Treasuries are stacking Bitcoin: PR gimmick or solid strategy?

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Are Companies Really Stacking Bitcoin or Just Playing with Fire? 🔥💰

As Bitcoin, that digital gold nugget, continues its audacious ascent into the hallowed halls of mainstream finance, a curious spectacle unfolds. Public companies, like moths to a flame, are adding this cryptocurrency to their treasuries — but oh, what a ruckus it stirs!

Take, for instance, the bold adventurers at MicroStrategy and Metaplanet, who are diving headfirst into the Bitcoin pool, while others tiptoe around the edges, testing the waters as if it were a hot spring. They claim it’s a hedge against inflation, rising interest rates, and the ever-looming specter of fiat debasement. But critics, with a smirk, warn that many of these companies are as financially stable as a house of cards in a windstorm, using Bitcoin more as a lifebuoy than a strategic asset.

Analysts are split like a ripe watermelon on a summer day, debating whether this trend is a stroke of financial genius or a “dumpster fire” waiting to happen. The rise of corporate Bitcoin treasuries is a reflection of both the promise and peril of crypto’s expanding influence in the global capital markets — a real nail-biter, if you will.

According to BitBo, as of June 6, over 70 public companies were holding Bitcoin. It’s understood that companies like Strategy and Metaplanet are fully dedicated to accumulation. However, some other corporations are merely dipping their toes into Bitcoin stacking while continuing to work in a different sphere. Talk about commitment issues!

Serious question: How many of these random companies stacking BTC on their balance sheet are just doing it for the PR?

— Nic (@nicrypto) June 5, 2025

‘Dumpster fire in the making’

Journalist and analyst Sean Williams, with a furrowed brow, expressed his concerns over the possible failure of the Bitcoin treasury companies. He pointed out that many of these firms are about as profitable as a lemonade stand in a snowstorm, trying to cash in on crypto volatility. This emphasizes their weaknesses. Strategy’s stock performance was one of the worst in February 2025 — a real facepalm moment.

He named several instances when the BTC price saw significant downfalls as an example of the potential risk for such companies. On top of that, Williams sees the scarcity and 21 million hard cap narratives as “mythical,” akin to unicorns frolicking in a field. Technically, it’s not impossible. When BlackRock outlined such a possibility in the company’s educational animation, the reaction from Bitcoin maximalists was about as pleasant as a skunk at a garden party.

Coin Bureau founder Nic Puckrin on X expressed doubts that the “random” companies launching Bitcoin treasuries won’t sell their BTC in the bear market. Thus, he brings up these companies’ alleged superficial engagement in Bitcoin and warns about the potential harm to the crypto market. It’s like watching a toddler with a loaded squirt gun — messy and unpredictable!

Why adopt BTC treasuries?

While some veterans could get annoyed by seeing their favorite crypto gets “appropriated” by the new players with money, the reasons for adopting corporate Bitcoin treasuries have strong macroeconomic grounds. It’s like watching a soap opera unfold, full of drama and intrigue.

In an in-depth study, Fidelity analysts note that the last five years saw an increase in publicly traded companies that allocate part of their capital in Bitcoin, which is seen as a hedge against increasing fiscal deficits, fiat currency debasement, and risks associated with geopolitical turbulence. It’s a wild world out there!

Fidelity emphasizes that this approach is unorthodox for big companies, as in previous decades, they held their funds in low-risk assets, such as bank deposits or treasury bills. According to Fidelity, the growing economic uncertainty undermined trust in traditional strategies. 

Corporate treasuries’ need for uncorrelated capital grew in the 2020s as interest rates hit high, reducing liquidity and cash flows. However, if the interest rate drops, the yields of companies having substantial reserves of traditional funds will also go down. It’s a real rollercoaster ride!

  • The Securities and Exchange Commission’s approval of Bitcoin ETFs
  • The EU’s MiCA framework adoption
  • The Financial Accounting Standards Board’s rule change from 2023, which allowed Bitcoin holding companies to account for and represent value in their financial statements more precisely. Considering the ascending Bitcoin price, it made companies’ balance sheets look stronger. 

As Bitcoin has been resistant to demand shocks and could serve as a financial cushion in the long run, it promised benefits for companies adding the coin to their balance sheets. According to Fidelity, Bitcoin can help companies survive the monetary debasement policy of central banks due to its verifiable scarcity. It’s like having a safety net made of gold!

Analysts generally note that Bitcoin’s long-term price appreciation was one of the main reasons for its popularity among corporations. The study names the companies pioneering allocation: The Block, MicroStrategy, Stone Ridge Holdings Group, and Selmer Scientific. They’re the brave souls leading the charge!

‘Crash test’

FOMO and game theory are often mentioned when people discuss reserves. It’s like a high-stakes poker game, and everyone’s holding their breath.

These reserves cut the live liquidity, increasing an asset’s deficit on the markets while not necessarily pumping the price (as people quickly got used to “bullish” announcements). It’s a tricky business, folks!

The trend is pretty young, and it needs to undergo a crash test so we can see if the companies stacking bitcoins are not the “tourists.” Buckle up, it’s going to be a bumpy ride!

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2025-06-08 12:37