Michael Saylor, executive chairman of Strategy Inc., formerly MicroStrategy, has once again mounted a strong defense of his company’s aggressive Bitcoin accumulation, arguing that the digital asset remains the only viable hedge capable of preserving value over time. His remarks come amid renewed criticism from investors and commentators questioning the risks of corporate Bitcoin treasuries as market volatility persists.

Saylor’s comments, shared during an increasingly tense exchange with critics, reflect a broader debate within both traditional finance and the cryptocurrency sector. While Bitcoin has gained institutional acceptance over the past decade, its use as a primary corporate treasury reserve remains controversial. According to Saylor, that discomfort says more about investor psychology than about Bitcoin’s long term fundamentals.

“The Bitcoin community eats its own”

As criticism intensified, Saylor accused detractors, including some within the cryptocurrency space, of unfairly singling out Bitcoin focused companies. He argued that Bitcoin adopters are frequently scrutinised more harshly than traditional firms that continue to attract capital despite weak fundamentals.

“The Bitcoin community eats its own,” Saylor said, suggesting that some investors find it easier to attack Bitcoin treasury companies than to question why cash burning businesses with no digital asset exposure continue to raise funds.

According to him, companies that hold depreciating cash reserves face far greater long term risks, yet rarely attract the same level of criticism. In Saylor’s view, Bitcoin stands apart as the only asset with a realistic chance of outperforming inflation and currency debasement over extended periods.

Bitcoin, he argued, is not a speculative side bet but a strategic response to what he describes as structural weaknesses in fiat monetary systems.

How Strategy Inc. built its Bitcoin position

Strategy Inc.’s Bitcoin journey began in August 2020, when the company, then known as MicroStrategy, announced a $250 million investment to purchase more than 21,000 Bitcoin. At the time, the move was widely seen as unconventional, particularly for a publicly listed business intelligence firm.

However, Saylor doubled down. Later in 2020, the company raised additional capital through convertible notes, using the proceeds to expand its Bitcoin holdings. By December of that year, Strategy had accumulated more than 70,000 BTC, according to company disclosures.

Over the following years, the firm maintained a steady accumulation strategy, funding purchases through a mix of equity offerings, debt instruments, and operational cash flow. While Bitcoin prices fluctuated sharply during that period, Saylor remained publicly committed to the approach, often describing Bitcoin as superior to cash, bonds, or gold as a store of value.

By March 2025, Strategy’s Bitcoin holdings crossed the 500,000 BTC mark. Under Saylor’s continued leadership, and following the company’s rebranding to Strategy Inc., acquisitions accelerated further into late 2025 and early 2026. As of early 2026, the company’s total Bitcoin holdings stood at well over 680,000 BTC, making it the largest known corporate holder of the asset.

Why Saylor’s stance matters now

Saylor’s renewed defence comes at a critical moment for both Bitcoin and corporate adoption of digital assets. While Bitcoin has recovered from previous market downturns, concerns around regulation, price volatility, and balance sheet risk remain front of mind for institutional investors.

According to reports from market analysts, companies with large Bitcoin exposure are increasingly viewed as proxies for the asset itself. This has amplified both gains and losses in their share prices, tying corporate valuations more closely to crypto market cycles.

Saylor argues that this framing misses the point. He maintains that Bitcoin should be evaluated over decades, not quarters, and that short term volatility is the cost of securing long term purchasing power.

“Bitcoin is the only option with the potential to outpace losses over time,” Saylor has repeatedly stated in public forums.

Divisions within crypto and traditional finance

Notably, some of the criticism aimed at Strategy Inc. has come from within the cryptocurrency ecosystem itself. Certain analysts argue that concentrating such a large amount of Bitcoin on a single corporate balance sheet introduces systemic risk and undermines Bitcoin’s decentralised ethos.

Others worry about the financial engineering used to fund acquisitions, particularly the reliance on convertible debt. However, Saylor has dismissed these concerns, pointing out that many traditional firms carry far higher leverage without attracting comparable scrutiny.

According to financial analyst Daniel Ives of Wedbush Securities, corporate Bitcoin strategies represent a new frontier rather than a settled model.

“What Saylor has done is force the market to confront a fundamental question,” Ives said in a recent note. “Is holding cash actually safer than holding a scarce digital asset in an inflationary environment?”

Broader implications for corporate treasuries

Saylor’s approach has already influenced a small but growing number of companies exploring alternative treasury strategies. While few have matched Strategy Inc.’s scale, several firms have allocated portions of their reserves to Bitcoin or other digital assets as a hedge against currency depreciation.

Economists note that the debate touches on a deeper shift in how corporations think about capital preservation. With inflation, rising interest costs, and geopolitical uncertainty reshaping global markets, traditional treasury playbooks are under pressure.

According to a 2025 survey by Deloitte, nearly one third of global finance executives said they were actively reviewing non traditional assets, including digital currencies, as part of long term risk management. While Bitcoin remains controversial, its finite supply and growing liquidity continue to attract attention.

Looking ahead, analysts say regulatory clarity will play a key role in determining whether more companies follow Strategy Inc.’s lead. Increased oversight could either validate Bitcoin as a legitimate treasury asset or limit corporate exposure through stricter accounting and disclosure rules.

There is also the question of succession. Saylor remains the public face of Strategy Inc.’s Bitcoin thesis, and investors are watching closely to see how deeply the strategy is embedded beyond his leadership.

For now, Saylor shows no sign of retreat. He continues to frame criticism as a misunderstanding of both Bitcoin and long term capital strategy, insisting that history will ultimately vindicate the company’s approach.

Michael Saylor’s defence of Strategy Inc.’s Bitcoin accumulation underscores a growing divide over how corporations should protect value in an uncertain financial landscape. By amassing more than 680,000 Bitcoin, Strategy has placed one of the boldest bets in modern corporate history. Whether that bet reshapes treasury management or serves as a cautionary tale will depend on how Bitcoin, and the global economy around it, evolves in the years ahead.