Michael Saylor Defends Bitcoin Treasury, Says Credit Is Over Value

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

Michael Saylor returned to the spotlight this week, as critics of Bitcoin treasury companies held a wide-ranging public discussion on corporate strategy, market structure and long-term adoption.

The strategy's co-founder argued that Bitcoin's growing role in credit markets and corporate balance sheets mattered more than short-term price fluctuations, framing the debate as one of financial power rather than commercial profit.

Bitcoin vaults on fire as Saylor doubles down

Saylor's comments came on the heels of what Bitcoin has shown, where he says Bitcoin's real growth is not in daily charts, but in “institutions, credit markets, accounting regulations and bank adoption.” The discussion He revisited 2025, which he noted was understood by traders pulling back rather than structural gains.

Bitcoin hit its last all-time high in early October 2025, roughly three months before the end of the year, a point Saylor used to counter his claim that the year was doomed. While the asset ended the year below that peak, it signaled a jump in corporate participation: The number of public companies with bitcoin on their balance sheets grew from about 30–60 in 2024 to about 200 by the end of 2025.

According to him, Strategy alone has bought about $25 billion of major cryptocurrency by 2025, mostly through capital raising. The company did not stop in 2026 by making additional purchases, including a $1.25 billion stake at 13,627 BTC.

Saylor highlighted regulatory and accounting changes that would reduce friction for corporate owners, including fair value accounting rules and tax guidance for undisclosed profits. In the year By the end of 2025, major US banks were extending loans to Bitcoin ETFs where they were preparing to lend directly against BTC.

Loans, options and what comes next

The main point of Saylor's argument is the difference between companies and indirect investment vehicles. Firms that hold bitcoin in their operating structure have more flexibility than ETFs, including the ability to issue debt, underwrite credit products or build new financial services on their hands.

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This, he argued, explains why some Bitcoin treasury stocks trade above or below the value of their underlying assets. Equity prices reflect not only the bitcoins you hold today, but management decisions and future cash generation expectations. Complaints about firms trading at a discount to asset prices miss that broader picture, he said.

Saylor also dismissed fears that there are “too many” Bitcoin treasury companies, comparing his criticism to earlier doubts about electricity adoption. In his view, both strong and diligent businesses can improve their chances by holding BTC, although he admits that poorly managed companies are risky regardless of the strategy.

In the year Looking ahead to 2026, Saylor called attempts to predict Bitcoin on 90-day windows wrong, avoiding short-term price predictions. Instead, the asset as digital capital is gradually integrated into global credit systems, a change that will mark the next level of adoption, whether the price will cooperate or not in the near future.