Michael Saylor Pushes Back on Criticism of Bitcoin Treasury Companies

Michael Saylor, co-founder of Strategy (formerly MicroStrategy), recently defended the concept of corporate Bitcoin treasuries during an appearance on the What Bitcoin Did podcast. Saylor pushed back against critics who question the sustainability of companies issuing debt to buy Bitcoin, calling such criticism "ignorant and offensive".

Saylor argued that adopting Bitcoin is a form of technological progress, comparing it to the adoption of electricity. He emphasized that any company, regardless of profitability, can benefit from holding Bitcoin.

The Bitcoin treasury model has gained traction in recent years, with over 200 publicly traded companies now holding Bitcoin on their balance sheets. Strategy remains the largest corporate Bitcoin holder, with over 687,000 BTC in its portfolio.

Why Did Saylor Defend the Bitcoin Treasury Model?

Saylor framed Bitcoin adoption as part of a broader financial evolution, noting that the asset's value extends beyond price volatility. He highlighted increased institutional participation, regulatory clarity, and improved custody solutions as key drivers of adoption.

Saylor also criticized the notion that Bitcoin treasury companies are competing with each other. He dismissed the idea that the market can only support a limited number of firms using Bitcoin as a core strategy.

How Did Analysts React to Strategy's Accumulation Strategy?

Analysts at TD Cowen have reduced their one-year price target for Strategy to $440 from $500, citing a lower Bitcoin yield outlook. They attribute this to increased dilution from equity and preferred stock issuance.

Despite the cut in its price target, TD Cowen expects Strategy to continue acquiring Bitcoin aggressively in 2026. The firm now forecasts the company to purchase around 155,000 BTC in fiscal 2026, up from a prior estimate of 90,000.

Strategy recently raised $1.25 billion by issuing common and preferred stock to purchase an additional 13,627 BTC at an average price of $91,519. The company's total Bitcoin holdings now stand at 687,410 BTC.

What Are the Implications for Corporate Bitcoin Holdings?

Bitcoin treasury companies are expected to play a growing role in 2026, with many investors anticipating increased corporate adoption. Over 170–190 publicly traded firms currently hold Bitcoin, collectively controlling around 5% of the circulating supply.

The continued accumulation of Bitcoin by corporations is seen as a stabilizing factor in the market. By locking up large amounts of BTC in cold storage or secure custody, these firms reduce the available supply on exchanges, potentially limiting sharp downward moves during periods of volatility.

Investors and analysts are closely watching how these companies navigate regulatory, financial, and market challenges. The success or failure of the Bitcoin treasury model could influence broader institutional adoption of digital assets.