For several years, the strategy (formerly Microstrategy) was the only public company whose Modus Operandi bought millions of dollars in bitcoin with borrowed capital. These days, several other companies are trying to follow in the footsteps of the strategy.
While more and more companies are going to stack Bitcoin, criticisms raise concerns concerning the growing centralization of cryptographic treasury. Currently, only 216 entities – of which 101 are public companies – holding nearly 31% of the supply of BTC, business treasury bills representing approximately 765,300 bitcoins, or 3.7% of the total offer (excluding lost parts).
This trend does not show any signs of slowdown, existing companies continuing to accumulate and new players entering space. This arouses a debate on the advantages and risks of ownership of corporate bitcoin.
The trend is in full swing
A wave of high -level cryptographic cash launch is underway, directed by figures like Jack Malers with 21 capital, David Bailey with Nakamoto, and more recently Anthony Poseliano with ProcapBTC, which would increase $ 750 million in shares and convertible debt to accumulate Bitcoin.
Each new Treasury announcement is met with an upward fanfare on Crypto Twitter, where influencers regularly frame the news as a catalyst for the assessment of the BTC prices. However, with such announcements that now occur almost daily, their real impact is not more and more clear.
The familiar refrain of “it is not a price” has become a cliché, while the comments sections often reflect confusion on the reasons why the price of bitcoin continues to decrease despite apparently bullish developments.
Do Bitcoin Treasury Pumps Pump the BTC Prize?
According to Gemini research, the growing adoption of sovereign and regulated financial institutions has led to a reduction in volatility in all deadlines after 2018.
The launch of ETF Bitcoin in 2024 made the trend even stronger. Despite the stabilization of the Bitcoin Prize, he keeps gaining value. The main difference is that now the price is increasing regularly without the frequent high amplitude fluctuations he had in the past.
According to Unchained, the Bitcoin price is blocked between $ 100,000 and $ 110,000, and it will take a long time to exceed the $ 130,000 mark. People do not pay attention to a lot when reading explosive ads. One is a lack of retail interests, because the public tends to pay attention to Bitcoin when it reaches a record level or in similar periods.
Another reason for the slower price movement is that Bitcoin vouchers buy not only the BTC, but also throw it because they need money to buy actions. In addition, the announcements generally display the total amount of the agreement (that is to say “Poseliano to raise $ 750 million to invest in the Bitcoin Treasury”), while in reality, these amounts are increased slowly; This can take several months to conclude the offers.
It therefore comes that purchases made by Bitcoin vouchers are not what they may seem.
Finally, the incessant accumulation of Bitcoin removes the parts from the traffic, which makes a notable part of the dormant offer and somewhat useless for years. Bitcoin vouchers need this crypto to attract more investors and customers.
However, it keeps Bitcoin away from its initial role as an alternative in electronic species, and some in the cryptographic community raise critical voices directed against Bitcoin vouchers.
The attitude not your keys, not your coins is very much alive
Many Bitcoin lovers really prefer to have their bitcoins and do not outsource all hassles to businesses. The maximalists remind us that any entity does not control Bitcoin, and it is free, so it is not necessary for a company to buy and maintain bitcoin on your behalf.
Some criticize the Bitcoin vouchers so as not to represent the spirit of Bitcoin, while others emphasize the troubled past of the Bitcoin Treasury Fronts.
For example, Microstrategy had a doubtful episode at the time of the Dot-Com bubbles, while the company reaffirmed its profits, causing losses for investors. The SEC accused the fraud company.
At the time, Saylor spoke about his donation of $ 100 million donation to the Internet University which will provide “free education for everyone on earth, forever”.
This kind of evangelization may seem familiar to those who follow the modern speeches of Saylor, while it is more anchored when it comes to Bitcoin.
For some, Poseliano is an ambiguous candidate to direct the new Mighty Bitcoin Treasury. Although Pospiano is a well-known and recognizable Bitcoin defender, some remember his involvement in the promotion of the fraudster Crypto Exchange FTX and his associated platform, Blockfi.
The collapses of these platforms were painful not only for its users, but also had an impact on the entire cryptography sector, crushing the market and infusing the distrust of cryptocurrency among community foreigners and, more importantly, regulators.
Some Bitcoin owners look at the performance of the actions or FNBs of the cash company and sell their bitcoins to buy these assets, hoping for faster gains.
Adam Back, a CEO of Blockstream and the only person whose work is referenced in the Bitcoin White Paper urged his supporters not to sell their bitcoins to buy ETFs or similar assets because they could not buy them.
Then, what is good in Bitcoin vouchers?
The same person urging us not to sell Bitcoins, Adam Back, explained that Bitcoin vouchers “advance the bitcoin adoption curve”.
The back stressed that most people have no money and opportunities to acquire bitcoin. On the other hand, public companies have these opportunities to raise capital by selling their actions or vice versa.
These companies do not need free money to invest in Bitcoin because they can buy bitcoin in advance and pay for years later. “They are essentially an arbitration between the Fiat (monetary system) and the hyper-bitcoisé future.”
A more common explanation is that actions and FNBs are easier to manage for institutional investors than bitcoin.
They therefore do not have to worry about the legal status of Bitcoin and the lack of the company around it. Instead, they can deal with a public company that offers guarantees and is exchanged like other public companies while exhibiting customers to appreciate Bitcoin prices.
In general, these treasury bills help tradfi traders and investors to benefit from the assessment of long -term Bitcoin prices without having to deal with Bitcoin.
