A cryptocurrency analyst has stated that the lifespan of Bitcoin treasury strategies may not be as long as many expect, warning that the easily accessible upside for new companies entering the field may have already passed.
"My intuition is that the lifecycle of Bitcoin treasury strategies is much shorter than most people expect," Glassnode's chief analyst James Check said in a post on X on Friday.
"For many newcomers, it may already be over," Check said, adding that this is not about a "comparison race," but about the sustainability of a company's products and strategies in the long-term accumulation of Bitcoin (BTC).
Check noted that as investors favor early adopters, emerging Bitcoin treasury companies are facing increasing challenges. "No one wants the 50th treasury company," Check said.
According to BitcoinTreasuries data, at least 21 entities have held Bitcoin as a reserve asset in the 30 days leading up to Friday. The largest publicly traded Bitcoin treasury—Michael Saylor's Strategy (MSTR)—holds 597,325 BTC, while the second-largest holder, MARA Holdings, holds 50,000 BTC—about one-twelfth of the former.
Check stated that startup Bitcoin treasury companies attract retail speculators—but warned them that "there is no infinite capital."
Check acknowledged that it is difficult to set a time limit for the downturn of emerging companies, as he holds a "bullish" view on Bitcoin prices. According to CoinMarketCap data, Bitcoin was trading at $107,990 at the time of writing, down about 3.70% from its historical high of $111,970.
"This is a spectrum," he said, explaining that, for example, Strategy has more room for development than the 300th company to enter the market with a Bitcoin treasury.
Check agreed with Taproot Wizards co-founder Udi Wizardheimer's view that some companies use Bitcoin treasury strategies as a way to make quick profits without fully understanding their long-term purpose.
"Many fundraisers just see an easy money-making opportunity, with no clue about what they are doing," Wizardheimer said.
"I think they need some time to figure it out," he said, adding:
Recently, there has been some skepticism regarding companies adopting Bitcoin treasury strategies.
Venture capital firm Breed argued in a report on June 29 that only a few Bitcoin treasury companies can withstand the test of time and avoid the vicious "death spiral" affecting BTC-holding companies close to net asset value (NAV) trading.
On June 11, Fakhul Miah, managing director of GoMining Institutional, told Cointelegraph that "imitators" are his biggest concern.
"Now there are other companies trying to create Bitcoin banks without proper safeguards or risk management. If these small companies collapse, we could see a chain reaction that damages Bitcoin's image," Miah said.
Related: Solana Financial Company Continues Stock Market Rally After Purchasing $2.7 Million in SOL
Original article: “Analyst Claims Bitcoin (BTC) Treasury Strategy Faces ‘Significantly Shortened’ Lifespan”
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