Bitcoin advocate Max Keiser has raised concerns about whether newer Bitcoin treasury companies will demonstrate the same resilience as Michael Saylor’s Strategy when faced with market downturns. In a May 30 post on X, Keiser highlighted Saylor’s unwavering commitment to accumulating Bitcoin even during periods when his holdings were underwater.
“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,” Keiser wrote.
The Gold Standard of Bitcoin Treasury Companies
Keiser has previously described Strategy as “the Bitcoin of BTC treasury plays,” suggesting that newer entrants to the space may struggle to match Saylor’s level of conviction. While many copycat companies have emerged during favorable market conditions, their ability to maintain long-term positions during extended downtrends remains unproven.
This distinction is crucial as many newer firms have primarily engaged in short-term trades and quick flips rather than demonstrating the long-term holding strategy that has defined Strategy’s approach.
Corporate Bitcoin Adoption Accelerates
The first half of 2025 has seen a significant surge in companies adopting Bitcoin treasury strategies. Dozens of businesses have announced plans to follow Strategy’s model, with some analysts predicting that corporate balance sheets could soon hold 50% or more of all cryptocurrency in circulation.
Notable recent entrants include:
• Strive, an asset management firm led by Vivek Ramaswamy, which announced its Bitcoin treasury plan on May 7.
• Trump Media and Technology Group, which confirmed a $2.5 billion capital raise to purchase Bitcoin on May 27.
• Metaplanet, which now trades at a substantial Bitcoin premium.
Premium Pricing Raises Concerns
The success of Strategy, whose stock reached an all-time high of $543 on November 21, has inspired many companies to launch their own Bitcoin initiatives. However, this has led to concerning valuation premiums in some cases.
Metaplanet, for example, trades at a Bitcoin premium of $600,000, meaning investors are paying nearly six times more for Bitcoin exposure through the company’s stock than they would by purchasing Bitcoin directly Analysts warn that such extreme premiums may be unsustainable, particularly if Bitcoin prices decline or if demand for stock-based cryptocurrency exposure weakens.
As more companies rush to implement Bitcoin treasury strategies, Keiser’s warning serves as a reminder that the true test of these initiatives will come during market downturns, when commitment to the strategy faces its greatest challenge .
With Bitcoin currently trading at $103,856, the stakes for these corporate Bitcoin holders continue to rise, and only time will tell which companies possess the conviction to maintain their positions through market cycles.
