Bitcoin treasuries have found themselves under the microscope again, thanks to an eyebrow-raising statement from Max Keiser, a prominent Bitcoin advocate. On June 1, 2025, Keiser voiced skepticism about the resilience of the latest entrants in the Bitcoin treasury space, casting doubt on their ability to withstand the challenges of a prolonged bear market.
New Kids on the Blockchain
Keiser’s apprehension stems from his belief that these fledgling treasury firms lack the experience needed to navigate the turbulent waters of a sustained market downturn. “They haven’t been through the wringer yet,” he remarked, suggesting that the true test of their mettle lies ahead. The Bitcoin maximalist’s comments come as the crypto market appears to be in a delicate dance, trying to find its footing amidst a mix of bullish optimism and bearish caution.
The cryptocurrency landscape has seen an influx of new treasury companies in recent months, all eager to capitalize on Bitcoin’s potential as a store of value. These firms, however, are yet to prove their endurance in an environment where Bitcoin prices aren’t reaching for the moon. Keiser’s critique may resonate with those who remember the crypto winter of 2018, a time when only the steely-nerved survived. As explored in our recent coverage of Metaplanet’s strategy to grow its Bitcoin reserve, some companies are actively taking steps to bolster their resilience.
The Calm Before the Storm?
For these emerging treasury companies, the stakes couldn’t be higher. With Bitcoin’s price hovering around $37,000 as of early June 2025, the market is in a state of heightened anticipation. Will it surge past previous highs, or will it take a nosedive, testing the resolve of these new players? The recent market volatility has already sent ripples through the community, with the fear of a bear market lurking like an unwelcome guest.
Analysts in the space have offered mixed takes on Keiser’s commentary. Some suggest that a fresh perspective and innovative approaches from new companies could invigorate the market, while others caution that without historical grounding, these firms might find themselves floundering if prices plummet. “It’s a bit of a gamble,” noted Jane Tse, a cryptocurrency market analyst. “We’re in uncharted territory with these newcomers—they’re still cutting their teeth.”
A Glimpse into the Past
History has shown that Bitcoin’s price movements can often be unpredictable. During the previous bear markets, companies with robust risk management strategies and deep pockets managed to weather the storm. Established players like MicroStrategy and Tesla have demonstrated how holding Bitcoin in their treasuries can pay off, but they have also faced intense scrutiny and pressure during downturns. This follows a pattern of institutional adoption, which we detailed in our analysis of Metaplanet’s plans to raise $250M for Bitcoin strategy.
The long-term implications of Keiser’s concerns could be significant. If market conditions sour, newer companies may struggle to maintain investor confidence. On the other hand, a successful navigation through tough times could establish them as formidable players, bolstering their reputation and attracting more interest in the future.
The question remains: Can these new treasury companies adapt and thrive in a bear market? If Keiser’s warnings hold any weight, the coming months will be crucial for assessing their resilience. As the crypto world watches with bated breath, the potential for a shake-up in the treasury landscape looms large.
In the end, it’s a waiting game. The only certainty is uncertainty itself—one of the few constants in the world of cryptocurrency. Whether these new entrants will sink or swim, only time will tell. But one thing’s for sure: the crypto community will be watching closely, ready to see if these companies can defy the odds and carve out a place in Bitcoin’s storied history.
Source
This article is based on: Bitcoin advocate Max Keiser casts doubt over new BTC treasury companies
Further Reading
Deepen your understanding with these related articles:
- Metaplanet Issues $25M Bonds to Buy More Bitcoin
- Strategy’s $84B Bitcoin Expansion Plan Backed by Wall Street Analysts
- Arizona Governor Calls Crypto an ‘Untested Investment,’ Vetoes Bitcoin Reserve Bill
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.
