Michael Saylor Defends Bitcoin Treasury, Says Debt Matters Over Price

Michael Saylor says that the real discovery of Bitcoin happened in credit markets, accounting rules, and bank lending, not short-term price action.

Michael Saylor returned to the spotlight this week, arguing against critics of Bitcoin financial companies during a wide-ranging public discussion about the companies’ strategies, market structure, and long-term acquisitions.

The Strategy founder argued that Bitcoin’s growing role in debt markets and corporate balance sheets is more important than short-term price movements, framing the debate as one about financial potential rather than trading benefits.

Bitcoin Treasuries Under Fire as Saylor Doubles Down

Saylor’s words came on the What Bitcoin Did show, where he said that the real progress of Bitcoin is seen in “institutions, credit markets, accounting rules, and bank acquisitions,” not daily charts. The discussion also looked at 2025, a year he described as misunderstood by traders who are fixing pullbacks instead of structural gains.

Bitcoin hit its most recent high in early October 2025, about three months before the end of the year, a point Saylor used to challenge claims that the year had failed. While the asset ended the year below that value, he pointed to a jump in corporate participation: the number of public companies holding Bitcoin on their balance sheets grew from around 30-60 in 2024 to around 200 by the end of 2025.

According to him, Strategy alone bought about $25 billion worth of cryptocurrency by 2025, which is largely funded by a capital increase. The company didn’t expire in 2026, making more purchases, including a $1.25 billion splurge on 13,627 BTC.

Saylor also highlighted regulatory and accounting shifts that have reduced friction for company owners, including fair value accounting rules and clearer tax guidance for unrealized gains. By the end of 2025, major US banks were extending credit to Bitcoin ETFs, some preparing to lend BTC directly.

Credit, Choice, and What Comes Next

At the heart of Saylor’s argument is the difference between active companies and passive investment vehicles. He said firms that hold Bitcoin within an operating structure have greater flexibility than ETFs, including the ability to issue debt, write debt products, or build new financial services on top of their assets.

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This, he said, explains why some Bitcoin stocks trade above or below the value of their underlying asset. Equity prices reflect expectations about management decisions and future cash generation, not just the Bitcoin they hold today. Complaints about firms trading at discounts to net asset value, he said, miss that broader picture.

Saylor also dismissed the fear that there are “many companies” of Bitcoin finance, comparing the criticism to the initial doubts about the discovery of electricity. In his view, both strong and struggling businesses can improve their chances by holding BTC, although he admitted that underperforming firms remain a risk regardless of strategy.

Looking ahead to 2026, Saylor avoided short-term price predictions, calling attempts to predict Bitcoin over 90-day windows wrong. Instead, he framed the asset as a digital currency that gradually integrates global credit systems, a change that he believes will define the next phase of adoption, whether the price is compatible or not in the near term.