Strategy has inspired a wave of copycats to join the corporate Bitcoin treasury wave, but they haven’t been battle-tested and entered at higher average prices.

A growing number of publicly listed companies is announcing plans to add Bitcoin 

 to their corporate treasuries, and the trend is beginning to raise eyebrows.

In the 30-day span to June 11, at least 22 entities added Bitcoin as a reserve asset, according to BitcoinTreasuries.net.

The buying spree was popularized by Strategy (formerly MicroStrategy), whose aggressive Bitcoin accumulation blueprint has inspired a wave of imitators.

While some companies are praised for their strategic vision, critics point out that others are entering the space despite weak financials, using Bitcoin as a lifeline rather than out of long-term belief.

“What worries me is the copycats,” Fakhul Miah, managing director of GoMining Institutional, told Cointelegraph.

“There are now other companies trying to create Bitcoin banks without proper safeguards or risk management. If these smaller firms crash, we could see a ripple effect that hurts Bitcoin’s image.”

Standard Chartered Bank warned in a June 3 research report that half of corporate treasuries risk going underwater if BTC falls below $90,000, while a 22% drop below average purchase prices could force sell-offs and liquidations.