According to BlockBeats, on July 2nd, Anthony Scaramucci, founder of SkyBridge Capital, recently stated in an interview with Bloomberg that the trend of listed companies including Bitcoin on their balance sheets is only a temporary phenomenon and predicts that this strategy will lose momentum in the coming months. The current trend of companies blindly imitating MicroStrategy's hoarding strategy will eventually fade away. ''
Scaramucci stated that investors will eventually question: why pay a premium for companies holding Bitcoin instead of directly purchasing it themselves? This trend began in 2021 when software company MicroStrategy (MSTR), led by CEO Michael Saylor, made a massive purchase of Bitcoin. Its stock price subsequently skyrocketed by nearly 3000%, attracting companies including medical equipment manufacturer Semler Scientific (SMLR) and Japanese listed company Metaplanet (3350) to follow suit. The craze is not limited to well-known companies, many small cap companies are also attracting capital attention by increasing their holdings of Bitcoin or other cryptocurrencies such as Ethereum and XRP. However, Scaramucci emphasized that Saile's success has its own uniqueness - MicroStrategy has multiple business lines in addition to Bitcoin, and "other follower companies need to bear additional management costs and valuation premiums".
Despite the long-term bullish outlook on Bitcoin, Scaramucci reminds investors to examine the implicit costs of 'Bitcoin concept stocks'. With the approval of spot ETFs by the US SEC, institutional investors can now directly allocate Bitcoin, weakening the scarcity logic of corporate hoarding. Data shows that the growth rate of enterprise Bitcoin holdings in the second quarter of 2024 has decreased by 37% compared to the same period last year.
