Key Takeaways:
SkyBridge Capital’s Anthony Scaramucci said the wave of companies adopting crypto treasury strategies will decline. He questioned investors’ willingness to pay premiums for firms holding crypto assets. Companies like BitMine and Metaplanet are emulating Strategy’s approach, often with prominent public figures attached.Anthony Scaramucci, founder and managing partner of SkyBridge Capital, said the trend of public companies adopting crypto treasury models will decline, according to a report published by Bloomberg.
“Right now we’re having this replicative treasury company idea,” Scaramucci said. “So, you know, it will fade.”
He questioned the logic of paying a premium for equity in firms that hold crypto when investors could buy the underlying assets themselves.
Scaramucci Warns of Crypto Treasury Trent
Several companies have mirrored Strategy’s model of using corporate balance sheets to hold Bitcoin or other tokens. BitMine Immersion Technologies recently announced a $250 million placement to support an Ethereum treasury and appointed Fundstrat founder Thomas Lee as board chair.
Other firms have added high-profile advisers to boost visibility. Eric Trump sits on the board of Metaplanet, while Joe Lubin chairs SharpLink Gaming, which also shifted its focus to Ethereum holdings.
“Saylor’s case is different, because he’s got a couple different products going now,” Scaramucci said.
While expressing long-term confidence in Bitcoin, he said investors should evaluate each firm’s structure and cost profile.
“I’m not negative on the others, because I’m too bullish on Bitcoin, but I would just say as an investor, you have to look through the underlying costs associated with each one of these treasury companies,” he said.
According to the report, SkyBridge’s ETF, which includes Strategy among its largest holdings, competes with other funds and crypto treasury firms for investor attention. Despite the broader trend, Strategy has outperformed most crypto ETFs this year.
Investor Doubts and Regulatory Questions
The funding model for Strategy’s purchases has shifted over time, from stock and debt issuance to preferred share sales. The concept has drawn criticism, including from short-seller Jim Chanos, who called it “financial gibberish.”
Scaramucci posed a practical question for investors: “The question is, if you’re giving somebody $10 and they’re putting $8 into Bitcoin, are they going to do well?” “Yes. But you might have been better off just putting $10 into Bitcoin. I think that’s an issue.”
Critics argue that firms structured around token holdings may blur the line between operating businesses and passive investment vehicles, complicating shareholder expectations and disclosures.
The trend also intersects with emerging regulatory scrutiny. Oversight bodies may revisit listing rules, disclosure practices, and capital allocation policies. Any shift in enforcement or accounting treatment could reshape how corporate crypto strategies are designed or whether they remain viable.
Frequently Asked Questions (FAQs)
Some investors prefer regulated equity exposure for accessibility or tax reasons. Others may rely on company governance or believe in additional business value. However, critics argue the added cost may not justify the indirect exposure.
Current U.S. GAAP treats crypto as indefinite-lived intangible assets. Companies must record impairment losses if prices fall but cannot mark up assets if values rise, potentially distorting reported financials.
Corporate crypto gains are taxed under capital gains rules, and transaction-based holdings may trigger complex reporting requirements. Jurisdictional rules vary and can influence how strategies are structured.
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