In a recent appearance on the “What Bitcoin Did” podcast, prominent Bitcoin advocate Michael Saylor reacted strongly to inquiries about the sustainability of companies acquiring Bitcoin through borrowing. The discussion, which aired yesterday, featured host Danny Knowles questioning the viability of over 200 firms that identify as “Bitcoin treasuries” and rely on debt to fund their Bitcoin purchases.
Saylor labeled Knowles” remarks as “ignorant and offensive,” firmly defending the notion that the adoption of Bitcoin as a groundbreaking technology is being underestimated. He challenged Knowles” perspective, stating, “Who are you to say “they”re just borrowing to buy Bitcoin”?” This confrontation comes at a time when many Bitcoin treasury firms are facing significant challenges.
Data indicates that roughly 40% of the top 100 Bitcoin treasuries are currently trading at a discount, which complicates efforts to raise new capital. Additionally, more than 60% of these companies acquired Bitcoin at prices that exceed the current market levels, with certain shares suffering losses of as much as 99%.
At the heart of the debate is MicroStrategy, the company co-founded by Saylor, which has been a major player in the Bitcoin acquisition space. MicroStrategy reported generating $125 million in operating cash flow during the first nine months of 2025, primarily stemming from its traditional business intelligence software operations. However, the company has raised over $50 billion through various securities, with the majority of these funds allocated to Bitcoin purchases.
This funding model raises questions, as over 99% of MicroStrategy”s Bitcoin treasury funding is derived from securities issuances rather than operational revenue. The firm”s presentations reflect this focus, with approximately 90% of their slides dedicated to the Bitcoin treasury, while the software business receives minimal attention, underscoring its role as a secondary driver of growth.
With a staggering total of over 650,000 Bitcoin, MicroStrategy stands out as the largest corporate holder of Bitcoin. As the cryptocurrency landscape evolves, Saylor”s fierce defense of the Bitcoin treasury model highlights the ongoing debate around the strategic approaches companies take in leveraging Bitcoin as a corporate asset.
