Bitcoin advocate Max keiser casts doubt over new BTC treasury companies

BitcoinBTC$104,622BitcoinChange (24h)0.58%Market Cap$2.07TVolume (24h)$24.29BView Moremaximalist 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 andcontinued to accumulate BTC with high conviction, a scenario that newer BTC treasury companies have yet to encounter. Keiser wrote in a May 30 Xpost:

“Strategy is the Bitcoin of BTC treasury plays. Proceed accordingly,” Keiser wrote in an earlier Xpost.

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 isowned 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 aBitcoin treasury planto 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 wasbecoming 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 billioncapital raise to purchase Bitcoinon May 27.

Metaplanet, a company that previously adopted a Bitcoin treasury plan, is roughlytrading 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

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