Ah, the eternal dance of speculation and deceit. As the Bitcoin treasury companies rise to prominence, like a phoenix from the ashes of forgotten dreams, the whispers of a new bubble begin to circulate. Are we witnessing a repeat of the ICO boom, that great swindle of 2018? The critics and industry leaders seem to think so, and who can blame them? 🤔
MicroStrategy, now rebranded as Strategy, was the pioneer in this field, issuing debt to buy bitcoin and promising its shareholders a taste of the elusive BTC pie. And what a pie it is! 🍰 The company’s stock value has skyrocketed, gaining 500% since early 2024. Investors, eager to join the party, are flocking to these treasury companies like moths to a flame.
But what lies beneath the surface of this Bitcoin-fueled frenzy? Are these companies truly creating value, or are they merely conjuring shares out of thin air, like a magician’s trick? 🔮 Stack Hodler, the founder of Stack Wisely, calls them “this cycle’s shitcoins,” and who can argue with that? 💩
The Emperor’s New Clothes
Bitcoin treasury companies, despite their grandiose claims, do not offer their clients any real interaction with cryptocurrencies. Instead, they outsource it to Coinbase and other centralized exchanges, like a hot potato being passed from hand to hand. 🥔 And what about the risks? Ah, the risks are someone else’s problem, like a ticking time bomb waiting to unleash its fury upon the unsuspecting investors.
David Bailey, the CEO of Nakamoto, compared his business to “the early day ICOs.” Was he thinking about how that era ended in a catastrophic crash, leaving investors with nothing but ashes and regret? 🤦♂️ Probably not.
The Anatomy of a Con
Critics are quick to point out the similarities between ICOs and treasury companies. Both involve trust, that ephemeral quality that can vanish like smoke in the wind. Both are prone to insider trading, lack of transparency, and the ever-present risk of a rug pull. 🔴 And what about the companies themselves? Are they truly creating value, or are they just peddling empty promises, like a snake oil salesman? 🐍
“Bitcoin Treasury Company” 🤑
Translation: We don’t build anything…we just bought Bitcoin and want your money too. 🤑
This smells like 2017 ICO season in a new outfit. Spoiler: it won’t end well. 🚨
— GG (@YourBTCStory) July 5, 2025
And yet, despite the warnings, the Bitcoin maxis continue to tout the treasury companies as the next big thing. Scott Melker, the host of the Wolf of All Streets podcast, wrote in his newsletter: “Buy Bitcoin. It’s still going to $1 million even if the entire treasury narrative blows up in our faces.” 💸 Ah, the eternal optimism of the true believer.
So, dear reader, beware of the siren song of the Bitcoin treasury companies. They may promise you the moon, but in the end, they may leave you with nothing but a handful of dust and regret. 💔
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2025-07-09 10:17