As more corporations rush to add Bitcoin to their balance sheets in hopes of replicating the success of early adopters, concerns are growing that many of these firms may not have the resilience to endure a sustained crypto downturn.
Bitcoin advocate Max Keiser recently questioned whether new entrants to the Bitcoin treasury strategy trend can match the discipline shown by Michael Saylor’s Strategy, the firm that pioneered large-scale corporate Bitcoin accumulation. In a May 30 post on X, Keiser warned that many of these newcomers have yet to face the true test of a bear market—something Saylor endured without selling, even when his holdings were deep underwater.
While Strategy’s unwavering commitment helped legitimize corporate Bitcoin reserves, it also sparked a wave of imitators. Dozens of companies have followed suit in recent months, aiming to boost share value and hedge against inflation by shifting their treasury assets into BTC.
The rush gained momentum after Strategy’s stock hit an all-time high of $543 in late November, prompting firms such as Strive—co-founded by former U.S. presidential candidate Vivek Ramaswamy—and Trump Media and Technology Group to join the trend. TMTG, partially owned by President Trump, recently announced a $2.5 billion capital injection to purchase Bitcoin.
However, this enthusiasm has led to inflated valuations. Metaplanet, one of the early adopters, is now trading at a massive premium, with its Bitcoin exposure valued nearly six times higher than spot market BTC. Analysts are increasingly skeptical that such premiums are sustainable, especially if the market cools or corporate buyers begin to lose conviction.
Some projections even suggest that corporate entities could one day hold over half of Bitcoin’s total supply. But if market conditions shift, the resolve of these firms may be tested for the first time—raising the question of whether these so-called “Strategy clones” have the long-term commitment to hold through volatility or will panic-sell at the first sign of sustained pressure.
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