Foreign media reported that early Uber investor and angel investor Jason Calacanis recently criticized Strategy’s Bitcoin treasury model again, stating that the primary issue Bitcoin currently faces is no longer just the asset itself, but the growing influence of Strategy and its co-founder Michael Saylor in the market.
He posted on X that the current challenge for Bitcoin is that a single individual and MSTR are generating market noise, while retail investors prefer to allocate their funds to companies like SpaceX, OpenAI, and Anthropic, which are seen as having potential for product breakthroughs.
The dispute centers on funds and narrative.
The article argues that Calacanis’s criticism is not a rejection of Bitcoin itself, but rather a questioning of how Strategy has, to some extent, altered the way institutions and markets discuss Bitcoin.
In recent years, Strategy has positioned itself as a "Bitcoin treasury company" and has continuously expanded its BTC holdings through multiple rounds of equity offerings, convertible bonds, and preferred stock. As its holdings have grown, the company has become one of the largest corporate Bitcoin holders globally, and MSTR is regarded by many investors as a high-leverage proxy for Bitcoin.
MSTR is considered a spot alternative.
In this review, Calacanis argues that Strategy is gaining increasing visibility in institutional discussions, and MSTR continues to attract substantial speculative capital—capital that might otherwise have flowed directly into spot Bitcoin or into Bitcoin ETFs.
According to this view, the controversy is not about companies holding Bitcoin itself, but rather about how the boundary between Bitcoin’s price, ETF allocation logic, and corporate financing activities becomes blurred once a publicly traded company becomes the center of market narratives.
Calacanis has been consistently critical.
Calacanis has long been skeptical of Bitcoin and the cryptocurrency industry. After the FTX collapse in 2022, he stated that much of the activity in the crypto space was driven by speculation and governance failures, while advocating for stronger regulation and a distinction between blockchain technology and speculative tokens.
In recent times, he has also repeatedly criticized Strategy’s funding structure. Previously, during market downturns, he publicly stated that investors should sell MSTR and buy Bitcoin directly, describing the company’s structure as similar to a “pyramid scheme.”
This article is primarily opinion-based, centering on the growing debate over whether corporate Bitcoin holdings are reshaping the Bitcoin market structure, as Strategy continues to raise capital through financial markets to increase its BTC holdings.