Real estate mogul Grant Cardone warns Saylor’s Bitcoin treasury mania is over

On Sept. 16, real estate investor Grant Cardone warned that the “day of Treasury BTC mania is over,” cautioning firms against copying Michael Saylor’s Bitcoin treasury strategy without having a functioning business as a foundation.

In a post on X, Cardone said Saylor built MicroStrategy into the largest corporate holder of Bitcoin because it had “a real business, real products, real sales, customers & cash flow.” Without those elements, he warned, companies may not be able to sustain a similar strategy.

Related: What is Crypto? Cryptocurrency explained

Bitcoin treasuries spread beyond MicroStrategy

Cardone’s comments come as several companies, including Trump Media and Technology Group, BitMine, GameStop, Helius Medical and Galaxy Digital, have raised billions to develop Bitcoin-focused treasury strategies.

What began in 2020 under Saylor’s leadership at MicroStrategy has since expanded to include other cryptocurrencies such as Ether (ETH), Solana (SOL) and even meme coins like Dogecoin (DOGE).

As of Sept. 16, MicroStrategy held 638,985 BTC worth about $73.52 billion, funded through a mix of equity offerings and convertible debt. The transformation effectively turned the firm from a business software company into a leveraged bet on digital assets.Grant Cardone and Jillian Michaels at the 10X Ladies Conference Hosted by Elena CardoneGetty Images

Cardone's solution: Be more than Bitcoin

Cardone argued that the corporate Bitcoin playbook is being applied too broadly without the same operational resilience that made Saylor’s model possible.

“What if the real estate bought my bitcoin, and then I could really take the whole thing public?” he said, suggesting that cash-flow-producing assets should underpin any crypto treasury strategy.

His own Cardone Capital has begun incorporating Bitcoin into real estate transactions, using rental income as a steady source of cash flow to acquire digital assets while maintaining stability.

According to Cardone, the future lies in blending traditional businesses with digital asset exposure, rather than leaning entirely on debt-financed Bitcoin plays.

Edited by:Mehab Qureshi

Related: Saylor, who predicted $13M Bitcoin, says it will be the largest asset in four years

This story was originally reported by TheStreet on Sep 16, 2025, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.

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