Max Keiser Doubts New Bitcoin Treasuries’ Discipline In Bear Market

HomeNews* Bitcoin-focused companies are increasingly copying the treasury strategy used by Michael Saylor‘s Strategy.

• Max Keiser raised doubts about whether these newer companies can maintain commitment during falling Bitcoin prices.
• Several firms, including Strive and Trump Media and Technology Group, announced plans to add Bitcoin to their balance sheets in May 2025.
• Corporate holdings could eventually control over half of all Bitcoin in circulation, according to some analysts.
• Stock prices of firms holding Bitcoin have surged, leading to high premiums, sparking concern among market observers. A growing number of companies are adopting the Bitcoin treasury reserve strategy that was made popular by Michael Saylor, co-founder of Strategy. In May 2025, this trend gained momentum as more firms sought to increase shareholder value and protect their reserves by accumulating Bitcoin.

• Advertisement - Max Keiser, a well-known Bitcoin advocate, questioned if companies mimicking Strategy‘s approach could manage their Bitcoin positions during extended downturns. Keiser stated that Saylor continued to purchase Bitcoin even when its price dropped below his company’s cost basis, while newer firms have not yet faced the challenge of a bear market. In a post on X, 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. It is foolish to think the new Bitcoin Treasury Strategy clones will have the same discipline.”

Some analysts suggest that the consistent influx of companies holding Bitcoin as a reserve asset may eventually lead to corporations controlling more than 50% of the cryptocurrency’s total supply. This has led to increased attention from both the cryptocurrency sector and traditional financial investors, who are watching the strategies of major players closely. Strategy’s own shares peaked at about $543 in November, which prompted dozens of other firms to adopt a similar treasury plan.

Recent announcements include Strive, the asset management company founded by Vivek Ramaswamy, and the Trump Media and Technology Group (TMTG). In late May, TMTG revealed a $2.5 billion capital raise intended to finance Bitcoin purchases. Companies like Metaplanet have also seen their share prices rise well above the value of the Bitcoin they hold, with premiums reaching up to $600,000 per Bitcoin—nearly six times higher than buying Bitcoin directly on retail exchanges. Analysts have warned that such high premiums may not be sustainable long term.

A chart from Bitcoin Treasuries shows how both public and private institutions are accumulating Bitcoin for their balance sheets. Some market observers are voicing concerns as high valuations and growing corporate control reshape the landscape of Bitcoin ownership.

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