The market for companies providing Bitcoin treasury services is currently splitting into two poles: firms with a clear financial strategy and those simply chasing hype. Sean Bill, co-founder of BSTR, notes that many participants lack a proper capital structure and, instead of effectively managing Bitcoin assets, rely solely on the price appreciation of the cryptocurrency. This is reported by Cointelegraph.com reports .
According to Bill, the market is flooded with "marketers" who simply create noise. If a company does not have access to cheap and easy leverage in the market, it must create additional value beyond just holding Bitcoin. Otherwise, investors will begin to prefer simple Bitcoin ETF products over complex stocks, which poses a risk to many companies.
Currently, 198 public companies hold a total of 1.25 million Bitcoin. MicroStrategy remains the largest corporate holder with 843,738 Bitcoin. However, Standard Chartered analyst Geoff Kendrick warns that sharp price drops could lead to mass liquidations and a decline in the value of Bitcoin proxy stocks.
Nakamoto (NAKA) can be cited as an example of negative trends in the market. Its shares have fallen by 67% since the beginning of the year and by more than 99% from their peak in May 2025. The Nasdaq exchange has warned the company about delisting because its shares were trading below $1. This situation reinforces concerns about a bubble forming in the crypto-treasury sector.
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