Industry insiders "Bitcoin treasury craze, too many hucksters" pointed out

▲ Bitcoin (BTC)

As the Bitcoin (BTC) treasury company craze grows, an internal industry warning has emerged that some companies are relying more on promotion than actual operational strategy.

According to crypto media outlet Cointelegraph on May 30 (local time), Sean Bill, co-founder of Bitcoin treasury company BSTR, pointed out that many Bitcoin treasury companies do not have the ability to actually operate Bitcoin. Bill is the person who founded BSTR with Adam Back.

In a Cointelegraph YouTube interview, Bill said, “I think many companies don’t have the proper capital structure. They don’t actually have the ability to deploy Bitcoin.” He added, “They really want Bitcoin to speak for itself,” and “I think there are still a lot of hucksters in this space.”

Bill explained that if companies have cheap and easy access to leverage in the market, that approach could work to some extent. However, he emphasized that companies that do not should engage in activities that add value beyond simple holding, otherwise investors will move to simple products like ETFs.

Bitcoin treasury companies are one of the most talked-about narratives in this cycle, but the bubble controversy continues. Geoff Kendrick, Head of Digital Assets at Standard Chartered Bank, stated in an investor memo on June 3, 2025, that a sharp drop in Bitcoin prices could lead to large-scale liquidations, and that regulation and market maturity could weaken the premium of Bitcoin-alternative stocks.

According to BitcoinTreasuries data, 198 listed companies hold a total of around 1.25 million BTC. Strategy is the largest listed Bitcoin holding company, holding 843,738 BTC. Cointelegraph previously reported that the stock price of Bitcoin treasury company Nakamoto (NAKA) fell by approximately 67% year-to-date, and by over 99% from its peak of approximately $34 in May 2025.

Nakamoto's stock price fell to a low of approximately $0.16 in April before Friday's stock merger. Nasdaq warned of possible delisting in December last year when the company's stock traded below $1 for more than 30 consecutive trading days. The Bitcoin treasury company market has entered a phase where capital structure, access to leverage, and actual operational capabilities are being verified, moving beyond a simple holding competition.

*Disclaimer: This article is for investment reference only and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*