Crypto 349

06/12 10:05

New Bitcoin treasuries may crack under price press

New Bitcoin treasuries may crack under price pressure



A growing number of publicly listed companies is announcing plans to add Bitcoin BTC $108,460 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.

Possible reversal on Bitcoin buying pressure
Strategy CEO Michael Saylor began accumulating Bitcoin in August 2020 and has used a range of fundraising methods to finance purchases, including stock offerings, convertible debt and secured loans. The company is the world’s largest corporate Bitcoin holder with 582,000 BTC in its wallets, as of June 11.

“At the time, [spot Bitcoin ETFs] didn’t exist. If you were a corporation without the infrastructure to self-custody Bitcoin, MicroStrategy gave you a shortcut. You could just buy their stock and get indirect Bitcoin exposure,” Miah said.

Bitcoin exchange-traded funds (ETFs) were approved in the US in January 2024, debuting with over $4.5 billion in trading volume. Among the issuers is BlackRock, the world’s largest asset manager. Its iShares Bitcoin Trust recently became the fastest ETF in history to surpass $70 billion in assets under management.

In the second quarter of 2025, a new phase of institutional adoption began. Rather than gaining indirect exposure through Strategy or ETFs, some companies are now positioning themselves as the proxy by adding Bitcoin directly to their corporate treasuries.


Corporate Bitcoin treasuries are fueling demand but introduce systemic risks. A sharp price drop could trigger cascading liquidations, while regulatory and market maturation may erode the premium for Bitcoin proxy stocks, Geoff Kendrick, head of digital assets at Standard Chartered Bank, said in a June 3 note to investors.


Most of these Bitcoin treasuries are trading at net asset value (NAV) multiples greater than one, meaning their market capitalization exceeds the value of the Bitcoin they hold. The British bank’s analyst said that this discrepancy exists because regulatory constraints in some jurisdictions prevent direct crypto investments or ETFs, making Bitcoin-holding companies a workaround for institutional investors.

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