Bitcoin maximalist Max Keiser has raised serious concerns about the surge in Bitcoin treasury companies, questioning whether these new entrants can match the unwavering commitment demonstrated by Strategy’s Michael Saylor. As Bitcoin’s price continues showing bullish signals toward potential all-time highs, the stability of these corporate holdings faces increased scrutiny.
The Strategy Test: Commitment Through Market Cycles
In a pointed May 30 social media post, Keiser highlighted a crucial distinction between Strategy and its imitators. While Saylor’s firm demonstrated remarkable resolve by continuing to accumulate Bitcoin even when positions were underwater, newer treasury companies remain untested in bear market conditions.
The @Strategy clones have not been tested in a bear market. @saylor never sold, and just kept buying, even when his BTC position was under water. It’s foolish to think the new Bitcoin Treasury @Strategy clones will have the same discipline.
Corporate Bitcoin Holdings Reach Critical Mass
The landscape of corporate Bitcoin adoption has transformed dramatically in 2025. Notable entries include:
- Strive Asset Management (May 7, 2025)
- Trump Media and Technology Group ($2.5B allocation, May 27, 2025)
- Multiple Fortune 500 companies exploring Bitcoin treasury strategies
Premium Valuations Raise Red Flags
The market’s enthusiasm for Bitcoin exposure through corporate vehicles has led to concerning premium valuations:
- Strategy stock reached $543 (ATH)
- Metaplanet trading at $600,000 Bitcoin premium
- 6x markup compared to direct Bitcoin purchases
Expert Analysis and Market Implications
Financial analysts warn that these premiums may prove unsustainable, particularly if Bitcoin experiences significant price corrections. The situation mirrors concerns raised in recent market analysis suggesting potential corrections unless Bitcoin breaks key resistance levels.
FAQ Section
Why are companies adding Bitcoin to their treasury?
Companies are increasingly viewing Bitcoin as a hedge against inflation and currency devaluation, following Strategy’s successful implementation of this strategy.
What risks do Bitcoin treasury companies face?
Key risks include market volatility, regulatory uncertainty, and potential pressure from shareholders during bear markets.
How does Strategy’s approach differ from newer entrants?
Strategy has demonstrated long-term conviction by continuing to accumulate during market downturns, while newer entrants remain untested in challenging market conditions.
Featured image from Unsplash, chart from TradingView
