Bitcoin Updates: MicroStrategy Steers Clear of Bitcoin Mergers While Competitors Drive Treasury Accumulation

Michael Saylor, who serves as executive chairman at MicroStrategy, has once again made it clear that the company does not intend to purchase other

treasury organizations at this time, pointing to the unpredictable nature and challenges of mergers and acquisitions (M&A). Speaking during MicroStrategy’s Q3 earnings call, Saylor remarked, "There’s a significant amount of unpredictability, and these processes often drag on for six to twelve months. What seems like a promising idea at the outset may no longer be viable half a year later," according to a . This position stands in contrast to recent actions by rivals such as Strive, which became the first Bitcoin treasury firm to announce a merger, acquiring Semler Scientific through an all-stock transaction to boost its holdings.

MicroStrategy continues to center its approach on three main objectives: issuing digital credit, strengthening its financial position, and expanding its Bitcoin reserves. As the largest corporate Bitcoin holder, now possessing 640,808

worth about $74 billion, the company has made Bitcoin its primary treasury asset. Saylor described this strategy as "clear, consistent, and easy to understand," highlighting that their business model enables analysts to readily determine whether Bitcoin acquisitions are beneficial or not, as noted in the Markets.com report. Nevertheless, the company’s heavy dependence on Bitcoin has attracted criticism. recently gave MicroStrategy a "B-" speculative grade, raising concerns about liquidity, the company’s concentrated Bitcoin exposure, and lack of diversification. The agency warned that a sustained drop in Bitcoin’s value could threaten MicroStrategy’s ability to pay its $640 million annual preferred stock dividends and manage $8 billion in convertible debt due by 2031.

While MicroStrategy steers clear of M&A deals, other Bitcoin treasury companies are actively increasing their reserves. ZOOZ Strategy, which is listed on both Nasdaq and the Tel Aviv Stock Exchange, recently added 94 bitcoins to its treasury, bringing its total to 1,036 BTC valued at roughly $115 million, as reported by

. Likewise, Metaplanet—the world’s fourth-largest public Bitcoin holder—has launched a ¥75 billion share buyback initiative to reinforce its Bitcoin-focused strategy, aiming to acquire 210,000 BTC by 2027, according to a . These developments illustrate a growing trend of companies using capital allocation strategies to treat Bitcoin as a key strategic asset, despite ongoing regulatory and market challenges.

Despite these industry moves, Saylor remains optimistic about Bitcoin’s future. Speaking at the Money 20/20 fintech event, he forecasted that Bitcoin could reach $150,000 by the end of 2025, attributing this to lower volatility, improved market infrastructure, and regulatory advancements, as mentioned in a

. He further predicted that Bitcoin could grow by 30% annually, potentially reaching $1 million within four to eight years and as much as $20 million per coin over the next twenty years. However, S&P’s speculative rating highlights the risks associated with Bitcoin’s price swings and MicroStrategy’s limited revenue streams outside its crypto assets. The company posted a negative operating cash flow of $37 million in the first half of 2025, with most of its liquidity invested in BTC.

The differing strategies of MicroStrategy and its competitors underscore the shifting landscape of the Bitcoin treasury industry. While some firms are pursuing mergers and rapid Bitcoin accumulation, Saylor’s method emphasizes transparency and careful financial management. As the sector continues to evolve, balancing aggressive growth with sound fiscal discipline will remain a central concern for both investors and regulators.