SkyBridge Founder Warns of Risks in Debt-Fueled Bitcoin Purchases

Anthony Scaramucci, the founder of SkyBridge Capital, has expressed skepticism regarding the growing trend of companies issuing debt to purchase Bitcoin for their corporate treasuries. He warns that this strategy could ultimately harm the cryptocurrency’s reputation and market stability. While SkyBridge Capital itself invests in Bitcoin, Scaramucci cautions against mimicking the aggressive debt-fueled BTC acquisition strategy employed by some firms, highlighting the potential risks involved.

During a keynote at the DigiAssets 2025 conference, Scaramucci emphasized that leveraging debt to buy Bitcoin resembles speculative financial maneuvers seen in other overheated market phenomena. He warned that such strategies could create vulnerabilities within the Bitcoin ecosystem, especially if market conditions deteriorate. Scaramucci compared the Bitcoin treasury trend to fleeting fashion trends, suggesting that the current enthusiasm for debt-backed BTC purchases may fade and negatively impact Bitcoin’s market perception.

Scaramucci’s stance contrasts sharply with that of Michael Saylor, the chairman of Strategy, whose firm has pioneered the use of convertible debt to amass a substantial Bitcoin treasury. Strategy’s approach has inspired other firms to adopt similar tactics, but this aggressive leveraging has drawn scrutiny from financial analysts and institutions. The risk of a damaging market signal if Bitcoin prices decline and Strategy is forced to liquidate BTC holdings to service its debt has been highlighted by some analysts. Although some consider forced liquidation unlikely due to structural safeguards, they acknowledge that sustained market weakness could strain Strategy’s financial obligations, underscoring the inherent risks of this strategy.

While sharing a bullish outlook on Bitcoin’s long-term potential, Scaramucci adopts a more measured valuation compared to Saylor. He characterizes Bitcoin as “digital gold,” suggesting its market capitalization will align more closely with that of gold, estimated around $24 to $25 trillion. This contrasts with Saylor’s view of Bitcoin as “digital property,” which he believes could reach a staggering $500 trillion valuation by encompassing a broader asset class. Scaramucci’s tempered forecast reflects a pragmatic approach to Bitcoin’s role as a store of value rather than a comprehensive replacement for traditional property markets.

Scaramucci’s warnings serve as a critical reminder for corporations and investors considering Bitcoin treasury strategies. The use of debt to finance BTC purchases amplifies financial risk, particularly in volatile markets. Companies must weigh the benefits of Bitcoin exposure against potential liquidity challenges and reputational risks. As Bitcoin adoption continues to evolve, maintaining prudent financial practices will be essential to sustaining market confidence and preventing destabilizing sell-offs triggered by debt obligations.

Anthony Scaramucci’s insights highlight the complexities surrounding corporate Bitcoin treasury strategies, especially those involving debt issuance. His analogy to shifting fashion trends underscores the transient nature of current market enthusiasm for leveraged BTC acquisitions. While bullish on Bitcoin’s future as digital gold, Scaramucci advocates for caution and financial discipline to protect both corporate interests and the broader cryptocurrency market. Investors and companies alike should consider these perspectives carefully to navigate the evolving landscape of Bitcoin adoption responsibly.