MicroStrategy's Saylor Rules Out Acquiring Bitcoin Treasury Rivals

MicroStrategy’s Chairman, Michael Saylor, has communicated to investors that the company is unlikely to pursue any merger or acquisition (M&A) activity involving its rival Bitcoin treasury firms. Despite analysts speculating that consolidation among companies holding large amounts of BTC might be a natural next step for the industry, Saylor stated that such deals are fraught with uncertainty and risk. MicroStrategy, which holds the largest corporate Bitcoin treasury with over 640,000 BTC, remains committed to its highly focused strategy of accumulating the digital asset.

M&A Uncertainty and Strategic Focus

During the company’s third-quarter earnings call, Saylor outlined his primary concerns regarding potential acquisitions. He pointed to the significant amount of time and effort required to complete such transactions, often spanning six to nine months or even a year. He explained: “Generally, we don’t have any plans to pursue M&A [merger and acquisition] activity, even if it would look to be potentially accretive. There’s just a lot of uncertainty, and these things tend to stretch out six to nine months or a year.” He stressed that a deal that initially looks promising may not retain its value six months down the line.

Prioritizing Transparency and Predictability

Saylor emphasized that MicroStrategy’s current strategy—which involves selling digital credit, improving the balance sheet, and publicly acquiring Bitcoin—is a significant advantage. He argues that this focused and highly transparent business model makes it easy for credit and equity investors to analyze and assess the company’s quality.

MicroStrategy CEO Phong Le echoed the difficulties of M&A, adding that acquiring software companies—MicroStrategy’s original core business—is notoriously challenging. Le stated the same complexity applies to acquiring Bitcoin treasury companies, saying, “There’s always something hiding behind what you actually think you purchase.” Saylor concluded by underscoring the company’s commitment: “Our focus is to do high-speed transparent digital transactions and sell digital credit and buy Bitcoin.” While not entirely ruling out future M&A, he affirmed that the current strategy remains the primary directive.