Rich by Coin

Michael Saylor, founder of Strategy and the largest corporate holder of Bitcoin, defended the Bitcoin treasury model during a January 12 appearance on the What Bitcoin Did podcast. He pushed back at a host who suggested that issuing debt to buy Bitcoin may not be sustainable, saying, “Who are you to say that they are just issuing debt to buy Bitcoin?” and adding, “That’s just an ignorant and offensive statement on your part.”

The exchange comes as the Bitcoin treasury space faces headwinds. Nearly 40% of the top 100 Bitcoin treasuries are trading at a discount, and more than 60% bought Bitcoin at higher prices than today; some treasuries have seen stock prices fall by as much as 99%.

Strategy’s business model centers on issuing debt to buy Bitcoin. In the first nine months of 2025, the company generated about $125 million in operating cash flow from its legacy software, yet it raised more than $50 billion through equity, preferred stock and convertibles to fund Bitcoin purchases, meaning over 99% of the treasury capital came from securities rather than operations. The company’s earnings deck dedicates roughly 90% of slides to the Bitcoin treasury, underscoring its central role in Strategy’s corporate narrative. Strategy currently holds more than 650,000 Bitcoin, making it the largest corporate holder by a wide margin.

Beyond Strategy, the market includes more than 200 companies with Bitcoin on their balance sheets, collectively owning nearly 1.1 million Bitcoin—roughly $100 billion at current prices. The ecosystem features numerous so-called “Bitcoin treasuries” such as Metaplanet, which pivoted from a budget hotel operator to financing Bitcoin purchases through debt and equity, and others like Nakamoto, Bitcoin Standard Treasury, Strive, and OranjeBTC.

Supporters argue the treasury approach mirrors broader tech adoption—electrification rather than perpetual equity issuance. Saylor contends that any profitable or loss-making company could rationally leverage Bitcoin as part of its capital strategy, claiming there is room for hundreds of millions of firms to participate.