Saylor says Bitcoin banking adoption hits 32% as Strategy pushes bank vision

Bitcoin banking adoption has climbed to 32%, Michael Saylor said, as the Strategy executive chairman reaffirmed his goal of creating the world's first Bitcoin bank.

"We're still early in the adoption curve," Saylor, executive chairman at Strategy, said. "The world's first Bitcoin bank is within reach."

Strategy has sold about $218 million in bitcoin this year to fund dividends and replenish its US dollar reserves, according to Reuters. The company authorized as much as $1.25 billion in additional bitcoin sales late last month. Its market value relative to the net asset value of its crypto holdings — a metric known as mNAV — fell below 1 for the first time in late June, meaning the company now trades at a discount to its bitcoin stack.

The divergence between Saylor's long-term vision and Strategy's near-term stock performance highlights the fragility of the digital asset treasury model, which depends on shares trading above net asset value to attract new capital. Bitcoin has fallen as much as 33% this year to around $63,000, pressured by geopolitical tensions, surging oil prices and a Federal Reserve revamp under new chair Kevin Warsh.

Adoption vs. Valuation

The 32% adoption figure cited by Saylor suggests roughly one-third of traditional banking services now incorporate Bitcoin in some form — whether through custody, lending or payment rails. That marks a significant increase from single-digit penetration rates as recently as 2023, driven largely by US President Trump's crypto-friendly policies and the approval of spot Bitcoin ETFs.

Yet the broader cohort of digital asset treasury companies has struggled. Aggregate DAT valuations fell below net asset value late last year, leaving many firms trading at discounts, according to blockchain data provider Artemis Terminal. Weekly DAT trading volume peaked in August 2025 and hit a low in February after news that Warsh would be nominated for Fed chair.

Peer Pressure Mounts

Singapore-listed miner BitFuFu sold 184 BTC and now holds 1,671 BTC, ranking 35th on the Bitcoin 100 list, per BitcoinTreasuries.NET. Nakamoto Inc sold about 5% of its bitcoin holdings in March and another roughly 600 bitcoin in June. All the companies referenced declined to comment or did not respond to requests for comment, Reuters reported.

Analysts expect Warsh to push to shrink the Fed's balance sheet, a headwind for risk assets like cryptocurrencies as such a move would reduce financial system liquidity. The next Fed meeting in September will be closely watched for signals on the pace of quantitative tightening.

This article is for informational purposes only and does not constitute investment advice.