TLDR
- Michael Saylor strongly defends the Bitcoin treasury model during a podcast interview.
- Saylor criticizes the question about issuing debt to buy Bitcoin as ignorant and offensive.
- Strategy’s business model revolves around raising funds through securities to acquire Bitcoin.
- Over 200 companies have adopted the Bitcoin treasury strategy, accumulating nearly 1.1 million BTC.
- Saylor believes Bitcoin’s long-term value justifies the strategy, even for companies facing losses.
Michael Saylor, the founder of Strategy, strongly rejected questions about the sustainability of Bitcoin treasuries. In a heated exchange during the What Bitcoin Did podcast on January 12, Saylor lashed out at interviewer Danny Knowles. The discussion focused on the viability of using debt to fund Bitcoin acquisitions, a model Strategy has heavily adopted.
Michael Saylor Defends Bitcoin Treasury Model
Saylor did not hold back in his response, calling the interviewer’s question “ignorant and offensive.” Knowles had asked whether the market could support over 200 companies using debt to acquire Bitcoin. “Who are you to say that they are just issuing debt to buy Bitcoin?” Saylor retorted, emphasizing the legitimacy of the model.
Saylor’s company, Strategy, has become the largest corporate Bitcoin holder, with over 650,000 BTC in its treasury. He argued that issuing debt to buy Bitcoin is a rational strategy, even for companies facing financial losses. “How is it irrational for a company to adopt a new technology which is better than the previous technology?” he said.
Bitcoin treasuries have been growing steadily, with more than 200 companies now holding Bitcoin. These firms have accumulated nearly 1.1 million BTC, valued at approximately $100 billion. Saylor’s company set the trend when it started issuing new shares to raise funds for Bitcoin purchases in 2020.
However, the model faces challenges. Nearly 40% of the top 100 Bitcoin treasuries are trading at a discount. More than 60% of these companies have purchased Bitcoin at prices higher than its current value. This has led to concerns about whether the model can be sustained in the long term.
Saylor, however, views this as part of the evolution of corporate strategy. He dismissed concerns that these companies are competing with each other, stating that “there’s room for 400 million companies to buy Bitcoin.” He emphasized that the model’s success lies in Bitcoin’s potential for long-term appreciation, even if some companies face short-term losses.
Strategy’s Business Model and Bitcoin Bet
Strategy’s business model revolves around issuing securities to fund Bitcoin purchases. The company raised over $50 billion through equity and other securities in 2025 alone, nearly all of which went into acquiring Bitcoin. While its software business remains profitable, it contributes very little to the company’s Bitcoin acquisitions.
Saylor argued that even unprofitable companies can benefit from holding Bitcoin. He explained that a company losing money could still generate profits through Bitcoin’s appreciation. According to Saylor, the long-term value of Bitcoin makes it a worthwhile investment for companies of all sizes and financial statuses.
Saylor’s defense of the Bitcoin treasury model highlights its growing presence in the corporate world. Despite the challenges faced by some firms, he remains confident in its future potential. As Bitcoin continues to be viewed as a valuable asset, more companies are likely to adopt the strategy Saylor pioneered.
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