Crypto: Michael Saylor Pushes Back On Criticism Of Bitcoin Treasury Companies
Speaking on the What Bitcoin Did podcast, Strategy chairman Michael Saylor pushed back against criticism of companies issuing equity or debt to buy Bitcoin.
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.
He compared corporate treasury strategies to individual investing, arguing that ownership levels vary but the underlying decision to hold BTC is rational regardless of company size or business model.
Saylor also pushed back on the idea that unprofitable companies should be singled out for criticism, arguing that Bitcoin holdings can help offset weak operating results.
He said a company running at a loss could still improve its overall financial position if the value of its Bitcoin holdings rises faster than its 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 said.
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 said companies that hold Bitcoin are often held to a different standard than those that avoid the asset altogether. “The Bitcoin community tends to eat its young,” he said, adding:
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
Source: CoinTelegraph
