SkyBridge Capital founder Anthony Scaramucci predicts the recent wave of public companies adding Bitcoin to their balance sheets will fade within months, calling it a temporary imitation strategy lacking long-term viability.
The MicroStrategy Copycat Phenomenon
In a Bloomberg interview, Scaramucci observed:
"Corporations are blindly replicating MicroStrategy's Bitcoin accumulation playbook, but this hype cycle won’t sustain. Investors will eventually question why they should pay a premium for Bitcoin-holding companies instead of buying BTC directly."
The trend emerged in 2021 when MicroStrategy (MSTR), under CEO Michael Saylor, became the first major firm to aggressively purchase Bitcoin. Its stock soared nearly 3,000%, inspiring followers like:
- Semler Scientific (SMLR) – Medical device manufacturer
- Metaplanet (3350) – Japanese publicly traded firm
- Multiple small-cap companies using crypto holdings (BTC, ETH, XRP) to attract investor attention
Hidden Costs of "Bitcoin Stocks"
Scaramucci cautions that Saylor’s success stems from MicroStrategy’s diversified operations beyond BTC holdings. Other companies face:
- Management overhead – Handling custody, reporting, and regulatory compliance
- Valuation premiums – Market skepticism about non-core crypto exposure
- Scarcity erosion – Bitcoin ETF approvals enable direct institutional access
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Market Data Signals Cooling Demand
- Q2 2024 corporate Bitcoin accumulation growth declined 37% YoY
- Spot ETFs now dominate institutional inflows, reducing reliance on proxy equities
FAQ: Corporate Bitcoin Adoption
Q: Why are companies buying Bitcoin?
A: Initially for portfolio diversification and stock price momentum, but ETF alternatives diminish this rationale.
Q: Should investors buy "Bitcoin stocks"?
A: Scaramucci advises evaluating business fundamentals—many lack MicroStrategy’s operational depth.
Q: How long will the trend last?
A: Likely months, not years, as market efficiency corrects valuation disparities.