Bitcoin maximalist Max Keiser has raised concerns about the growing number of corporations adopting Bitcoin (BTC) treasury strategies, arguing that these newer firms have yet to be tested by a prolonged bear market. In contrast, Michael Saylor, the executive chairman of MicroStrategy, has consistently bought BTC — even during price slumps.
“Saylor never sold and just kept buying, even when his BTC position was underwater,” Keiser wrote on May 30 via X. “It is foolish to think the new Bitcoin Treasury Strategy clones will have the same discipline.”
🏢 The Rise of Strategy Copycats: Corporate FOMO Hits New High
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Keiser praised MicroStrategy as the gold standard:
“Strategy is the Bitcoin of BTC treasury plays. Proceed accordingly.”
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Since MicroStrategy’s stock surged to $543 in November 2024, dozens of firms have emulated its treasury model.
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These companies aim to increase their valuation by adding Bitcoin to their reserves.
📈 Notable New BTC Treasury Companies
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Strive Asset Management
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Founded by Vivek Ramaswamy, announced its BTC treasury strategy on May 7.
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Trump Media & Technology Group (TMTG)
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Backed by Donald Trump, confirmed a $2.5 billion capital raise for BTC purchases on May 27.
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Metaplanet
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Trading at a massive $600,000 BTC premium, prompting valuation concerns.
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⚠️ Bear Market Concerns and Potential Overexposure
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Analysts fear that corporate BTC holdings could exceed 50% of the total Bitcoin supply, concentrating ownership.
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Many newcomers have not experienced a crypto winter and may lack the conviction to hold during major price downturns.
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Keiser emphasized that MicroStrategy survived such cycles, while others might panic sell.
🔍 Premium Valuations: Smart Strategy or Investor Trap?
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Some treasury-backed firms trade at premiums up to 6x their actual BTC value.
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Critics argue this represents irrational market behavior and poses a risk to retail investors seeking BTC exposure through stocks.
🧾 Summary: Corporate Bitcoin Mania Faces Its First Real Test
While corporate adoption of Bitcoin accelerates, Keiser’s warning serves as a reminder: staying power in bear markets is what separates MicroStrategy from its imitators. Investors should watch closely whether these newcomers can weather volatility — or fold under pressure.