Bitcoin maximalist Max Keiser is sounding the alarm on the surge of corporate treasuries allocating to Bitcoin (BTC), arguing that many of the newer entrants lack the conviction needed to endure a prolonged market downturn.
Key Points
- BTC Price: $104,256
- Keiser’s Warning: “The Strategy clones have not been tested in a bear market.”
- Praise for Saylor: “Saylor never sold… Strategy is the Bitcoin of BTC treasury plays.”
Background: Bitcoin Treasury Boom
Inspired by Michael Saylor’s Strategy Inc., dozens of firms are now adopting Bitcoin as a strategic reserve asset, aiming to hedge against inflation and boost stock premiums.
Notable entrants include:
- Strive (backed by Vivek Ramaswamy) – Announced BTC treasury strategy on May 7.
- Trump Media & Technology Group – Raised $2.5B to purchase Bitcoin (May 27).
- Metaplanet – Trades at a Bitcoin exposure premium of ~$600,000 per BTC.
Keiser’s Criticism: “Premiums Are Unsustainable”
Keiser warns that many of these new treasury firms:
- Are driven by short-term hype.
- Have not faced true downside pressure, unlike Strategy which held firm even when deeply underwater.
- May capitulate under prolonged bearish conditions, triggering forced selling or loss of investor confidence.
“It is foolish to think the new Bitcoin treasury clones will have the same discipline,” Keiser said in a May 30 X post.
Analysts: Corporate Dominance May Alter BTC Supply
With over 50% of BTC supply potentially heading into corporate hands, analysts are concerned this centralization trend could:
- Create supply bottlenecks.
- Drive unsustainable premiums.
- Undermine Bitcoin’s decentralized ethos.
Investor Caution Urged
While BTC treasury adoption can bolster corporate balance sheets and signal bullish conviction, the massive premiums, speculative inflows, and lack of battle-tested discipline raise concerns.
Investors are advised to differentiate between genuine conviction (like Strategy) and opportunistic bandwagon plays.