Bitcoin Maximalist Warns New BTC Treasury Firms May Lack Saylor-Like Conviction in Bear Market

Bitcoin maximalist and media personality Max Keiser has issued a cautionary note about the flood of corporate Bitcoin treasury strategies inspired by Strategy (formerly MicroStrategy) co-founder Michael Saylor. 

In a May 30 post on X (formerly Twitter), Keiser cast doubt on the ability of these so-called “Strategy clones” to hold onto their Bitcoin reserves with conviction during prolonged market downturns.

Keiser warned that while Saylor famously doubled down on Bitcoin purchases during the previous bear cycle—despite his position being deeply underwater—new entrants into the Bitcoin treasury game may lack the discipline and long-term vision required to stay the course.

“The Strategy clones have not been tested in a bear market,” Keiser wrote. “Saylor never sold and just kept buying, even when his BTC position was underwater. It is foolish to think the new Bitcoin Treasury Strategy clones will have the same discipline.”

Also read: BTC Enters Supply Shock Phase Amid Institutional Accumulation, Sygnum Research Head Warns

He further asserted that MicroStrategy remains the gold standard of corporate BTC accumulation, “Strategy is the Bitcoin of BTC treasury plays. Proceed accordingly.”

Corporate Bitcoin Boom Raises Questions of Sustainability

Saylor’s high-conviction strategy has sparked a wave of copycat moves by companies seeking to emulate Strategy’s meteoric rise and growing market attention. His firm, now synonymous with corporate BTC adoption, has maintained its status as a beacon for institutional investors betting on BTC as a long-term store of value.

A breakdown of the BTC held in corporate treasuries and the types of institutions holding (Source: Bitcoin Treasuries)

Following a parabolic surge in MicroStrategy’s share price—peaking at around $543 in November 2024—scores of new firms have scrambled to adopt BTC treasury strategies. Among them are Strive, the asset manager co-founded by former presidential candidate Vivek Ramaswamy, and the Trump Media and Technology Group (TMTG), which raised $2.5 billion in late May to purchase BTC as part of its treasury plan.

Strategy share price (Source: Google Finance)

Even outside the U.S., enthusiasm is mounting. Japanese firm Metaplanet, which had earlier embraced a Bitcoin-based reserve strategy, is now trading at a staggering premium—reportedly more than $600,000 over its direct BTC holdings—according to recent analyst estimates.

This trend has led some market watchers to warn that speculative frenzy may be inflating valuations. Instead of purchasing Bitcoin outright, investors are piling into company stocks with BTC exposure, often paying substantial premiums under the assumption these firms will outperform the crypto market.

Can the Clones Survive a Crash?

While investor optimism remains high in the current bullish cycle, Keiser’s warning highlights the lack of historical data for these new BTC-holding companies. Many have yet to experience the brutal drawdowns that have previously shaken investor confidence and forced less committed holders to sell at losses.

Also read: K33 Joins Bitcoin Treasury Trend with $5.6M Acquisition Plan

Michael Saylor, by contrast, has remained steadfast through multiple market downturns, consistently increasing Strategy’s holdings even as critics warned of overexposure. This track record, according to Keiser, sets Saylor apart from newer entrants who may be more reactive to price volatility or shareholder pressure.

Analysts Warn of Concentration Risks

With more corporations racing to adopt BTC-based treasury strategies, concerns are also growing about the centralization of Bitcoin supply. Some analysts predict that if the trend continues, as much as 50% of all Bitcoin in circulation could be held by publicly traded corporations within the next few years.

Also read: Back-to-Back Raises: Metaplanet Taps $21M More to Accelerate BTC Treasury Strategy

This could alter the decentralized nature of Bitcoin and create new systemic risks, particularly if some of these entities lack the conviction or risk tolerance that Saylor has demonstrated.

As the Bitcoin corporate treasury trend evolves, Keiser’s words serve as a reminder that while the rewards of BTC accumulation can be substantial, only time—and market stress—will reveal which companies truly have what it takes to weather crypto’s notoriously volatile cycles.