Michael Saylor refutes criticism of the Bitcoin treasury model

Michael Saylor reemerges this week, speaking out to defend companies holding Bitcoin in their (Bitcoin treasury), arguing that current debates are misaligned by focusing too much on short-term price volatility.

In a statement on the What Bitcoin Did podcast, Strategy co-founder emphasized that Bitcoin’s true progress is not in daily price charts but in penetrating organizations, credit markets, accounting standards, and banking systems. He believes that 2025 is misjudged by many traders when only looking at correction waves, while the structural foundation is being significantly strengthened.

Bitcoin hit a new high in early October 2025, about three months before the year ends. Although the year-end price was below the peak, Saylor pointed out the rapid increase in participating businesses: the number of publicly listed companies holding Bitcoin grew from around 30–60 in 2024 to nearly 200 by the end of 2025.

Strategy alone purchased approximately $25 billion worth of Bitcoin in 2025, mainly through fundraising. In 2026, the company continued to accelerate accumulation, including an additional purchase of 13,627 BTC valued at about $1.25 billion.

Saylor also highlighted legal and accounting changes that have significantly lowered barriers for businesses, such as fair value accounting standards and clearer tax guidance on unrealized gains. By the end of 2025, many major US banks had accepted Bitcoin spot ETF-backed loans, even preparing for direct lending based on BTC.

According to him, the key difference lies in holding Bitcoin within an operating business, rather than just as a passive investment vehicle like an ETF. Companies can issue debt, build credit products, or financial services based on their Bitcoin holdings, creating a superior level of flexibility.

Saylor dismissed concerns about “too many” Bitcoin treasury companies, comparing these criticisms to early skepticism about electricity. He admits poor governance remains a risk but believes both strong and weak companies can improve their positions if strategies are properly implemented.

Looking ahead to 2026, Saylor refused to forecast short-term prices, stating that trying to predict Bitcoin within a 90-day window is a mistake. Instead, he describes Bitcoin as a form of digital capital gradually integrating into the global credit system, a factor that will shape the next phase of adoption despite short-term price volatility.