Strategy Chairman Michael Saylor defended Bitcoin financial firms against criticism during a recent appearance on the “What Bitcoin Did” podcast.
In response to questions on smaller corporations issuing equity or debt to purchase Bitcoin (BTC), Saylor said the choice ultimately got here all the way down to capital allocation, arguing that corporations with excess money can be higher off allocating it to Bitcoin slightly than holding it in government bonds or returning it to shareholders.
He compared corporate treasury strategies to individual investments, arguing that ownership varies however the underlying decision to carry BTC is rational no matter company size or business model.
Saylor also rejected the concept unprofitable corporations needs to be particularly criticized, arguing that Bitcoin holdings could help offset weak operating results.
He said a loss-making company could still improve its overall financial position if the worth of its Bitcoin holdings increased faster than its operating losses. “If you lose $10 million a 12 months but make $30 million in Bitcoin profits, haven’t I just saved the corporate?” Saylor said.
Strategy Chairman (left) Michael Saylor speaks with Danny Knowles, host of the “What Bitcoin Did” podcast, on Monday. Source: YouTube
Saylor compared Bitcoin purchases to other uses of excess money, arguing that buybacks and low-yielding government bonds can worsen outcomes for struggling corporations. Buying back shares in an organization that’s losing money “just magnifies your losses faster,” he said, adding that Bitcoin offers a substantially different risk-reward profile for corporate balance sheets.
Saylor said corporations that hold Bitcoin are sometimes held to different standards than people who avoid the asset altogether. “The Bitcoin community tends to eat its young,” he said, adding:
Somehow you’re thinking that it’s okay if 400 million corporations don’t buy Bitcoin, and by some means that’s okay, and also you’re going to criticize the 200 corporations that did buy Bitcoin.”
Strategy began accumulating Bitcoin in 2020 and is the biggest holder of crypto corporations. According to data from BitcoinTreasuries.NET, the corporate held 687,410 BTC on the time of writing.
More and more listed corporations are using Bitcoin as an asset for the state treasury
Corporate adoption of Bitcoin treasury strategies has accelerated in 2025 as more publicly traded corporations add Bitcoin to their balance sheets as a long-term asset.
At the time of writing, publicly traded corporations collectively held about 1.1 million BTC, representing about 5.5% of the 19.97 million coins in circulation.
Source: BitcoinTreasuries.NET
Companies that adopted treasury strategies last 12 months did so in a less favorable market environment.
According to Markus Thiele, founding father of 10x Research, the online asset values of many digital asset treasuries fell in November, limiting capital raising and leaving existing shareholders with mounting paper losses.
Cointelegraph reported that Bitcoin treasury adoption slowed in late 2025, with a complete of 117 corporations launching BTC reserves throughout the 12 months.
However, the ownership concentration of the businesses stays highly concentrated: MARA Holdings has 53,250 BTC on its balance sheet and Twenty One Capital holds 43,514 BTC, rating second only to Strategy.
Top 20 Bitcoin Financial Companies. Source: BitcoinTreasuries.NETCointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph's editorial guidelines and goals to offer accurate and up-to-date information. Readers are advised to independently confirm the knowledge. Read our editorial policies https://cointelegraph.com/editorial-policy
