Strategy chairman Michael Saylor defended Bitcoin treasury companies during a recent appearance on the What Bitcoin Did podcast, responding to criticism of firms issuing equity or debt to buy Bitcoin. Saylor framed the decision as a capital allocation choice, arguing that holding Bitcoin can be more effective than keeping excess cash in low-yield Treasurys or conducting share buybacks.
He rejected the idea that smaller or unprofitable companies should face heightened scrutiny, noting that balance sheet performance should be evaluated holistically. According to Saylor, Bitcoin gains can offset weak operating results, improving a company’s overall financial position even when core operations remain unprofitable.
Saylor also said companies holding Bitcoin are often judged more harshly than those avoiding the asset altogether. His comments come as corporate Bitcoin adoption has grown, with publicly listed companies collectively holding more than one million BTC, though ownership remains concentrated among a small group of firms.
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