Max Keiser, a prominent Bitcoin advocate, has cast doubt on the commitment of new crypto holding companies to weather future market downturns, questioning whether they will exhibit the same steadfastness as Michael Saylor, co-founder of MicroStrategy. In a recent post on social media platform X, Keiser highlighted Saylor’s unwavering approach of buying Bitcoin even during market slumps, contrasting it with what he perceives as the untested resolve of newcomers in the crypto treasury space.
Max Keiser Raises Doubts
On May 30, Keiser took to X to express concerns about the resilience of what he termed “Strategy clones”—companies mimicking MicroStrategy’s Bitcoin strategy. “The Strategy clones have not been tested in a bear market,” he noted, adding that Saylor’s strategy of holding through downturns sets a high bar. “It’s foolish to think the new Bitcoin Treasury Strategy clones will have the same discipline,” he remarked, questioning the staying power of these firms if Bitcoin’s price were to tumble. This skepticism is echoed in our recent coverage of Strategy’s $84B Bitcoin Expansion Plan, which highlights the ambitious nature of these corporate strategies.
Keiser didn’t mince words, likening MicroStrategy’s approach to “the Bitcoin of BTC treasury plays,” suggesting that other firms might lack the same level of dedication. His skepticism isn’t unfounded; the crypto market, notorious for its volatility, requires a strong stomach, something Saylor has demonstrated by doubling down even when his investments were “underwater.”
Corporate Bitcoin Holdings Soar
Despite Keiser’s warnings, the allure of Bitcoin has attracted a slew of companies eager to replicate MicroStrategy’s strategy. Reports indicate a surge in firms declaring their intentions to add Bitcoin to their balance sheets throughout 2025. Notable entrants include Strive, an asset management firm helmed by former political candidate Vivek Ramaswamy, and Trump Media and Technology Group, which recently raised $2.5 billion to invest in Bitcoin.
This wave of corporate interest has sparked both excitement and concern within the crypto community. While some analysts predict that corporate holdings could soon account for over half of all Bitcoin, others warn of the risks associated with such enthusiasm. The fervor has undeniably increased market participation, but it has also amplified the stakes, as these new players have yet to face a significant bear market. As explored in our recent article, Strategy Raising Another $21B to Buy Bitcoin, the financial implications of these strategies are significant, especially in volatile markets.
Premium Prices Alarm Analysts
The fervent adoption of Bitcoin by corporations has also led to inflated valuations. MicroStrategy’s stock hit an all-time high of $543 last November, spurring competitors to unveil similar Bitcoin-centric strategies. One such firm, Metaplanet, is trading at a staggering premium, with investors paying nearly six times more for exposure than if they bought Bitcoin outright.
Analysts are raising eyebrows at these exorbitant premiums, cautioning that they may not be sustainable. If Bitcoin’s price falters or the demand for stock-based Bitcoin exposure wanes, these inflated valuations could collapse. Paying a hefty premium for Bitcoin exposure might seem viable today, but a future price dip could shift that perception dramatically.
Looking Ahead
The burgeoning trend of corporate Bitcoin accumulation is reshaping the cryptocurrency landscape, introducing both opportunities and challenges. While the influx of institutional interest legitimizes Bitcoin as a strategic asset, it also raises questions about the resilience of these companies in the face of potential market downturns.
Keiser’s skepticism serves as a reminder of the unpredictable nature of cryptocurrencies and the importance of a long-term vision. As new players enter the fray, the crypto community will be watching closely to see if they possess the fortitude to endure the market’s inevitable ebbs and flows. Whether these companies will stand the test of time—or stumble at the first sign of trouble—remains an open question.
Source
This article is based on: Bitcoin Maxi Max Keiser Isn’t Buying The Hype Around New Crypto Holding Companies
Further Reading
Deepen your understanding with these related articles:
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- Metaplanet to open US arm, plans to raise $250M for Bitcoin strategy
- Metaplanet Issues $25M Bonds to Buy More Bitcoin
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
