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10/31/2025

Michael Saylor: MicroStrategy Has No Plans to Acquire Other Bitcoin Treasury Companies Due to "Too Much Risk and Uncertainty"

MicroStrategy Chairman Michael Saylor says the company has no intention of acquiring rival Bitcoin treasury firms, arguing such moves carry too much risk and unpredictability in the current environment. Speaking at the Q3 earnings call, Saylor said: "We currently have no plans to pursue M&A transactions, even when they might appear beneficial. These deals typically take six months to a year to close, and something that looks like a good idea at the outset may no longer make sense after

Michael Saylor: MicroStrategy Has No Plans to Acquire Other Bitcoin Treasury Companies Due to "Too Much Risk and Uncertainty"

MicroStrategy Chairman Michael Saylor says the company has no intention of acquiring rival Bitcoin treasury firms, arguing such moves carry too much risk and unpredictability in the current environment.

Speaking at the Q3 earnings call, Saylor said:

"We currently have no plans to pursue M&A transactions, even when they might appear beneficial. These deals typically take six months to a year to close, and something that looks like a good idea at the outset may no longer make sense six months later."

He emphasized that MicroStrategy will continue to focus on its core strategy: issuing digital credit instruments, strengthening its balance sheet, and accumulating more Bitcoin.
That said, Saylor left the door open to changing course down the road:

"I'll never say never, but right now we're staying committed to our current strategy."

The Bitcoin Treasury Sector Is Starting to See Consolidation

Analysts say Bitcoin treasury companies may soon be forced to acquire or merge with one another as the number of firms entering the space continues to grow.
A recent example: in late September, Strive announced a merger with Semler Scientific in an all-stock deal, making the combined entity a holder of 11,006 BTC — ranking 12th among publicly listed companies by Bitcoin holdings, just behind Tesla.
Meanwhile, MicroStrategy remains the clear leader with 640,808 BTC, worth over $70 billion at current prices.

M&A in the Software Sector Comes with Its Own Complications

MicroStrategy CEO Phong Le also noted that mergers in the software space — the company's core business — are highly complex and fraught with hidden risk.

"There are always unknowns you can't anticipate in an acquisition. The same is true for Bitcoin treasury companies," he said.

Transparency and a Clear Strategy as Competitive Advantages

Saylor said MicroStrategy's current business model — focused on transparent digital transactions and Bitcoin accumulation — makes it easy for investors to assess performance and risk.

"Every Bitcoin purchase we make is immediately publicly verifiable, and the vast majority have generated positive returns," he said.

MicroStrategy currently holds a B- credit rating from S&P Global Ratings, placing it in speculative-grade territory, though the outlook is assessed as "stable." Phong Le noted that the company's Bitcoin holdings are not yet recognized in its credit rating, but expressed hope that will change as Bitcoin comes to be seen as a legitimate capital asset.