Wall Street Shrugs as Bitcoin Fever Hits Corporate Boardrooms

Michael Saylor’s bold bitcoin strategy is catching fire with companies worldwide, but U.S. markets remain skeptical of the trend’s long-term impact.

Michael Saylor’s company, Strategy (formerly MicroStrategy), has seen its market cap soar past $80 billion thanks to its aggressive bitcoin acquisition. This bold approach is now inspiring other companies — from meme stocks like GameStop to major players like Tether and SoftBank — to add bitcoin to their balance sheets. Saylor called the trend a global explosion of interest in corporate bitcoin treasuries, noting similar moves brewing in Hong Kong, Korea, Abu Dhabi, and the U.K.

Despite the excitement, Wall Street remains cautious. Trump Media’s shares dropped over 20% after announcing a $2.5 billion bitcoin buy, and GameStop fell nearly 17% despite planning a $500 million bitcoin allocation. In contrast, Strategy has seen its value jump 26x since late 2022, now holding over $60 billion in bitcoin.

At the Bitcoin 2025 event, Saylor praised these corporate moves as “courageous” and believes the short-term stock drops are more about financing methods — such as convertible bonds — than doubts about bitcoin itself. He remains committed to buying more bitcoin, predicting it will get harder to acquire as demand rises.

Meanwhile, U.S. policy has shifted dramatically under President Trump. A new executive order created a Strategic Bitcoin Reserve funded by seized bitcoin, banned the sale of any from the reserve, and directed agencies to treat it as a long-term asset. The federal government will also audit its 200,000+ bitcoin holdings. VP JD Vance voiced support, calling bitcoin a hedge against inflation and bureaucracy.

Still, not all companies are on board. Microsoft shareholders rejected a proposal to add bitcoin to the company’s reserves, despite Saylor’s warning that the tech giant could miss a major opportunity.

To critics worried about decentralization, Saylor argues that more institutional involvement makes bitcoin stronger and more resilient: the more actors in the ecosystem, the more trust and stability it gains.