The tech giant Apple is planning to execute a $110 billion stock buyback program – one of the largest buybacks in global corporate history. But instead of receiving praise, this strategy is facing significant criticism. Among them, the blunt commentary from Michael Saylor – CEO of MicroStrategy – stands out: “Buy Bitcoin instead.”
The advice seems simple, but it reflects a profound shift occurring in the corporate finance world: Bitcoin is no longer a fringe speculative channel, but is becoming an increasingly popular strategic reserve option in the era of inflation and instability.
The performance gap is becoming increasingly evident
As of mid-2025, Apple's stock has dropped 17% since the beginning of the year. In the same period, Bitcoin has grown over 17%. Looking further back – over the past 5 years – Bitcoin has recorded an increase of more than 1,000%, while Apple has only increased about 137%. This disparity is increasingly prompting investors to question: Is Apple burning money on an ineffective strategy?
For a long time, Apple has been praised for its tight capital management strategy. Stock buybacks have always been seen as a tool to increase earnings per share (EPS), create a positive signal for the market, and demonstrate management's confidence in intrinsic value. However, as stock prices fall and performance does not excel, this strategy begins to lose its allure.
Michael Saylor is straightforward: if Apple truly wants to optimize shareholder value in the long term, they should consider reallocating capital – into an asset that is outperforming in yield: Bitcoin.
Bitcoinization trend of the balance sheet
The timing of Saylor's statement is not coincidental. Just in recent weeks, the world has witnessed a wave of large corporations and financial institutions accelerating their approach to Bitcoin:
• GameStop announces it has purchased 4,710 BTC – worth over $513 million – following a successful fundraising round.
• Metaplanet (Japan) reveals plans to purchase more Bitcoin from 5.4 billion yen in new capital, causing stock to soar 12% right after the announcement.
• The Blockchain Group (France) has spent $68 million to purchase Bitcoin and plans to raise an additional $345 million for subsequent purchases.
• Spot Bitcoin ETFs in the U.S. recorded a net inflow of $386 million on June 9, showing that institutional demand is returning.
These moves are not just coming from one sector or a specific industry. They are a sign that Bitcoin is gradually becoming part of a long-term asset management strategy, moving beyond the realm of 'alternative assets' to become a core asset on the balance sheet.
How much longer will Apple stay out of the game?
Of course, Apple is not a company that takes risks lightly. Their operating philosophy is conservative, prioritizing stability and transparency with shareholders. Jumping into the cryptocurrency market could create a significant shock and change the way investors value the company.
However, in the context of listed companies increasingly 'Bitcoinizing' their assets, the question arises: How much longer until Apple feels the pressure? If technology competitors or other large-cap companies start holding BTC for financial hedging and to capitalize on growth potential, Apple may be forced to explain why they remain on the sidelines.
Michael Saylor's call – though brief – is a wake-up call. The game is changing. And if Apple does not adjust its financial vision soon, it may miss one of the largest asset reallocation opportunities of the 21st century.
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