Strategy chairman Michael Saylor defended Bitcoin treasury companies on the What Bitcoin Did podcast, arguing that companies with excess cash are better off allocating it to Bitcoin. Saylor believes Bitcoin can offset weak operating results for unprofitable companies, offering a different risk-reward profile compared to buybacks and low-yield Treasurys. Strategy is the largest crypto corporate holder, owning 687,410 BTC.
Corporate adoption of Bitcoin treasury strategies increased in 2025, with publicly listed companies collectively holding about 1.1 million BTC. Many digital asset treasuries saw net asset values fall in November, hindering capital raising. Bitcoin treasury adoption slowed in late 2025, with 117 companies adopting BTC reserves over the year. MARA Holdings and Twenty One Capital hold significant BTC amounts.

Read more at Cointelegraph: Michael Saylor Pushes Back on Criticism of Bitcoin Treasury Companies