Bitcoin Treasury Boom Still Has Plenty of ‘Carnival Barkers,’ BSTR Co-Founder Says

Public companies pitching Bitcoin treasury strategies are proliferating, but some of them have weak underlying business models, Cointelegraph reported on May 30.

BSTR co-founder Sean Bill told Cointelegraph that many companies lack a proper capital structure and have little real ability to make use of Bitcoin. Instead, they are simply betting on Bitcoin prices to keep rising. “There are still a lot of carnival barkers in this market,” he said.

Bill said simply holding Bitcoin is not enough for treasury companies to win over investors. Firms that can use leverage cheaply may get some benefit. Those that cannot need to create value beyond holding the token, or investors will opt for simpler products such as spot exchange-traded funds.

Bitcoin treasury companies have emerged as one of the defining investment themes of the current cycle. But their aggressive Bitcoin purchases are not only boosting market demand, they are also fueling concern over potential systemic risks.

Geoff Kendrick, Standard Chartered’s head of digital asset research, wrote in an investor note last year that a sharp drop in Bitcoin could trigger large-scale liquidations. He also said the premium attached to shares of Bitcoin treasury companies may erode as regulation develops and the market matures.

According to Bitcoin Treasuries data, 198 listed companies now hold a combined 1.25 million Bitcoin. Strategy, led by Michael Saylor, is the largest corporate holder with 843,738 Bitcoin.

Meanwhile, shares of Bitcoin treasury company Nakamoto (NAKA) have fallen about 67% this year and are down more than 99% from their peak of about $34 a share in May 2025. Nasdaq issued a delisting warning in December 2025 after the stock traded below $1 for more than 30 trading days.