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Grant Cardone Warns: Saylor’s Bitcoin Treasury Mania Is Over

Real estate mogul Grant Cardone warns that Michael Saylor’s Bitcoin treasury playbook cannot be copied blindly. Discover why Cardone says cash flow first, Bitcoin second is the key to sustainable corporate adoption.

The corporate Bitcoin treasury strategy pioneered by Michael Saylor has inspired a wave of companies to load up on digital assets. But now, real estate mogul Grant Cardone is sounding the alarm. On September 16, Cardone declared that the “day of Treasury BTC mania is over,” warning businesses not to blindly replicate Saylor’s model without a strong operational foundation.

Cardone’s warning comes at a critical moment for the cryptocurrency market, which is seeing increased corporate participation but also higher volatility and debt exposure. His perspective highlights a growing divide between aggressive debt-funded Bitcoin strategies and more balanced, cash-flow-backed approaches. By calling out these risks, he is urging companies to think long-term and avoid reckless financial maneuvers. For Cardone, Bitcoin can be a powerful tool — but only when integrated responsibly.

Table of Contents

Cardone’s Warning: Cash Flow First, Bitcoin Second

Cardone emphasized that Saylor’s MicroStrategy success was not built on Bitcoin alone. The company had already established itself with real products, paying customers, and steady cash flow before it transformed into the largest corporate Bitcoin holder.

He argued that without these elements, other businesses attempting to replicate Saylor’s strategy could face serious challenges during bear markets or liquidity crunches. Cash flow acts as a buffer, allowing firms to survive downturns while continuing to accumulate assets. Without that cushion, companies risk over-leveraging themselves into bankruptcy. Cardone believes that Bitcoin should enhance, not replace, a company’s business model.

The Rise of Bitcoin Treasuries

Since 2020, Saylor’s bold pivot into Bitcoin has reshaped corporate treasury management. MicroStrategy now holds 638,985 BTC, worth about $73.5 billion, financed through equity offerings and convertible debt. The move effectively turned the company from a business software provider into a leveraged Bitcoin investment vehicle.

This dramatic shift made Saylor a hero among Bitcoin enthusiasts, but it also raised concerns among traditional investors who view the strategy as too risky. By borrowing heavily and relying on Bitcoin’s appreciation, MicroStrategy tied its fate almost entirely to the crypto market. Supporters see this as visionary, while critics argue it exposes shareholders to unnecessary volatility. Regardless, it has sparked a wave of imitators across industries.

Inspired by this approach, companies like Trump Media and Technology Group, BitMine, GameStop, Helius Medical, and Galaxy Digital have adopted similar strategies. Some firms even ventured into other digital assets such as Ether (ETH), Solana (SOL), and meme tokens like Dogecoin (DOGE). This diversification shows how Saylor’s example expanded the idea of digital treasuries beyond Bitcoin itself. Yet many of these firms lack the same financial resilience that made MicroStrategy’s experiment possible.

Cardone’s Alternative: Blend Real Assets With Bitcoin

Unlike many Bitcoin-focused firms, Cardone advocates for a hybrid strategy. Instead of relying solely on debt to purchase BTC, he suggests using cash-flow-producing assets to support digital asset exposure.

Through his investment firm Cardone Capital, he has already started incorporating Bitcoin into real estate transactions. Rental income provides a steady stream of cash flow, which can then be leveraged to acquire Bitcoin while maintaining financial stability. This approach offers a hedge — even if Bitcoin prices fall, the business retains value and generates income. It creates sustainability rather than dependence.

“What if the real estate bought my bitcoin, and then I could really take the whole thing public?” Cardone asked, highlighting his belief that hard assets like property should be the backbone of any crypto treasury strategy. His philosophy emphasizes that Bitcoin should complement proven wealth-building vehicles rather than serve as the entire foundation. By doing so, companies can enjoy the upside of digital assets without exposing themselves to catastrophic downside risks.

The Future of Corporate Bitcoin Treasuries

Cardone’s message is clear: Bitcoin should enhance a business, not replace it. While Saylor’s strategy transformed MicroStrategy into a digital asset powerhouse, replicating it without a strong business foundation could be disastrous.

The corporate world may be entering a new era of Bitcoin adoption where hybrid models dominate. Companies with reliable revenue streams can layer Bitcoin exposure on top of existing operations to strengthen their financial profile. Those without this safety net risk turning into speculative shells, vulnerable to every market downturn. Cardone is pushing for prudence in a sector often driven by hype.

The next phase of corporate Bitcoin adoption, according to Cardone, will involve blending traditional businesses with digital assets. Firms with reliable revenue streams, such as real estate or consumer-facing operations, are better positioned to benefit from Bitcoin’s upside without risking collapse. This shift could redefine how companies view Bitcoin — less as a gamble, and more as a complementary pillar of financial strategy.

Conclusion

Grant Cardone’s warning signals a shift in the corporate Bitcoin narrative. The era of blindly chasing MicroStrategy’s Bitcoin-heavy model may be ending. Instead, the future lies in anchoring digital asset exposure to cash-flow-driven businesses, ensuring that Bitcoin adoption remains sustainable.

Cardone’s approach suggests that real wealth is built on durability, not just speculation. By marrying proven income streams with Bitcoin exposure, firms can harness innovation while maintaining financial resilience. This balanced view may resonate with more traditional investors who remain skeptical of all-in crypto bets.

For companies eyeing Bitcoin treasuries, Cardone’s advice is simple yet powerful: don’t just be Bitcoin — be more than Bitcoin. In other words, build a real business first, then let Bitcoin amplify your success. This philosophy may very well shape the next generation of corporate digital asset adoption.

FAQs

What did Grant Cardone say about Bitcoin treasuries?

Grant Cardone warned that the “day of Treasury BTC mania is over,” cautioning companies not to blindly copy Michael Saylor’s Bitcoin treasury strategy unless they have a solid business foundation with products, customers, and cash flow.

Why does Cardone believe Saylor’s Bitcoin strategy worked?

According to Cardone, Saylor succeeded because MicroStrategy already had a strong business model. Its revenue and customer base allowed it to sustain Bitcoin purchases even during downturns. Without these fundamentals, Cardone argues, most companies will struggle to survive.

Which companies are following MicroStrategy’s Bitcoin playbook?

Several firms have adopted similar treasury strategies, including Trump Media and Technology Group, BitMine, GameStop, Helius Medical, and Galaxy Digital. Some have even diversified into other cryptocurrencies like Ethereum, Solana, and Dogecoin.

What is Cardone’s alternative approach?

Instead of relying on debt to buy Bitcoin, Cardone suggests a hybrid strategy. His firm, Cardone Capital, incorporates Bitcoin into real estate deals, using rental income as cash flow to support digital asset acquisitions. This approach balances risk and sustainability.

What does Cardone see as the future of corporate Bitcoin adoption?

Cardone envisions a future where traditional cash-flow businesses integrate Bitcoin exposure, rather than turning into speculative, debt-fueled crypto companies. He believes this balanced model will ensure stability while capturing Bitcoin’s upside potential.

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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.

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