Michael Saylor reentered the public eye this week, defending Bitcoin treasury firms during an extensive public dialogue about corporate strategy, market dynamics, and long-term adoption.

The Strategy co-founder emphasized that Bitcoin’s increasing role in credit markets and on corporate balance sheets is significantly more important than temporary price changes, suggesting the discussion revolves around financial influence instead of trading profits.

Bitcoin Treasuries Under Critique as Saylor Stands Firm

Saylor shared his insights on the What Bitcoin Did podcast, explaining that Bitcoin’s true advancement is reflected in ‘institutions, credit markets, accounting practices, and bank adoption’ rather than daily price movements. He also revisited the year 2025, claiming that traders focusing on declines neglected the structural benefits.

Bitcoin hit a new all-time high in early October 2025, just months before the year concluded—a point Saylor leveraged to counter claims of the year’s lack of success. Although the asset closed below its peak, he cited a significant rise in the number of public firms incorporating Bitcoin into their balance sheets, jumping from around 30-60 in 2024 to approximately 200 by 2025’s end.

He noted that the Strategy alone purchased about $25 billion worth of Bitcoin in 2025, mostly financed through capital increases. The firm continued its acquisition spree in 2026, including a notable $1.25 billion purchase of 13,627 BTC.

Saylor outlined shifts in regulations and accounting that eased the process for corporations, mentioning practical accounting standards and clearer taxation guidelines for unrealized profits. By late 2025, major U.S. banks started granting credit against spot Bitcoin ETFs, with several gearing up to lend directly against BTC.

Credit, Optionality, and Future Outlook

Central to Saylor’s case is the distinction between operational companies and passive investment vehicles. He remarked that businesses holding Bitcoin within their operational framework possess far greater flexibility than ETFs, enabling them to issue debt and develop new financial services based on their holdings.

He addressed the misconception that there are ’too many’ Bitcoin treasury firms, comparing criticisms to early skepticism about the adoption of electricity. In his perspective, both successful and struggling enterprises can enhance their prospects by holding BTC, while still acknowledging the inherent risks of poorly managed businesses regardless of strategy.

Looking towards 2026, Saylor steered clear of short-term price predictions, labeling efforts to forecast Bitcoin over a 90-day span as misguided. Instead, he framed Bitcoin as digital capital progressively merging into global credit frameworks, a transition he believes will mark the next stage of adoption, irrespective of corresponding price movements.