Michael Saylor, chairman of Strategy, defended the practice of companies issuing equity or debt to purchase Bitcoin during an appearance on the What Bitcoin Did podcast. Saylor argued that allocating excess cash to Bitcoin is a more strategic move than holding it in Treasurys or returning it to shareholders. He emphasized that Bitcoin holdings can offset weak operating results, suggesting that even unprofitable companies can improve their financial positions if Bitcoin gains outpace their losses. Saylor criticized the notion that companies holding Bitcoin should be scrutinized more than those that do not, highlighting a double standard in the corporate world. He pointed out that while many companies avoid Bitcoin, those that embrace it are often unfairly targeted. Strategy, which began accumulating Bitcoin in 2020, is the largest corporate holder with 687,410 BTC. Despite a slowdown in Bitcoin treasury adoption in late 2025, corporate interest in Bitcoin as a long-term asset continues to grow, with publicly listed companies holding about 1.1 million BTC collectively.