Someone listening to last weekβs GeekWire Podcast caught something we missed: a misleading comment by Alexa during our voice ordering demo β illustrating the challenges of ordering by voice vs. screen. We followed up with Amazon, which says it has fixed the underlying bug.
On this weekβs show, we play the audio of the order again. Can you catch it?Β
Plus, Microsoft announces a βcommunity firstβ approach to AI data centers after backlash over power and water usage β and President Trump scooped us on the story. We discuss the larger issues and play a highlight from our interview with Microsoft President Brad Smith.
A flurry of cannabis business transactions came on the heels of President Donald Trump's Dec. 18 executive order - with many more to come once marijuana rescheduling is finalized.
Over the last two months, the broader bitcoin market has bled to semi-surprising lows and it seems like fear has crept into the forefront of market sentiment. But Strategyβs Michael Saylor, in true Saylor fashion, just put his head down and bought more bitcoin.Β
Over the past two weeks, Strategy has spent nearly $2 billion just on Bitcoin.
Strategy has steadily expanded their Bitcoin treasury over the years, now holding 671,268 BTC β equivalent to 3.2% of all Bitcoin ever expected to exist, the company says.
The firmβs average purchase price for its holdings sits at roughly $75,000 per BTC, with a total acquisition cost of $50 billion and a current Bitcoin net asset value of $60 billion.Β
Strategy has added Bitcoin in every quarter since Q3 2020, totaling 90 separate acquisitions.
Per Bitcointreasuries.net, Strategyβs Bitcoin holdings tower over every other publicly traded treasury, owning 12 times the next largest holder, MARA Holdings.Β
While most companies in the top 10 hold between 13,000 and 53,000 BTC, Strategyβs accumulation dwarfs them, underscoring its unprecedented scale of BTC holdings.Β
Earlier this month, Strategy created a $1.44 billion cash reserve to safeguard future dividends and interest payments, in an effort to reassure investors it would not need to sell any of its roughly $56 billion in Bitcoin amid broader Bitcoin market weakness.
Funded by recent Class A stock sales, the reserve initially covered 21 months of obligations, with plans to extend to 24 months. CEO Phong Le said the move sharply reduced the likelihood of BTC liquidation, addressing fears from prior comments.Β
JUST IN: Michael Saylor's Strategy now owns 3.2% of all Bitcoin ever to be in existence pic.twitter.com/R907KnHsee
Strategy wants more bitcoin: βWe are going to buy all of itβ
At the Bitcoin MENA conference, Saylor discussed his bitcoin beliefs more, saying that Bitcoin was the foundation of a new digital capital and credit era. Addressing sovereign wealth funds, banks, and investors, Saylor framed Bitcoin as βdigital capital,β contrasting it with traditional assets like gold, real estate, and equities, and emphasizing its potential as a core store of value in the digital economy.Β
Saylor emphasized the growing institutional adoption of Bitcoin, with major U.S. banksβincluding Bank of America, Wells Fargo, JP Morgan, and Citiβnow offering custody solutions and credit against Bitcoin.Β
He also cited bipartisan government support from agencies like the Treasury, SEC, and CFTC.
Central to Strategyβs vision is converting volatile Bitcoin into predictable, yield-generating credit. Through over-collateralized instruments like STRK (8% dividend) and STRF (10% perpetual bond), Strategy delivers steady cash flows while enhancing long-term Bitcoin exposure.
Saylor claimed these mechanisms allow the company to double Bitcoin per share every seven years, creating liquidity and aligning corporate growth with investor returns.Β He likened Bitcoin-backed credit to gold-backed financial systems, envisioning a global shift toward digital gold-supported credit integrated into traditional banking.
Earlier this week, news came out that Strategy will retain its spot in the Nasdaq 100 index despite an annual reshuffle that removed six companies and added three.
Strategyβs Michael Saylor speaking at Bitcoin Amsterdam
Bitcoin treasury companies have been hit hard by Bitcoinβs disappointing price action throughout 2025. Publicly traded firms holding significant BTC reserves are suffering the most, with leaders like (Micro)Strategy pushing aggressive accumulation amid headwindsβyet most now trade below net asset value, creating a rare opportunity for risk-tolerant strategic investors.
Figure 1: Tracking BTC holdings of the top public Bitcoin Treasury Companies. View live chart.
The Bitcoin Treasury Companies Landscape
Not all Bitcoin treasury companies are created equally. Strategy stands apart as the industry standard-bearer, the βBitcoin among treasury companies,β as it were. The company has maintained its accumulation discipline even as its stock has suffered, recently announcing a $1.44 billion USD reserve specifically designed to pay dividends and debt obligations without forcing Bitcoin sales.
This capital buffer theoretically eliminates the need for excessive dilutive share issuance or forced BTC liquidation, a critical distinction from weaker competitors. Many will likely face shareholder pressure and potential forced selling as their stock prices decline, creating a cascade of supply pressure that could paradoxically benefit the strongest players like MSTR.
Valuation Dynamics of Bitcoin Treasury Companies
The most compelling aspect of current treasury company valuations is that they now trade below net asset value on a per-share basis. In practical terms, you can currently purchase one dollarβs worth of Bitcoin for less than one dollar through treasury company stock. This represents an arbitrage opportunity for investors, though one accompanied by elevated volatility and company-specific risks.
Figure 2: Bitcoin Magazine Proβs top 20 public Bitcoin Treasury Company HODLboard. View live table.
Strategy currently sits at a net asset value premium of less than 1, meaning the companyβs market capitalization is below the value of its Bitcoin holdings alone. The upside scenario is striking. If Bitcoin reclaims its previous all-time high around $126,000, Strategy continues accumulating toward 700,000 BTC, and the market assigns even a modest 1.5x to 1.75x net asset value premium, Strategy could approach the $500 region per share.
From Weak to Strong: The Future of Bitcoin Treasury Companies
Examining Strategyβs performance during the previous Bitcoin bear market and overlaying it onto the current cycle reveals eerie alignment. The bar patterns suggest current price levels represent reasonable support, with only a catastrophic final flush justified by Bitcoin weakness providing reason to expect substantially lower levels.
As weaker treasury companies face forced selling, a consolidation thesis emerges, that Strategy and similar strong-positioned players will potentially accumulate cheap Bitcoin from distressed sellers, further concentrating holdings in the most disciplined accumulators. This dynamic mirrors Bitcoinβs own consolidation process, weaker hands sell, stronger hands accumulate, and the asset becomes more concentrated among conviction holders.
Conclusion: Opportunity in Bitcoin Treasury Companies
Bitcoin treasury companies have for the most part delivered disappointing returns in 2025, but this performance has created a window of exceptional opportunity for disciplined investors. At current valuations, Strategy is essentially selling one dollar of Bitcoin for approximately 90 cents, a discount that becomes even more attractive if Bitcoin experiences one final capitulation flush. The probability of this scenario combined with Strategyβs positioned upside creates asymmetric risk-reward worthy of small, carefully-sized positions within aggressive portfolios.
Disclaimer: This article is for informational purposes only and should not be considered financial advice. Always do your own research before making any investment decisions.