Saylor: Stocks of BTC-accumulating firms can outperform BTC via debt structure

Strategy founder Michael Saylor has argued that the stock price of a company strategically accumulating BTC can outperform the cryptocurrency itself, depending on its debt structure. In a post on X, Saylor explained that a company buying BTC without debt or preferred stock will see its share price track the price of BTC, much like a spot BTC ETF. However, he noted that in an environment where BTC's annual price appreciation exceeds the cost of financing, the common stock of a BTC-accumulating firm with a solid capital structure could see returns that surpass those of BTC. This is because an increase in debt can amplify shareholder returns, creating the potential to outpace BTC's price gains. Saylor added that not all debt is the same. He elaborated that short-term, high-cost debt could turn this opportunity into risk and potential losses, whereas long-term, low-cost debt can serve as a tool to expand shareholder profits.