The Bitcoin treasury playbook that once dazzled Wall Street may be showing signs of exhaustion. James Check, lead analyst at Glassnode, issued a cautionary statement suggesting the corporate Bitcoin treasury strategy might be nearing the end of its golden era.
In a recent post on X, Check said that early adopters like Michael Saylor’s Strategy, which now holds nearly 600,000 BTC, are uniquely positioned to benefit from the early-mover advantage. But newer firms jumping on the BTC bandwagon may struggle to stand out.
“Nobody wants the 50th Bitcoin treasury company,” Check warned, pointing out that the novelty has worn off and the market is entering a “show-me” phase where serious differentiation is required. He suggested that many latecomers may fail to sustain a stock premium above their Bitcoin holdings’ net asset value (NAV).
This view was echoed by Taproot Wizards’ Udi Wizardheimer, who slammed many new entrants as opportunists chasing short-term gains. Venture firm Breed also released a report warning that only a few treasury-driven firms are likely to survive long-term without falling into a dilution death spiral.
Even as Bitcoin nears all-time highs, the growing skepticism highlights that BTC balance sheets alone no longer impress investors—execution, transparency, and strategy matter more than ever.
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