Investor Advice: Don't Buy DAT Stocks, Invest in Bitcoin
Angel investor Jason Calacanis advises investors to buy Bitcoin directly rather than follow Michael Saylor's strategy. He warns that MicroStrategy's aggressive Bitcoin accumulation could increase risks, distort the company's valuation, and damage Bitcoin's reputation in the market.
Calacanis believes that direct ownership gives investors more control and avoids the volatility associated with large crypto holdings of a single company.
Calacanis questions MicroStrategy's approach
Jason Calacanis, an early Uber investor and well-known figure in Silicon Valley, has urged investors to avoid MicroStrategy, now renamed Strategy, despite the company’s extensive bitcoin portfolio. Calacanis argues that investors should hold bitcoin directly to avoid unnecessary corporate risk associated with a public company’s bitcoin exposure.
Calacanis has repeatedly expressed skepticism about Michael Saylor’s aggressive accumulation of bitcoin. He believes Strategy shares should trade at a discount to net asset value because the company’s business model is heavily dependent on fluctuations in the price of bitcoin. That dependence creates volatility that may not reflect the true value of the company’s underlying business operations, the investor says.
My best financial advice continues to be that you should just buy bitcoin if you want exposure to it and that you should stay as far away from $mstr as possible — because it's complicated, layered and you lose control.
..: but don't take financial advice from a podcaster/angel… pic.twitter.com/pOAFDQXvyY
— @jason (@Jason) September 12, 2025
Concerns over market perception
The investor believes that Saylor's high-profile Bitcoin purchases could damage Bitcoin's image. Calacanis warns that concentrating such a large share of the cryptocurrency in one company could distort market dynamics and create the impression of centralized influence, undermining the idea of Bitcoin's decentralization.
Since 2020, MicroStrategy has invested billions of dollars in Bitcoin, becoming the largest public holder of the cryptocurrency. The strategy has attracted the attention of both Wall Street and retail investors, but it has also left the company vulnerable to wild market swings. Critics like Calacanis argue that the company’s stock price is now more dependent on Bitcoin’s volatility than its core business, leaving shareholders vulnerable.
Calacanis stresses that investors interested in digital assets should avoid corporate intermediaries.
“If you want bitcoin, buy bitcoin,” he said, emphasizing that direct ownership allows investors to manage their risks without depending on management decisions or corporate governance.
Source: cryptonews.net
