Well now, gather ’round, folks, for a tale of Bitcoin that would make even the most stoic of souls chuckle! Our good friend, Max Keiser, a self-proclaimed Bitcoin maximalist, has recently thrown a bit of shade on the shiny new Bitcoin treasury companies that are trying to strut their stuff like they own the place. These young whippersnappers are trying to mimic the corporate BTC reserve system made famous by none other than Michael Saylor, but Keiser’s not buying it. He’s got his doubts about their ability to keep their financial pants on during a bear market that could make a grizzly weep! 🐻
Now, according to our Bitcoin sage, Michael Saylor has braved the storm of a bear market before, accumulating BTC with the kind of conviction that would make a preacher proud. But these new kids on the block? Well, they haven’t faced the music yet. In a post on the X platform, Keiser quipped:
“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.”
He went on to declare, “Strategy is the Bitcoin of BTC treasury plays. Proceed accordingly,” as if he were handing out sage advice at a county fair. 🎡
Meanwhile, Saylor’s company is like a magnet for both crypto enthusiasts and traditional investors, drawing in fresh capital like a moth to a flame. It’s inspired a veritable army of copycat companies to spring up, like weeds in a garden! 🌱
Some analysts are even predicting that this explosion of BTC treasury companies could lead to a situation where corporations own more than half of the total Bitcoin supply. Can you imagine? A corporate takeover of Bitcoin! What’s next, a Bitcoin-themed reality show? 📺
Scores of Strategy copycats emerge as stock premiums soar
After a meteoric rise in the price of Strategy’s stock, which shot up to an all-time high of around $543 on November 21, a whole slew of companies decided it was time to jump on the Bitcoin bandwagon. They announced plans to adopt a Bitcoin treasury strategy, hoping to protect their reserves and boost their share prices like a hot air balloon on a sunny day.
On May 7, Strive, an asset management firm founded by the ever-ambitious Vivek Ramaswamy, declared it was joining the Bitcoin treasury club. Talk about a bold move! 💼
And let’s not forget the Trump Media and Technology Group (TMTG), which is partially owned by none other than former President Donald Trump. They confirmed a whopping $2.5 billion capital raise to buy Bitcoin on May 27. That’s a lot of dough, folks! 💰
Then there’s Metaplanet, a company that’s already in the Bitcoin treasury game, trading at a premium of $600,000. Yes, you heard that right! Investors are paying nearly six times as much for Bitcoin exposure than if they had just bought it directly on the spot market. Talk about a premium that could make a banker blush! 😳
This premium has raised a few eyebrows among analysts, who are sounding the alarm bells, arguing that such high valuations are about as sustainable as a house of cards in a windstorm. 🌪️
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2025-06-01 01:02