Scaramucci’s Stark Warning: Crypto Treasury Boom Doomed to Fade—Even With the ’Saylor Effect’

SkyBridge Capital’s Anthony Scaramucci just dropped a truth bomb on corporate crypto treasuries—and it’s not what Bitcoin maxis want to hear.

The ‘Saylor Effect’ Isn’t Enough

MicroStrategy’s billion-dollar Bitcoin bets sparked a frenzy, but Scaramucci argues the trend lacks staying power. Turns out, not every CFO wants to gamble shareholder cash on volatile digital assets—who knew?

Short-Term Hype vs. Long-Term Reality

While public companies piled $40B+ into crypto during the bull run, regulatory uncertainty and balance sheet risks are now cooling the craze. Cue the institutional backpedaling.

The Punchline Wall Street Won’t Admit

At the end of the day, corporate treasuries follow one religion: making money. When crypto stops printing easy returns, they’ll abandon it faster than a Wall Streeter dodging a subpoena.

Scaramucci Warns of Crypto Treasury Trent

Several companies have mirrored Strategy’s model of using corporate balance sheets to hold Bitcoin or other tokens. BitMine Immersion Technologies recently announced a $250 million placement to support an ethereum treasury and appointed Fundstrat founder Thomas Lee as board chair.

Other firms have added high-profile advisers to boost visibility. Eric Trump sits on the board of Metaplanet, while Joe Lubin chairs SharpLink Gaming, which also shifted its focus to Ethereum holdings.

“Saylor’s case is different, because he’s got a couple different products going now,” Scaramucci said.

While expressing long-term confidence in Bitcoin, he said investors should evaluate each firm’s structure and cost profile.

“I’m not negative on the others, because I’m too bullish on Bitcoin, but I WOULD just say as an investor, you have to look through the underlying costs associated with each one of these treasury companies,” he said.

Public companies acquired about 131,000 coins in the second quarter, growing their Bitcoin balance 18%, according to data provider Bitcoin Treasuries. ETFs showed an 8% increase or about 111,000 BTC in the same period.https://t.co/Nyiquq8Ync

According to the report, SkyBridge’s ETF, which includes Strategy among its largest holdings, competes with other funds and crypto treasury firms for investor attention. Despite the broader trend, Strategy has outperformed most crypto ETFs this year.

Investor Doubts and Regulatory Questions

The funding model for Strategy’s purchases has shifted over time, from stock and debt issuance to preferred share sales. The concept has drawn criticism, including from short-seller Jim Chanos, who called it “financial gibberish.”

Scaramucci posed a practical question for investors: “The question is, if you’re giving somebody $10 and they’re putting $8 into Bitcoin, are they going to do well?” “Yes. But you might have been better off just putting $10 into Bitcoin. I think that’s an issue.”

Critics argue that firms structured around token holdings may blur the line between operating businesses and passive investment vehicles, complicating shareholder expectations and disclosures.

The trend also intersects with emerging regulatory scrutiny. Oversight bodies may revisit listing rules, disclosure practices, and capital allocation policies. Any shift in enforcement or accounting treatment could reshape how corporate crypto strategies are designed or whether they remain viable.

Frequently Asked Questions (FAQs)

Some investors prefer regulated equity exposure for accessibility or tax reasons. Others may rely on company governance or believe in additional business value. However, critics argue the added cost may not justify the indirect exposure.

Current U.S. GAAP treats crypto as indefinite-lived intangible assets. Companies must record impairment losses if prices fall but cannot mark up assets if values rise, potentially distorting reported financials.

Corporate crypto gains are taxed under capital gains rules, and transaction-based holdings may trigger complex reporting requirements. Jurisdictional rules vary and can influence how strategies are structured.