofitable firms and argued Bitcoin holdings can offset weak operating results: “If you’re losing $10 million a year but making $30 million in Bitcoin gains, didn’t I just save the company?” He also warned that buybacks in money-losing businesses “just amplifies your losses faster,” and said “The Bitcoin community tends to eat its young.” Strategy began accumulating Bitcoin in 2020 and is the largest corporate holder; according to BitcoinTreasuries.NET the company held 687,410 BTC at the time of writing.

Cointelegraph reported that publicly listed companies together held about 1.1 million BTC, roughly 5.5% of the 19.97 million coins in circulation, and that corporate adoption accelerated in 2025 even as adoption slowed late in the year with 117 companies adding BTC reserves. Observers note treasuries faced headwinds: Markus Thiele, founder of 10x Research, said many digital asset treasuries saw net asset values fall in November, constraining capital raising and leaving shareholders with mounting paper losses.

Key Topics

Crypto, Michael Saylor, Strategy, Bitcoin, What Bitcoin Did, Markus Thiele