On 27 October 2025, Strategy CEO Michael Saylor acquired additional 390 Bitcoin worth nearly $44 million, bringing the company’s total to 640,808 BTC. Blockstream CEO Adam Back, Tether CEO Paolo Ardoino, and Twenty One Capital CEO and Strike CEO Jack Mallers, voiced their opinions on Saylor’s Bitcoin accumulating strategy during the Plan B conference held in Lugano.
“Saylor has been very communicative about his learning through the process,” said Blockstream CEO Adam Back. “They started with the bonds, moved on to the convertibles, at the market share selling, and now the preferred.”
“I think he’s been vocal that he thinks the preferred is a better strategy, and he appears to be trying to repay the converts or get them converted to move across to preferred. So that’s his view,” said Back. “I think one way to look at those high interest rates, though, is – let’s say it’s 10% when Bitcoin is $100,000, but it’s 1% when it’s $1 million.”
“I think he has an eye on the far future and is just trying to buy as much Bitcoin as possible,” said Adam Back
Meanwhile, Tether CEO Paolo Ardoino said, “What Michael is doing is elegant, but it is financial engineering. Instead, I think we need a public company, a public Bitcoin company, that carries forward the ethos and philosophy of Bitcoin. And basically, it is almost like a Trojan horse within Wall Street itself.”
“In the last quarter, we bought 8,888 Bitcoin and we also used part of that capacity to contribute to Twenty One Capital,” revealed Ardoino. So, Tether is in a very unique position.”
Strategy has acquired 390 BTC for ~$43.4 million at ~$111,053 per bitcoin and has achieved BTC Yield of 26.0% YTD 2025. As of 10/26/2025, we hodl 640,808 $BTC acquired for ~$47.44 billion at ~$74,032 per bitcoin. $MSTR $STRC $STRK $STRF $STRD https://t.co/1d4Pmv8ub2
— Michael Saylor (@saylor) October 27, 2025
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“Michael Saylor Does Great Service To Humanity By Going Out, Taking Risk, And Being Brave,” Said Jack Mallers
“What I will say about MicroStrategy and Michael, and we’re friends and he knows this, Michael does a great service to humanity by going out, taking risk, and being brave, and allowing guys like me to learn,” said Mallers. The young CEO continued, “He’s never ever charged me a dime to learn from him, right? That’s the way I think about. He’s a pioneer in that way. He’s never invoiced me for the things I’ve learned watching him over the last four years.”
Meanwhile, Mallers said that, from founding, Twenty One Capital has never considered itself a Bitcoin Treasury company. “I think it’s a really loose term. And this industry does that sometimes where Satoshi created Bitcoin and it’s a decentralized cryptocurrency. And then Vitalik Buterin prints a bunch of tokens in his basement and goes, I’m also a decentralized cryptocurrency. It’s like, well, you know, that’s not technically the definition of decentralized. But now decentralized and crypto has become something that’s impossible to define. It depends the circle you’re in and what you’re talking about. I feel similarly about Bitcoin treasury companies.”
“Do we have a Bitcoin treasury business? Absolutely,” Mallers added.
“I love shorting the dollar and buying Bitcoin. It’s incredibly profitable! That’s historically a tremendous business,” said Jack Mallers
“And to have the capital partners like a Tether and a SoftBank and to be able to do that at scale and access to the capital markets, that’s 100% part of our company,” Mallers added.
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“Eventually All Companies Will Be Bitcoin Treasury Companies,” Said Adam Back
“If you’re a fund manager and you can’t outperform Bitcoin, and it’s a long-term investment plan, you should probably stop and buy Bitcoin. Or tell your clients to buy Bitcoin,” said Back, talking about fund managers. “If you turn around and apply that to an operating company, how do you keep up with Bitcoin? Well, I think you have to use Bitcoin as your cash reserves. Of course, some volatility and cash reserves are required apart from Bitcoin. And reinvest in your business to grow your cash flow. Use some of that to buy Bitcoin. And then if you’re a public format. Use the capital markets too – amplify that affect. But I think there’s been a mixture in the market of pure plays – like MicroStrategy has basically become a pure play because their core business revenues become de minimis but there are also a great number of pure plays. I think we’ll probably see a kind of return to more operating business revenue and Bitcoin standard treasury.”
“Tether itself has a huge balance sheet that is providing a lot of cash flow and allows us to buy Bitcoin,” said Tether CEO
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