While criticism of Bitcoin treasury companies has increased, Michael Saylor, one of the most controversial figures in this field, has not remained silent. On the contrary, he responded to criticism harshly and reignited the agenda. Speaking on the What Bitcoin Did podcast published on January 12, Saylor asked program host Danny Knowles, “Is this model of more than 200 companies borrowing and buying Bitcoin sustainable?” He answered the question almost angrily.
“Who are you to say ‘they just borrow and buy Bitcoin’? Your words are both ignorant and extremely insulting,” he reacted by saying.
Bitcoin Treasures Are Going Through a Tough Times
This exit of Saylor coincides with a critical period for Bitcoin treasury companies. According to current data, nearly 40% of the top 100 Bitcoin treasuries are trading below market value. This situation makes it difficult for these companies to find new capital. Moreover, more than 60% of these companies purchased Bitcoin at higher than today’s prices. The share values of some of them have melted by almost 99%.
Strategy’s Business Model is at the Center of Discussions
Strategy (formerly MicroStrategy), founded by Saylor, is at the center of criticism. The company’s own financial reports further fuel the controversy. In the first nine months of 2025, Strategy generated approximately $125 million in operational cash flow from its core business of business intelligence software. However, in the same period, the company; It has raised over $50 billion through stock, preferred shares and convertible bonds. Almost all of this huge amount was used to purchase Bitcoin. In other words, more than 99% of the company’s Bitcoin treasury was financed directly from securities issuance, not from operational earnings. Although the software business is profitable, at its current scale it cannot support Bitcoin purchases nor the burden of dividends and interest. The picture is similar in company presentations: Approximately 90% of investor presentations are devoted to Bitcoin treasury, while software activities are covered only superficially in a few slides.
The World’s Largest Institutional Owner of Bitcoin
Strategy is the world’s largest institutional owner of Bitcoin today. The company has over 650 thousand Bitcoins in its safe. This figure is approximately 12 times the size of its closest competitors combined.
How Did the “Bitcoin Treasure” Trend Become Widespread?
Saylor’s start to buy Bitcoin by issuing shares in 2020 sparked a new trend in the markets. Strategy shares gained more than 10 times in value in a short time. This rise has inspired many companies around the world as of 2024. Some companies are now turning to a business model focused entirely on Bitcoin purchases, rather than developing products or providing services. Aim; increasing shareholder value through financial engineering, not from real economic activities.
According to BitcoinTreasuries.net data, there are more than 200 companies holding Bitcoin on their balance sheets today. These companies collectively own approximately 1.1 million Bitcoins, or close to $100 billion in assets.
Metaplanet and Others: Companies Converting to Bitcoin
Japan-based Metaplanet is one of the most striking examples of this transformation. The company, which once operated hotels across the country, does not own a single property today. The entire business model; It is based on borrowing money, selling shares and buying Bitcoin with the proceeds. Similarly, many structures such as Nakamoto, Strive, and Brazil-based OranjeBTC operate as de facto “public enclosures that provide access to Bitcoin.”
Saylor: “It’s Like Adopting Electricity”
Rejecting the criticism, Saylor sees the Bitcoin treasury model as a natural consequence of technological progress:
“Why would it be irrational for a company to adopt better technology when it exists? That’s like questioning the transition to electricity.”
But critics point out that adopting electricity does not require ongoing debt or complex financial structures. According to Saylor, every company is right to turn to Bitcoin, whether profitable or not. According to him, even a loss-making company can close this gap with the increase in Bitcoin value.
“No Competition, There is Room for Everyone”
When asked in the program whether treasury companies compete with each other, Saylor was harsh again:
“We are not competing. This question itself is ignorant. There is enough space for 400 million companies to buy Bitcoin.”
Critics, on the other hand, object not to companies buying Bitcoin, but to “buying Bitcoin becoming a business model in itself.” An additional statement regarding the issue has not yet been received from the Strategy front.
