Michael Saylor defends Bitcoin Treasury, saying credit is more important than price

Michael Saylor says the real adoption of Bitcoin is happening in the credit markets, accounting rules and bank lending, not short-term price action.

Michael Saylor stepped back into the spotlight this week, pushing back against critics of Bitcoin treasury companies during a wide-ranging public discussion about business strategy, market structure and long-term adoption.

The Strategy co-founder argued that Bitcoin’s growing role in credit markets and corporate balance sheets is far more important than short-term price movements, describing the debate as one about financial power rather than trading profits.

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Saylor’s comments came on the What Bitcoin Did show, where he said Bitcoin’s real progress is seen in “institutions, credit markets, accounting rules and bank acceptance,” not daily charts. The conversation turned back to 2025, a year he said was misunderstood by traders focused on pullbacks rather than structural gains.

Bitcoin hit its last all-time high in early October 2025, about three months before the end of the year, a point Saylor used to challenge claims that the year was a bust. Although assets ended the year below that peak, he pointed to a jump in corporate participation: the number of publicly traded companies with Bitcoin on their balance sheets grew from about 30 to 60 in 2024 to about 200 by the end of 2025.

According to him, Strategy alone bought about $25 billion worth of the flagship cryptocurrency in 2025, largely funded by capital raises. The company has not stopped making additional purchases in 2026, including spending $1.25 billion on 13,627 BTC.

Saylor also highlighted regulatory and accounting shifts that reduced friction for business owners, including fair value accounting rules and clearer tax guidance for unrealized profits. In late 2025, major US banks extended credit against spot Bitcoin ETFs, with some preparing to lend directly to BTC.

Credit, optionality and what comes next

The core of Saylor’s argument is the difference between operating companies and passive investment vehicles. He said companies that hold Bitcoin within an operating structure have much more flexibility than ETFs, including the ability to issue debt, write credit products or build new financial services on top of their holdings.

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

Saylor also dismissed fears that there are “too many” Bitcoin treasury companies, likening the criticism to early doubts about electricity adoption. According to him, both strong and struggling companies can improve their prospects by holding BTC, although he acknowledged that poorly managed companies remain risky regardless of their strategy.

Looking ahead to 2026, Saylor avoided short-term price predictions, calling attempts to predict Bitcoin over a 90-day period misguided. Instead, he described the asset as digital capital that is gradually integrating into global credit systems, a shift he believes will determine the next phase of adoption, whether or not the price cooperates in the short term.