Emre Yumlu 
In recent years, it has become increasingly common for companies in the crypto space to adopt a Bitcoin treasury strategy, adding BTC to their balance sheets. While this trend has captured significant attention, some analysts suggest it may not last as long as many expect.
A Tough Road Ahead for Newcomers
Renowned crypto market analyst James Check believes the era of open opportunity in Bitcoin treasuries might already be coming to an end. Although the idea of holding Bitcoin as a reserve asset remains attractive, Check argues that newer entrants will struggle to gain momentum in an increasingly saturated space.
“My view is that the Bitcoin treasury strategy has a much shorter lifespan than people realize,” says Check. Without a clear and unique niche, he warns, companies entering the scene now may find it difficult to stand out.
Early Movers Have the Edge
Check emphasizes that investors are more likely to favor companies that adopted this strategy early on. “Nobody wants to see the 50th Bitcoin treasury company,” he remarks, highlighting the need for differentiation in a crowded market.
In the past 30 days alone, at least 21 new entities have reportedly added Bitcoin to their reserves. Yet, giants like MicroStrategy, which holds approximately 597,325 BTC, continue to dominate the narrative. In comparison, the second-largest holder, MARA Holdings, owns just 50,000 BTC.
Retail Hype and the Reality of Risk
Check points out that many of these newer firms are primarily attracting retail investors, who are often drawn by speculative upside. However, he warns that retail interest alone is not enough to sustain growth. “Retail doesn’t have infinite money,” he says — and when speculative momentum fades, weaker projects may falter.
Weak Players Could Be Acquired by Stronger Ones
Udi Wizardheimer, co-founder of Taproot Wizards, shares a similar perspective. He believes that some companies are chasing short-term profits without truly understanding the long-term value of holding Bitcoin as part of a treasury strategy.
“The weak ones might get scooped up by stronger firms at a discount,” Wizardheimer suggests. He adds that while the trend still has some legs, only well-prepared and strategically focused companies are likely to survive.
The Danger of Uninformed Copycats
Another growing concern is the rise of copycat firms jumping on the bandwagon without proper risk controls. According to some experts, these pseudo “Bitcoin banks” lack the infrastructure and planning required to manage large crypto holdings responsibly. If they collapse, they could trigger broader damage to Bitcoin’s reputation and credibility.
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