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SkyBridge Founder: Public Company Mimicking Strategy of Stockpiling BTC Just a Short-Term Phenomenon, Trend Expected to Fade in the Coming Months
BlockBeats News, July 2nd. Recently, SkyBridge Capital founder Anthony Scaramucci stated in an interview with Bloomberg that the trend of public companies adding Bitcoin to their balance sheets is only a temporary phenomenon. He predicted that this strategy will lose momentum in the coming months. "Currently, companies are simply blindly copying (MicroStrategy's) Bitcoin hoarding strategy, and this trend will eventually fade away."
Scaramucci expressed that investors will eventually question why they should pay a premium for companies holding Bitcoin on their balance sheets instead of buying it directly themselves. This trend started in 2021 when software company MicroStrategy (MSTR), led by CEO Michael Saylor, first heavily purchased Bitcoin, causing its stock price to soar nearly 3000%. This move attracted other companies to follow suit, including medical equipment firm Semler Scientific (SMLR) and Japanese listed company Metaplanet (3350). The trend is not limited to well-known companies, as many small-cap companies are also attracting capital attention by increasing their holdings of Bitcoin or other cryptocurrencies such as Ethereum and XRP. However, Scaramucci emphasized that Saylor's success is unique—MicroStrategy has a diversified business beyond Bitcoin, and "other copycat companies need to bear additional management costs and valuation premiums."
Despite being bullish on Bitcoin in the long term, Scaramucci cautioned investors to consider the hidden costs of "Bitcoin concept stocks." With the approval of a Bitcoin spot ETF by the U.S. SEC, institutional investors can now allocate Bitcoin directly, weakening the scarcity logic behind companies hoarding Bitcoin. Data shows that the growth rate of corporate Bitcoin holdings in the second quarter of 2024 has decreased by 37% compared to the same period last year.
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