Strategy Rejects Bitcoin Treasury Mergers Amid Market Uncertainty

Michael Saylor, chairman of Strategy, stated during the company's third-quarter earnings call that Strategy has no immediate plans to acquire other Bitcoin treasury firms due to the uncertainty, delays, and hidden risks associated with mergers and acquisitions in this sector. Despite analysts suggesting that consolidation may become necessary as the Bitcoin treasury industry grows, Saylor emphasized that Strategy's focus remains on selling digital credit, improving its balance sheet, purchasing more Bitcoin, and maintaining transparency in its business model. Strategy currently holds 640,808 BTC, the largest Bitcoin holdings of any public company worldwide, far exceeding combined holdings of merged competitors like Strive, which recently acquired Semler Scientific to hold 11,006 BTC. CEO Phong Le supported this cautious approach, noting the inherent complexities and hidden liabilities in acquiring software or Bitcoin treasury companies. Strategy reported a $2.8 billion profit in Q3, largely driven by unrealized gains on its Bitcoin stockpile, and plans to expand its digital credit offerings internationally rather than pursue M&A activity. While not completely ruling out future acquisitions, Saylor reiterated that the company's strategic focus remains on organic growth and balance sheet strength.