Anthony Scaramucci, founder and managing partner of the Skybridge Capital Coverage Fund, says that the wave of companies that adopt a bitcoin
The treasure strategy is just an air trend. In an interview with Bloomberg, Scaramucci said he waits for the approach to lose impulse in the coming months.
“At this time we are having this replicative idea of the Treasury company,” said Scaramucci. “So, you know, it will fade.”
He implied that investors can begin to wonder why they are paying extra so that a company has an asset that they could simply buy.
The idea of using bitcoin as an asset of corporate treasure won a traction in 2021, when the strategy (Mstr)A software developer led by Michael Saylor, became the first major public company to do so. Saylor’s aggressive Bitcoin purchases converted the strategy into a de facto Bitcoin investment vehicle, sending the price of its action that rose almost 3,000% since then.
Mass gains caught attention throughout corporate America and elsewhere. Several companies followed the example of the strategy, including the manufacturer of Semler Scientific medical devices (SMLR)which announced its own Bitcoin Treasury strategy in May 2024, and Metaplanet based in Tokyo (3350)which began as a hotel management company.
The trend has not been limited to high profile companies. The smallest companies, often, Centa’s minutes, also jumped, trying to raise capital or attract the interest of investors by adding bitcoin or other cryptocurrencies to their balances.
What began as a Bitcoin approach soon expanded to other digital assets. Some companies chose to buy ether
or XRP as part of its treasure strategy, pushing the concept beyond its original reach.
Scaramucci acknowledged that Saylor’s success is unique, pointing out the company’s other business lines beyond Bitcoins holdings.
“Saylor’s case is different, because it now has a couple of different products,” said Scaramucci in the interview with Bloomberg. “I am not negative in others, because I am too optimistic with Bitcoin, but I would only say that as an investor, you have to look through the underlying costs associated with each of these treasure companies.”
