Strategy chairman Michael Saylor says the company has no plans to acquire other Bitcoin treasury firms, citing high uncertainty around such deals — though he stopped short of ruling it out entirely.
“Generally, we don’t have any plans to pursue M&A activity, even if it might seem potentially accretive,” Saylor told investors during Strategy’s third-quarter earnings call on Thursday.
“There’s just a lot of uncertainty, and these things often drag on for six to twelve months,” he added. “What looks like a good idea at the start might not look so good six months later.”
Analysts have recently suggested that Bitcoin treasury companies may soon need to consolidate, as competition in the sector grows and firms look for ways to stand out.
One firm has already made the move — Strive became the first Bitcoin treasury company to merge, announcing in late September its plan to acquire Semler Scientific in an all-stock deal. The combined company will hold 11,006 BTC, making it the 12th-largest corporate Bitcoin holder, just behind Tesla. By contrast, Strategy holds 640,808 BTC, the largest amount owned by any public company.
“Never say never”
While Saylor made clear that acquisitions aren’t part of Strategy’s current roadmap, he left the door open to a change of stance.
“I wouldn’t say we’d never, never, never, ever consider it,” Saylor said. “But our focus right now is clear — sell digital credit, strengthen the balance sheet, buy more Bitcoin, and communicate that strategy to both credit and equity investors.”
Strategy CEO Phong Le echoed that sentiment, noting that mergers and acquisitions in the software space — the company’s core business — are “very difficult.”
“There’s always something hidden behind what you think you’re buying,” Saylor remarked. “I’d say the same applies to acquiring Bitcoin treasury companies.”
A simpler path: Strategy’s Bitcoin model
Saylor emphasized that Strategy’s direct Bitcoin purchases offer a level of clarity and transparency that’s hard to match. Over time, he said, the public has been able to “instantly calculate whether each purchase was accretive or dilutive,” noting that they’ve “generally all been accretive.”
“Our goal is to execute fast, transparent digital transactions — sell digital credit and buy Bitcoin,” Saylor explained. “One of our biggest advantages is that our business model is straightforward, predictable, and easy to understand.”
According to Saylor, that simplicity makes it easier for both equity and credit analysts to evaluate the company’s performance and make informed decisions.
Earlier this week, S&P Global Ratings assigned Strategy a ‘B-’ credit rating, placing it in the speculative, non-investment-grade category, but with a stable outlook.
CEO Phong Le noted that S&P didn’t attribute any value to Strategy’s Bitcoin holdings when determining the rating, effectively subtracting them from the company’s equity.
Le added that a re-evaluation of how Bitcoin is treated could eventually benefit the firm’s credit standing:
“For our rating to improve, it would be appropriate at some point for Bitcoin to be recognized differently — as a capital asset.”
