Michael Saylor Says Strategy Has No Immediate Plans for Bitcoin Treasury Acquisitions

Michael Saylor, chairman of Bitcoin-focused firm Strategy, said the company has no current plans to acquire other Bitcoin treasury firms, citing uncertainty and risk associated with mergers and acquisitions. Speaking during the company’s third-quarter earnings call on Thursday, Saylor explained that while some deals may appear attractive at first, they often become complicated over time.

“Generally, we don’t have any plans to pursue M&A activity, even if it looks potentially accretive,” Saylor told investors. “There’s just a lot of uncertainty, and these things tend to stretch out six to nine months or a year. An idea that looks good when you start might not still be a good idea six months later.”

His comments come as analysts suggest that Bitcoin treasury companies may soon need to consolidate through mergers to stay competitive. The first such merger took place in late September, when Strive announced it would acquire its rival Semler Scientific in an all-stock deal, creating a combined holding of 11,006 BTC. 

This would make Strive the 12th-largest corporate Bitcoin holder, trailing behind Tesla. By comparison, Strategy holds an impressive 640,808 BTC, maintaining its position as the world’s largest Bitcoin-holding company.

“Never Say Never,” Says Saylor

While Strategy is not actively seeking acquisitions, Saylor didn’t completely rule them out. “I don’t think we would ever say ‘never,’” he clarified. “But our focus is to sell digital credit, improve the balance sheet, buy Bitcoin, and communicate that clearly to our investors.”

CEO Phong Le added that mergers and acquisitions — especially within the software industry, Strategy’s core business — are inherently challenging. “There’s always something hiding behind what you actually think you purchase,” Le noted. “I would say the same thing about acquiring Bitcoin treasury companies.”

Transparent Business Model Keeps Strategy Ahead

Saylor emphasized that Strategy’s straightforward approach to buying and holding Bitcoin has been key to its success. “Our Bitcoin purchases are easy for the public to assess. They’re generally accretive, and our business model is transparent and predictable,” he said.

Earlier this week, S&P Global Ratings assigned Strategy a ‘B-’ credit rating, placing it in the speculative-grade category but maintaining a stable outlook. Le pointed out that the rating did not account for the company’s Bitcoin holdings, which he argued should eventually be treated as capital assets.

For now, Strategy appears content with its simple formula: sell digital credit, strengthen its balance sheet, and keep buying Bitcoin. This is a model that continues to set it apart from competitors in the rapidly evolving crypto landscape.

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