Bitcoin (BTC) maximalist Max Keiser recently cast doubt on the ability of newer Bitcoin treasury companies, emulating the corporate BTC reserve system popularized by Strategy co-founder Michael Saylor, to maintain financial discipline during a protracted bear market.
According to the Bitcoin maximalist, Michael Saylor has weathered a previous bear market and continued to accumulate BTC with high conviction, a scenario that newer BTC treasury companies have yet to encounter. Keiser wrote in a May 30 X post:
“The Strategy clones have not been tested in a bear market. Saylor never sold and just kept buying, even when his BTC position was underwater. It is foolish to think the new Bitcoin Treasury Strategy clones will have the same discipline.”
“Strategy is the Bitcoin of BTC treasury plays. Proceed accordingly,” Keiser wrote in an earlier X post.
Michael Saylor’s company continues to garner attention from crypto and traditional financial investors alike, attracting fresh capital flows and inspiring dozens of copycat companies to emerge.
This proliferation of BTC treasury companies could create a situation in which 50% or more of the total Bitcoin supply is owned by corporations, some analysts predict.
Related: Bitcoin yet to hit $150K because outsiders are ghosting — Michael Saylor
Scores of Strategy copycats emerge as stock premiums soar
Following a rapid rise in the price of Strategy’s stock, which saw shares of the company surge several times over to an all-time high of approximately $543 on November 21, dozens of companies announced plans to adopt a Bitcoin treasury plan to protect the value of their reserves and increase share prices.
On May 7, Strive, an asset management firm founded by former political candidate Vivek Ramaswamy, announced it was becoming a Bitcoin treasury company.
The Trump Media and Technology Group (TMTG), a media and online tech company that is partially owned by US President Donald Trump, confirmed a $2.5 billion capital raise to purchase Bitcoin on May 27.
Metaplanet, a company that previously adopted a Bitcoin treasury plan, is roughly trading at a Bitcoin premium of $600,000.
This means that investors are paying nearly six times as much for Bitcoin exposure than had they simply purchased Bitcoin directly on spot retail markets.
This premium has raised alarm bells from some analysts, who argue that these high valuations are not sustainable.
Magazine: Danger signs for Bitcoin as retail abandons it to institutions: Sky Wee
