Angel investor Jason Calacanis has doubled down on his criticism of Technique Inc. (previously MicroStrategy), warning that the inventory is a “sophisticated wrapper” round Bitcoin that strips buyers of direct management.
In a current publish, Calacanis argued that Technique’s construction lacks benefits over holding Bitcoin itself and advised that its fairness ought to commerce at a reduction to web asset worth. His remarks lengthen a long-running feud with Michael Saylor’s Bitcoin treasury big, elevating questions on whether or not Technique stays a superior car for crypto publicity.
A Company Large Constructed on Bitcoin
Technique has advanced into one of many world’s largest company Bitcoin holders, redefining itself far past its origins as a software program firm. By mid-2025, the agency had amassed over 638,460 BTC, a treasury acquired for $47.17 billion at present market costs. This immense place dwarfs the size of its conventional operations, with annual software program and analytics income totaling lower than $500 million.
Technique has acquired 1,955 BTC for ~$217.4 million at ~$111,196 per bitcoin and has achieved BTC Yield of 25.8% YTD 2025. As of 9/7/2025, we hodl 638,460 $BTC acquired for ~$47.17 billion at ~$73,880 per bitcoin. $MSTR $STRC $STRK $STRF $STRDhttps://t.co/uDirtGFwiE
— Technique (@Technique) September 8, 2025
To construct this stockpile, Technique has repeatedly tapped capital markets, utilizing fairness issuance, convertible debt devices, and direct borrowing. This aggressive financing mannequin magnifies potential upside when Bitcoin rallies however leaves the corporate extremely susceptible throughout downturns. Consequently, its efficiency has more and more mirrored crypto market cycles slightly than enterprise software program demand.
Monetary Pressure and Investor Considerations
This leveraged strategy has already proven its draw back. Technique posted its fifth consecutive quarterly loss in Q1 2025, as paper losses on Bitcoin holdings overshadowed revenues from its core enterprise. Using fair-value accounting has made earnings extra unstable, with unrealized good points or losses tied on to Bitcoin’s value at quarter-end.
Supporters, led by Michael Saylor, argue the corporate is executing a long-term imaginative and prescient, reworking itself into a company Bitcoin ETF that enables Wall Avenue buyers publicity with out regulatory hurdles. Critics counter that the technique is reckless, leaving the agency’s destiny certain virtually completely to the swings of the crypto market. This divide highlights the continuing debate over whether or not Technique’s daring guess represents monetary genius or harmful overreach.
Technique’s Inventory Efficiency: Volatility Mirrors Bitcoin
The chart of Technique Inc. (NASDAQ: STRA) highlights the volatility Calacanis warns about. After climbing to virtually $500 in late 2024, shares tumbled in early 2025, rebounded towards $450 in July, and have since slipped decrease.
As of September 12, shares commerce close to $331.32, up 1.63% on the day, leaving the inventory greater than 153% increased year-over-year however effectively under current peaks. The uneven trajectory underscores how carefully Technique’s fairness mirrors Bitcoin’s cycle, rallying exhausting on crypto power however retracing simply as rapidly when sentiment shifts.
Buying and selling exercise stays sturdy, with constant quantity signaling that buyers proceed to deal with Technique as one of many major fairness proxies for Bitcoin. Analysts observe that this volatility is each the enchantment and the chance: fairness buyers acquire regulated entry to Bitcoin’s upside, however they have to additionally endure the identical fast swings that outline the crypto market.
The Greater Query: Inventory or Bitcoin?
For Calacanis, the selection is easy: why navigate dilution, debt issuance, and accounting complexity when buyers can merely purchase Bitcoin? Critics echo this view, pointing to Technique’s leveraged stability sheet and reliance on fair-value accounting that amplifies volatility. Supporters counter that the inventory offers a regulated, equity-market pathway for establishments restricted from direct crypto holdings. The controversy illustrates a broader rigidity on Wall Avenue over whether or not Bitcoin publicity is greatest achieved via equities, ETFs, or self-custody.
HYLQ’s Distinctive Play on Hyperliquid
Whereas Technique courts controversy, HYLQ Technique Corp has pursued a distinct playbook. Rebranded right into a pure HYPE token treasury, HYLQ is more and more described because the “MicroStrategy of altcoins.” With round 28,961 HYPE tokens on its books, the agency gives direct publicity to Hyperliquid, a decentralized alternate boasting zero-gas charges, sub-second settlement occasions, and over $2 trillion in transaction quantity.
What units HYLQ aside is its Canadian Securities Trade itemizing, which offers audited reporting and regulatory oversight. This differentiates it from speculative OTC penny shares that usually populate the crypto-equity area. Analysts observe that whereas a 667 million HYPE token unlock scheduled for November 2025 may introduce promoting strain, Hyperliquid’s scalability, powered by a customized Layer-1 blockchain able to 200,000 transactions per second, positions it as a severe contender in decentralized buying and selling. For conventional buyers, HYLQ represents a uncommon regulated gateway into DeFi’s fast enlargement.
Outlook: A Diverging Panorama
Technique stays a lightning rod for debate, both a visionary guess on Bitcoin’s future or an overleveraged gamble destined for volatility. Calacanis’s critique underscores the dangers, whereas Saylor’s conviction retains the corporate firmly tethered to Bitcoin’s trajectory. In parallel, rising gamers like HYLQ present that equity-linked crypto publicity is evolving past Bitcoin, opening regulated pathways into next-generation DeFi platforms.
For buyers, the panorama is more and more binary: double down on Bitcoin’s established proxy via Technique, or discover various autos like HYLQ that goal to seize the subsequent wave of decentralized development. In that context, each companies are actually getting into conversations about what may qualify because the greatest crypto shares, every representing very totally different approaches to bridging conventional fairness markets with digital property.
