Michael Saylor Says Strategy Won’t Pursue Bitcoin Treasury Acquisitions For Now

 Quick Breakdown 

• Strategy’s chairman Michael Saylor says the firm isn’t planning to acquire other Bitcoin treasury companies.
• Saylor cites uncertainty and lengthy deal timelines but didn’t completely rule out future mergers.
• Strategy remains focused on selling digital credit and buying Bitcoin, maintaining transparency and predictability.

Strategy steers clear of Bitcoin treasury mergers

Strategy Chairman Michael Saylor told investors that the company has no immediate plans to acquire other Bitcoin treasury firms, despite increasing consolidation within the sector. Speaking during the firm’s third-quarter earnings call on Thursday, Saylor said mergers and acquisitions (M&A) come with significant uncertainty.

“Generally, we don’t have any plans to pursue M&A activity, even if it might seem accretive,” he said. “These things tend to drag out for six to twelve months, and what looks like a good idea initially may not hold up over time.”

Industry consolidation on the rise

Analysts have speculated that Bitcoin treasury firms may begin merging to strengthen their market positions. The first such move came in late September, when Strive announced an all-stock merger with rival Semler Scientific, giving the combined entity 11,006 BTC—making it the 12th-largest Bitcoin holder among public firms.

By comparison, Strategy leads the pack with a staggering 640,808 BTC, far surpassing Tesla’s holdings.

“Never say never,” says Saylor

Despite ruling out near-term acquisitions, Saylor left room for flexibility.

“I don’t think we would ever say ‘never, never, ever,” he remarked. “Our focus right now is on selling digital credit, improving the balance sheet, and buying Bitcoin.”

Strategy CEO Phong Le echoed similar sentiments, noting that acquisitions, especially in the software and Bitcoin sectors, carry hidden risks. “There’s always something behind what you think you’re buying,” he said.

Saylor emphasized that Strategy’s straightforward business model offers a clear advantage.

“Our Bitcoin transactions are easy for the public to assess—whether they’re accretive or dilutive,” he explained. “The model’s transparency allows investors to evaluate our value instantly.”

Earlier this week, S&P Global Ratings assigned Strategy a “B-” speculative-grade credit rating, though it maintained a stable outlook. Le added that Bitcoin was not factored into the firm’s equity valuation, suggesting future recognition of the asset could enhance its rating.