Michael Saylor Pushes Back on Criticism of Bitcoin Treasury Companies

Strategy chairman Michael Saylor defended companies holding Bitcoin on their treasuries during an appearance on the What Bitcoin Did podcast, framing the decision as sound capital allocation. He argued that companies with excess cash are better off allocating it to Bitcoin rather than holding low-yield Treasurys or returning capital to shareholders via buybacks, which he claimed can amplify losses for struggling businesses. Saylor contended that Bitcoin holdings can offset weak operating results; for instance, a company losing $10 million annually could improve its position if it gains $30 million from Bitcoin appreciation. He also criticized the community for disproportionately criticizing the few companies that adopt Bitcoin while ignoring the vast majority that do not. The article notes that corporate adoption accelerated, with public companies holding about 1.1 million BTC, though ownership remains highly concentrated among top holders like Strategy.

(Source：Cointelegraph)