Bitcoin advocate Max Keiser has questioned whether new Bitcoin treasury companies will show the same commitment as Strategy co‐founder Michael Saylor.
According to Keiser’s May 30 X post, Saylor kept buying Bitcoin through past market drops without selling, even when his holdings were underwater. He pointed out that Strategy’s imitators have yet to face a real bear market. Based on this, Keiser warned it might be unrealistic to assume these newer firms will stay steady if prices slide.
Max Keiser Raises Doubts
In a May 30 X post, 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.”
The @Strategy clones have not been tested in a bear market.@saylor never sold, and just kept buying, even when his BTC position was under water.
It’s foolish to think the new Bitcoin Treasury @Strategy clones will have the same discipline.
— Max Keiser (@maxkeiser) May 31, 2025
He had already compared Strategy to “the Bitcoin of BTC treasury plays,” implying that other firms will struggle to match that level of conviction. Short trades and quick flips have driven some copycats so far. Long holds in a downtrend? That’s a different story.
Corporate Bitcoin Holdings Soar
Companies are jumping on the Bitcoin treasury train at a rapid pace. Based on reports, dozens of businesses announced plans to follow Strategy’s lead in the first half of 2025. Some analysts now believe 50% or more of all crypto could soon sit on corporate balance sheets.
Strive, the asset management firm led by former political candidate Vivek Ramaswamy, joined on May 7. Trump Media and Technology Group confirmed a $2.5 billion capital raise to buy Bitcoin on May 27. Each fresh announcement drives more copycats, which adds to both hype and risk in the space.
Premium Prices Alarm Analysts
Strategy’s stock rose to an all‐time high of $543 on November 21, and that jump inspired rival firms to list their own Bitcoin plans. Metaplanet, for example, trades at a Bitcoin premium of $600,000. That means investors are paying nearly six times more for exposure than if they bought Bitcoin directly.
Based on reports, analysts argue such high premiums can’t last forever. If Bitcoin dips or demand for stock‐based exposure weakens, those markups could evaporate. Paying $600,000 extra per Bitcoin position today might look very different if prices fall tomorrow.
Featured image from Unsplash, chart from TradingView
