Strategy CEO Michael Saylor defends himself against criticism of companies that hold Bitcoin as a treasury asset. In a podcast interview, he explained why the strategy can also make sense for loss-making companies.
• Michael Saylor defends Bitcoin treasury strategy
• Between January 12 and 19, 2026, Strategy acquired 22,305 Bitcoin for $2.13 billion
• In 2025, 117 companies adopted Bitcoin as a reserve asset
Saylor’s core argument: Bitcoin as a rational allocation of capital
In the January 12, 2026 podcast episode of “What Bitcoin Did” Michael Saylor commented to host Danny Knowles on the recurring allegations against companies that raise equity or debt to buy Bitcoin. For Saylor, the decision ultimately comes down to a simple question of capital allocation. Companies with excess cash would be better advised to invest it in Bitcoin instead of parking it in government bonds or distributing it to shareholders.
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Saylor’s argument regarding loss-making companies is particularly interesting. He rejects criticism that companies with operating losses should not buy Bitcoin. His calculation example: If a company makes a loss of ten million US dollars a year, but gains 30 million US dollars through increases in the value of Bitcoin, it has actually saved itself. Share buybacks in loss-making business models, however, would only accelerate the losses.
Criticism from within our own ranks
Saylor also directs his displeasure at parts of the Bitcoin community itself. He criticizes the fact that Bitcoin supporters are often the harshest critics of treasury strategies. It is contradictory that 400 million companies worldwide do not buy Bitcoin and this does not bother anyone, while the around 200 companies that have chosen Bitcoin are under special observation. Strategy itself remains by far the largest corporate holder of Bitcoin.
According to the company, as of February 2, 2026, Strategy owns 713,502 Bitcoins, which were purchased at an average price of $76,052 per coin. Funding for the latest acquisitions comes from the company’s at-the-market program, which sells stocks and preferred shares. In total, Strategy has already spent more than $54 billion on its Bitcoin exposure.
Growing adoption in difficult market conditions
Strategy is not alone with its strategy. Publicly traded companies collectively hold about 1.1 million Bitcoin, according to BitcoinTreasuries.NET. In addition to Strategy, MARA with 53,250 Bitcoin and Twenty One Capital with 43,514 Bitcoin are among the largest holders.
However, the growth of corporate Bitcoin Treasuries slowed at the end of 2025. Less favorable market conditions led to declining net asset values for some companies, making it more difficult to raise capital. As per a Cointelegraph report on January 16, 2026, a total of 117 companies adopted Bitcoin as a reserve asset in 2025 – but the momentum slowed towards the end of the year. This does not change Saylor’s fundamental belief: as a treasury asset, Bitcoin offers a fundamentally different risk-return profile than traditional forms of investment.
D. Maier / editorial team finanzen.net
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