Experts Warn: The Bitcoin Treasury Boom May Be Unsustainable in 2025
- Is the Corporate Bitcoin Treasury Trend Built to Last?
- Are Bitcoin Treasuries Just Ponzi Schemes in Disguise?
- Why Do New Corporate Bitcoin Holders Lack Staying Power?
- Could Diversification Save Bitcoin Treasuries?
- FAQ: Bitcoin Treasury Risks in 2025
Corporate bitcoin treasuries are all the rage in 2025, but analysts are sounding the alarm. With 51 new Bitcoin treasury firms launching in just six months (per CryptoQuant), experts question whether this trend has legs. Glassnode's James Check calls it a "spectrum" where only early adopters like MicroStrategy thrive, while newcomers struggle. Meanwhile, critics compare some firms to Ponzi schemes, and Taproot Wizards' Udi Wizardheimer warns of "profit-chasing without purpose." Could this be the calm before the storm?
Is the Corporate Bitcoin Treasury Trend Built to Last?
The corporate Bitcoin treasury movement has exploded in 2025, with companies like MicroStrategy (holding 597,325 BTC worth $64.5B) leading the charge. But beneath the surface, cracks are showing. Glassnode lead analyst James Check recently tweeted that "easy money days are over" for latecomers, noting that investors only care about the top 5-10 players. Data shows:
- 51 new Bitcoin treasury firms launched in H1 2025 (vs. 37 in all of 2024)
- 21 companies adopted BTC as reserve assets in June 2025 alone (BitcoinTreasuries)
- MicroStrategy's stock (MSTR) remains the "gold standard," while newer entrants like MARA Holdings struggle
Check's blunt assessment? "Nobody wants the 50th treasury firm." Retail speculators with "limited funds" dominate new entrants' investor base—hardly a recipe for stability when BTC trades at $108,121 (TradingView data).
Are Bitcoin Treasuries Just Ponzi Schemes in Disguise?
Bitcoin Magazine reporter Emil Sandstedt dropped a bombshell: "Bitcoin treasuries are bubbles." His argument? Companies like MicroStrategy create illusions of growth by:
- Issuing excessive shares to buy more BTC
- Using complex financial instruments to mask revenue sources
- Relying on new investors to prop up valuations
Sandstedt warns this resembles a "Ponzi dynamic," especially as insiders allegedly dump overvalued stocks to retail traders. The BTCC research team notes parallels to 2021's SPAC boom, where late-stage entrants collapsed first.
Why Do New Corporate Bitcoin Holders Lack Staying Power?
Taproot Wizards co-founder Udi Wizardheimer cuts to the chase: "New players just want quick profits." His four-point critique:
| Issue | Consequence |
|---|---|
| No long-term vision | Weak firms may get acquired at fire-sale prices |
| Copycat strategies | Fails during prolonged BTC downturns |
Venture firm Breed predicts an inevitable "death spiral" for firms trading NEAR net asset value (NAV).
Could Diversification Save Bitcoin Treasuries?
Some analysts see hope if treasuries evolve beyond simple HODLing. Potential lifelines include:
- Bitcoin lending/borrowing (currently yields ~5-8% on BTCC)
- Staking yield products
- Institutional custody services
But as one hedge fund manager quipped, "You can't short ingenuity—but you can short overleveraged BTC balance sheets."
FAQ: Bitcoin Treasury Risks in 2025
Why are experts worried about Bitcoin treasuries?
Analysts fear many firms rely on unsustainable practices like share dilution and new investor inflows rather than organic growth.
Which Bitcoin treasury company holds the most BTC?
MicroStrategy leads with 597,325 BTC ($64.5B), per BitcoinTreasuries data.
How many new Bitcoin treasury firms launched in 2025?
51 debuted in H1 2025—14 more than in all of 2024 (CryptoQuant).
