Key Takeaways
- Max Keiser warned that new Bitcoin treasury firms have not faced bear market conditions.
- Strategy co-founder Michael Saylor continues to be the benchmark, never selling during downturns.
- Companies like Strive and TMTG are adopting BTC reserves amid soaring stock premiums.
Bitcoin maximalist Max Keiser has voiced skepticism about the long-term discipline of newer companies adopting Bitcoin treasury strategies, suggesting they may falter under the pressure of a prolonged market downturn.
Endorsement of Strategy’s proven conviction
In a May 30 post on X, Keiser said that only firms like Strategy—co-founded by Michael Saylor—have proven their conviction through past bear markets.
Keiser wrote:
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.
He added:
It is foolish to think the new Bitcoin Treasury Strategy clones will have the same discipline.
Saylor’s influence & corporate imitation
Saylor’s consistent accumulation of Bitcoin during periods of volatility has set a high bar for firms looking to replicate his approach.
Strategy’s market performance continues to inspire corporate imitation, with scores of companies recently announcing similar treasury plans.
Newcomers in the Bitcoin treasury space
Among the newcomers is Strive, an asset manager launched by former political candidate Vivek Ramaswamy, which declared its Bitcoin treasury strategy on May 7.
On May 27, the Trump Media and Technology Group raised $2.5 billion to acquire Bitcoin, further contributing to the trend.
Concerns over corporate accumulation & sustainability
Some analysts now warn that corporate accumulation could eventually lead to companies controlling up to 50% of Bitcoin’s total supply.
Meanwhile, firms like Metaplanet are trading at massive premiums—up to $600,000 per BTC—raising concerns about sustainability.
Keiser’s caution on market downturns
Despite the enthusiasm, Keiser cautions that many of these firms may not hold their positions when prices fall.
