Technique chairman Michael Saylor defended Bitcoin treasury corporations in opposition to criticism throughout a current look on the What Bitcoin Did podcast.
Responding to questions on smaller corporations that situation fairness or debt to purchase Bitcoin (BTC), Saylor mentioned the choice in the end comes right down to capital allocation, arguing that corporations with extra money are higher off allocating it to Bitcoin than holding it in Treasurys or returning it to shareholders.
He in contrast company treasury methods to particular person investing, arguing that possession ranges fluctuate however the underlying resolution to carry BTC is rational no matter firm dimension or enterprise mannequin.
Saylor additionally pushed again on the concept unprofitable corporations needs to be singled out for criticism, arguing that Bitcoin holdings might help offset weak working outcomes.
He mentioned an organization working at a loss might nonetheless enhance its general monetary place if the worth of its Bitcoin holdings rises quicker than its working losses. “If you happen to’re dropping $10 million a yr however making $30 million in Bitcoin positive factors, didn’t I simply save the corporate?” Saylor mentioned.
Saylor contrasted Bitcoin purchases with different makes use of of extra money, arguing that buybacks and low-yield Treasurys can worsen outcomes for struggling corporations. Shopping for again shares in a money-losing enterprise “simply amplifies your losses quicker,” he mentioned, including that Bitcoin affords a materially totally different risk-reward profile for company steadiness sheets.
Saylor mentioned corporations that maintain Bitcoin are sometimes held to a unique commonplace than people who keep away from the asset altogether. “The Bitcoin group tends to eat its younger,” he mentioned, including:
You one way or the other suppose that it’s OK for 400 million corporations to not purchase Bitcoin, and one way or the other that’s okay, and also you’re going to criticize the 200 corporations that purchased Bitcoin.”
Technique started accumulating Bitcoin in 2020 and is the most important crypto company holder. Based on BitcoinTreasuries.NET knowledge, the corporate held 687,410 BTC at time of writing.
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Extra public corporations flip to Bitcoin as a treasury asset
Company adoption of Bitcoin treasury methods accelerated in 2025, with a rising variety of publicly traded corporations including Bitcoin to their steadiness sheets as a long-term asset.
On the time of writing, publicly listed corporations collectively held about 1.1 million BTC, representing about 5.5% of the 19.97 million cash in circulation.
Corporations that adopted treasury methods over the previous yr have performed so amid much less favorable market circumstances.
Based on Markus Thiele, founding father of 10x Analysis, many digital asset treasuries noticed their internet asset values fall in November, constraining capital elevating and leaving current shareholders caught with mounting paper losses.
Cointelegraph reported that Bitcoin treasury adoption slowed in late 2025, with a complete of 117 corporations adopting BTC reserves over the yr.
Nevertheless, company possession stays extremely concentrated, with MARA Holdings having 53,250 BTC on its steadiness sheet and Twenty One Capital holding 43,514 BTC, second solely to Technique.
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