Chairman Michael Saylor of Strategy stated that the company currently has no plans to acquire other Bitcoin treasury companies due to the many uncertainties involved, although he has not completely ruled out the possibility for the future.
According to Saylor during the Strategy Q3 earnings call on Thursday, overall, we have no plans for merger and acquisition activities, even if they may seem to bring value.
He added, "There are many uncertainties involved; such matters often take six to nine months or even a year to finalize. An idea that seems good at the start may not be a good idea six months later."
Analysts believe that as more industry participants emerge, Bitcoin treasury companies may achieve differentiated competition through mergers and acquisitions.
Strive is the first Bitcoin treasury company to merge, announcing at the end of September that it would acquire its competitor Semler Scientific through an all-stock transaction, resulting in the combined company holding 11,006 Bitcoins.
After the merger, Strive will become the twelfth largest holder of Bitcoin among publicly traded companies, second only to Tesla. In contrast, Strategy holds 640,808 Bitcoins, the most of any company.
Nevertheless, Saylor has not completely dismissed the possibility of acquisitions and has left room for flexible adjustments on related issues for Strategy.
Saylor stated, "I think we won't say 'we will never, ever do this,' but we will say our plans, strategies, and focus are on selling digital bonds, improving our balance sheet, purchasing Bitcoin, and communicating this to credit and equity investors."
Strategy CEO Phong Le added that for software companies (which is Strategy's main business), mergers and acquisitions are "very difficult."
He said, "There are often unknown factors behind the assets you are actually purchasing, and the same goes for the view on acquiring Bitcoin treasury companies."
Saylor mentioned that Strategy has been continuously buying Bitcoin over the years, allowing the public to instantly assess changes in asset value, and these transactions usually bring about value appreciation.
He said, "Our focus is on conducting digital transactions quickly and transparently, selling digital bonds, and continuously purchasing Bitcoin."
We believe that the company's highly transparent and predictable business model is a significant advantage, helping investors assess the quality and growth prospects of the business.
According to S&P Global Ratings on Monday, Strategy received a "B-" credit rating, classified in the speculative non-investment grade category alongside high-risk bonds (Junk Bonds), but the company's outlook is stable.
Le stated that during the rating process, the company did not receive additional points for holding Bitcoin, as this portion was directly deducted from equity.
He mentioned that to improve the company's rating, "At some point in the future, Bitcoin should be treated differently and handled as a capital asset more appropriately."
Related: Bitcoin (BTC) faces a "20%-30%" risk of decline, with $1.1 billion in liquidations in the crypto market within 24 hours.
Original article: “Saylor says Strategy unlikely to acquire rivals, calls it ‘full of uncertainty’”
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