Strategy chairman Michael Saylor defended Bitcoin treasury companies against criticism during a recent appearance on the What Bitcoin Did podcast.
Responding to questions about smaller companies that issue equity or debt to buy Bitcoin (BTC), Saylor said the decision ultimately comes down to capital allocation, arguing that companies with excess cash are better off allocating it to Bitcoin than holding it in Treasurys or returning it to shareholders.
Saylor compared corporate treasury to private investing. Although the ownership level of BTC varies, the underlying rationale for holding BTC does not.
Saylor argued that Bitcoin can be used to offset poor operating results, and he resisted the notion that only unprofitable businesses should face criticism.
He stated that even a losing company could have a positive impact on its finances if their Bitcoin investments grew faster than operating losses. “If you’re losing $10 million a year but making $30 million in Bitcoin gains, didn’t I just save the company?” Saylor.
Saylor contrasted Bitcoin purchases with other uses of excess cash, arguing that buybacks and low-yield Treasurys can worsen outcomes for struggling companies. Buying back shares in a money-losing business “just amplifies your losses faster,” he said, adding that Bitcoin offers a materially different risk-reward profile for corporate balance sheets.
Saylor stated that companies who hold Bitcoins are held to different standards than those who avoid it altogether. “The Bitcoin community tends to eat its young,” he said, adding:
You somehow think that it’s OK for 400 million companies to not buy Bitcoin, and somehow that’s okay, and you’re going to criticize the 200 companies that bought Bitcoin.”
Strategy began accumulating Bitcoin in 2020 and is the largest crypto corporate holder. According to BitcoinTreasuries.NET data, the company held 687,410 BTC at time of writing.
Related: Strategy makes biggest Bitcoin purchase since July 2025, adds $1.25B in BTC
More public companies turn to Bitcoin as a treasury asset
Corporate adoption of Bitcoin treasury strategies accelerated in 2025, with a growing number of publicly traded companies adding Bitcoin to their balance sheets as a long-term asset.
At the time of writing, publicly listed companies collectively held about 1.1 million BTC, representing about 5.5% of the 19.97 million coins in circulation.
Companies that adopted treasury strategies over the past year have done so amid less favorable market conditions.
According to Markus Thiele, founder of 10x Research, many digital asset treasuries saw their net asset values fall in November, constraining capital raising and leaving existing shareholders stuck with mounting paper losses.
Cointelegraph reported that Bitcoin treasury adoption slowed in late 2025, with a total of 117 companies adopting BTC reserves over the year.
MARA Holdings, which has 53.250 BTC listed on its balance, is second in corporate ownership to Strategy, while Twenty One Capital, with 43.514, holds the third most BTC.
Magazine: Davinci Jeremie bought Bitcoin at $1… but $100K BTC doesn’t excite him
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: cointelegraph.com
