At a Glance
- Michael Saylor says Bitcoin’s real adoption is in credit markets and accounting rules, not price charts
- Public companies holding Bitcoin jumped from 30-60 in 2024 to about 200 by end-2025
- Strategy bought roughly $25 billion in BTC during 2025 and added another $1.25 billion in 2026
- Why it matters: Corporate Bitcoin adoption is reshaping how businesses access credit and build balance sheets
Michael Saylor has re-entered the spotlight to defend Bitcoin treasury companies, arguing that the cryptocurrency’s integration into credit markets and corporate accounting matters far more than short-term price swings.
Bitcoin Treasuries Face Scrutiny
Speaking on the What Bitcoin Did show, the Strategy co-founder pushed back against critics who focus on daily price action rather than structural adoption. He framed Bitcoin’s progress as a shift in financial power, highlighting its growing role in institutions, credit markets, accounting rules, and bank adoption.
Saylor labeled 2025 a misunderstood year. While Bitcoin reached its latest all-time high in early October 2025 and finished below that peak, he emphasized the surge in corporate participation. The number of public companies holding Bitcoin on their balance sheets grew from roughly 30-60 in 2024 to approximately 200 by the end of 2025.
Strategy alone bought about $25 billion worth of Bitcoin in 2025, funding the purchases largely through capital raises. The firm continued its buying spree into 2026, acquiring 13,627 BTC in a $1.25 billion deal.
Regulatory Tailwinds
Saylor pointed to regulatory and accounting changes that lowered friction for corporate holders:
- Fair-value accounting rules
- Clearer tax guidance for unrealized gains
- Major U.S. banks extending credit against spot Bitcoin ETFs by late 2025
- Some banks preparing to lend directly against BTC
These shifts, he argued, signal deeper integration into the traditional financial system.
Operating Advantage Over ETFs
A central theme in Saylor’s argument is the flexibility of operating companies compared with passive investment vehicles. Firms that hold Bitcoin inside an operating structure can:
- Issue debt against holdings
- Write credit products
- Build new financial services on top of their BTC
This operational optionality, he said, explains why some Bitcoin treasury stocks trade above or below the value of their underlying coins. Equity prices reflect expectations about management decisions and future cash generation, not just the Bitcoin held today.
Discount Complaints Miss the Point
Complaints that certain firms trade at discounts to net asset value ignore the broader picture, according to Saylor. Investors price in management quality, strategic vision, and the potential to create additional value beyond the cryptocurrency on the balance sheet.
He dismissed fears of “too many” Bitcoin treasury companies, likening the skepticism to early doubts about electricity adoption. Both strong and struggling businesses can improve their prospects by holding BTC, though poorly run firms remain risky regardless of strategy.
No 90-Day Forecasts
Looking ahead to 2026, Saylor avoided short-term price predictions. He called attempts to forecast Bitcoin over 90-day windows misguided, emphasizing instead the asset’s role as digital capital gradually integrating into global credit systems. This shift, he believes, will define the next adoption phase whether or not near-term price action cooperates.
Key Takeaways
- Corporate Bitcoin adoption accelerated in 2025, with public holders rising from dozens to hundreds
- Strategy’s $25 billion in 2025 purchases and continued 2026 buying illustrate the trend
- Accounting and regulatory clarity is enabling banks to lend against Bitcoin exposure
- Operating companies can leverage BTC holdings in ways ETFs cannot
- Saylor frames the narrative around long-term financial infrastructure, not short-term trading gains
