Anthony Scaramucci, founder and managing partner of hedge fund SkyBridge Capital, believes the trend of companies adopting bitcoin treasury strategies is temporary. In a Bloomberg interview, he predicted this approach will lose momentum in the coming months.
“Right now we’re having this replicative treasury company idea,” Scaramucci said. “So, you know, it will fade.” He suggested investors might question why they pay a premium for companies holding bitcoin when they could buy it themselves.
The concept gained prominence in 2021 when MicroStrategy, led by Michael Saylor, became the first major public company to use bitcoin as a treasury asset. Saylor’s aggressive bitcoin acquisitions propelled MicroStrategy’s stock price by nearly 3,000% since then.
This success attracted corporate interest, with firms like medical device maker Semler Scientific and Tokyo-based Metaplanet following suit. The movement extended beyond blue-chip companies, including smaller firms and penny stocks adding bitcoin or other cryptocurrencies to their balance sheets to boost investor interest.
The practice has also expanded beyond bitcoin to include other digital assets such as ether and XRP, broadening the treasury strategy’s scope.
Scaramucci noted Saylor’s case as exceptional due to MicroStrategy’s diversified business model beyond bitcoin holdings.
“Saylor’s case is different, because he’s got a couple different products going now,” he said. “I’m not negative on the others, because I’m too bullish on bitcoin, but I would just say as an investor, you have to look through the underlying costs associated with each one of these treasury companies.”