Max Keiser Questions New Bitcoin Treasury Firms' Commitment

Bitcoin advocate Max Keiser has expressed skepticism about the commitment of new Bitcoin treasury companies, questioning whether they will maintain the same level of dedication as Strategy co-founder Michael Saylor. Keiser highlighted that Saylor continued to purchase Bitcoin even during market downturns, when his holdings were underwater, and did not sell. Keiser warned that the newer firms imitating Strategy have not yet faced a real bear market, making it uncertain whether they will remain steadfast if prices decline.

In a May 30 X post, Keiser stated, “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 compared Strategy to “the Bitcoin of BTC treasury plays,” suggesting that other firms may struggle to match that level of conviction. Keiser noted that some copycats have been driven by short trades and quick flips, which is different from the long-term holding strategy that Strategy has demonstrated.

Corporate Bitcoin holdings have surged, with dozens of businesses announcing plans to follow Strategy’s lead in the first half of 2025. Some analysts believe that 50% or more of all crypto could soon sit on corporate balance sheets. Strive, an asset management firm led by former political candidate Vivek Ramaswamy, joined the trend on May 7. Trump Media and Technology Group confirmed a $2.5 billion capital raise to buy Bitcoin on May 27. Each new announcement drives more copycats, adding to both hype and risk in the space.

Strategy’s stock reached an all-time high of $543 on November 21, inspiring rival firms to list their own Bitcoin plans. Metaplanet, for example, trades at a Bitcoin premium of $600,000, meaning investors are paying nearly six times more for exposure than if they bought Bitcoin directly. Analysts argue that such high premiums cannot last forever. If Bitcoin prices dip or demand for stock-based exposure weakens, those markups could evaporate, making the current premiums seem excessive in hindsight.