Strategy co-founder Michael Saylor has doubled down on his ultra-bullish thesis, dismissing Wall Street skeptics and claiming the company's bitcoin-backed financial model makes shorting its stock a losing bet. He reiterated that Bitcoin is headed to $1 million.
Continued Accumulation: Total BTC Reserves Hit 582K
This week, Strategy added 1,045 BTC to its reserves, bringing total holdings to 582,000 BTC — worth over $60 billion. In a wide-ranging interview with Bloomberg, Executive Chairman Michael Saylor rejected recent criticism from short seller Jim Chanos and defended the premium Strategy shares command over Bitcoin's spot price.
Rebuffing Short Sellers: We Are Not a Closed-End Trust
Saylor argued Chanos doesn't truly understand Strategy's business model. “We're actually the largest issuer of bitcoin-backed credit instruments in the world,” he said, highlighting the issuance of preferred stocks—STRIKE, STRIDE and STRIFE—that allow capital raising without diluting shareholders. Last week's $110 million Bitcoin purchase was funded entirely through those instruments. Saylor asserted that Strategy is not a closed-end trust but an operating company capable of generating additional Bitcoin gains. “Our company generated a BTC-dollar gain equal to about $8.4 billion in the first two quarters of this year,” he noted. He also projected $15 billion in Bitcoin-related earnings for 2025.
Bitcoin Target $1 Million: Winter Is Over
Saylor delivered an extremely bullish forecast: “Winter's not coming back. Bitcoin's not going to zero—it's going to $1 million.” He pointed to increasing institutional interest, ETF inflows and a tightening daily supply of just 450 BTC as driving forces. “If Bitcoin rallies to $500,000 or $1 million, then sure, it could fall $200,000 from those levels. But right now, it only takes $50 million to turn the engine of the crypto economy,” he added.
Quantum Computing and AI: New Opportunities for Bitcoin
Addressing quantum computing concerns, Saylor argued that tech giants like Microsoft and Google have no incentive to undermine global cryptography, which would threaten their own businesses. He stressed that Bitcoin is less vulnerable than most other digital systems. On AI, Saylor claimed it would become one of Bitcoin's largest demand drivers. “AI will do 100,000 transactions a minute,” he said, explaining that intelligent machines will reject legacy banking infrastructure, while Bitcoin and layer two networks will offer the instant, transparent settlement layer AI requires.