Saylor on Why GameStop, Trump Media Shares Fell After Buying BTC as Wall Street Remains Sceptical

Michael Saylor's Strategy witnessed its market cap exceed £59.06 billion ($80 billion) due to its bitcoin accumulation strategy. Strategy has become the largest corporate holder of bitcoins, with over 580,000 BTCs worth over £24 billion ($33 billion), as its shares jumped over 100% in the past year.

Strategy's bitcoin play has triggered a trend of diverse companies worldwide, including Trump Media, Tesla, GameStop, Tether, SoftBank, Riot Platforms, Acurx Pharma, Strike, and Metaplanet, starting to add bitcoin to their balance sheets. These developments emerged as bitcoin prices surged to record highs of £82,691 ($112,000) in recent days.

However, Wall Street is wary of the corporate bitcoin buying trend as shares of Trump Media and GameStop have tanked close to 20% since the announcement of the bitcoin plans.

'Maybe the market wanted them to buy more bitcoin,' Saylor had stated in an interview at Bitcoin 2025 in Las Vegas. 'But these are short-term dynamics. Over the long term, bitcoin on the balance sheet has proven to be extraordinarily popular.'

He described Trump Media's move as 'courageous, aggressive, and intelligent,' adding that the string of similar announcements marks a major shift in corporate finance.

Saylor noted that the market's cooler reaction to Trump Media and GameStop buying bitcoin could be due to structural financing dynamics instead of scepticism toward bitcoin.

He explained that GameStop's earlier announcement of bitcoin adoption drove the stock 50% higher, which enabled the company to capitalise on the momentum with a £1.10 billion ($1.5 billion) convertible bond raise. Trump Media followed a similar approach, raising funds via a convertible bond offering.

According to Saylor, these financing options could create short-term downward pressure but will benefit investors over time.

US Government Continues to Push Its Bitcoin Agenda

After US President Donald Trump signed an executive order in March to form a US Strategic Bitcoin Reserve, Vice President JD Vance echoed the Trump Administration's bitcoin play by recently addressing the crypto community.

Vance framed crypto as an inflation hedge. At the same time, the US Department of Labor rescinded its guidance that discouraged bitcoin investments in retirement plans.

'No force on Earth can stop an idea whose time has come,' Saylor said. 'Bitcoin is digital capital and maybe the most explosive idea of the era.'

'Everywhere I go at this conference, someone says, you know, I'm working on a bitcoin treasury company in Hong Kong. I'm doing this thing in Korea. I've got this thing I'm working on in Abu Dhabi. We're going to do this in the Middle East, you know, we've got this in the UK,' he said. 'There's an explosion of interest right now.'

However, several global corporate leaders continue to oppose crypto adoption. In late 2024, Microsoft shareholders rejected a proposal to use a portion of the company's cash pile to follow Saylor's lead. Regarding the pushback, Saylor told investors, 'Microsoft can't afford to miss the next technology wave.'

Talking about Strategy's Bitcoin acquisition spree, . 'We'll keep buying bitcoin,' he had told CNBC. 'We expect the price of bitcoin will keep going up. We think it will get exponentially harder to buy bitcoin, but we will work exponentially more efficiently to buy bitcoin.'

While critics were concerned that state and media actors adopting bitcoin would undermine its decentralised ideals, Saylor argued that 'the network is very anti-fragile, and there's a balance of power here.'

He believes that the 'more actors that come into the ecosystem, the more diverse, the more distributed the protocol is, the more incorruptible it becomes, the more robust it becomes, and so that means the more trustworthy it becomes to larger economic actors who otherwise would be afraid to put all of their economic weight on the network.'

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