BSTR co-founder Sean Bill said many Bitcoin treasury firms rely too heavily on promotion instead of strategy.
Bitcoin News
The Bitcoin (BTC) treasury sector is growing divided between firms with credible financial strategies and those that rely mainly on promotion, according to BSTR co-founder Sean Bill. "I do think that you have a lot of carnival barkers in this space," Bill said in an interview with Cointelegraph published May 27. Bill co-founded BSTR alongside cryptographer Adam Back.
Bill said many companies in the space lack the right capital structure. He added that they also lack the ability to actively deploy BTC. "They're really planning on having Bitcoin do all the talking for them," he said.
Without Added Value "Investors Will Go to an ETF"
Bill said the approach of holding BTC and waiting for price appreciation can work if a company has cheap and easy access to leverage. Without that, he said firms must generate additional value for investors. "Otherwise, investors will go to an ETF, you know, and just use a simple product like that," he said.
Corporate BTC treasury holdings have been one of the most discussed narratives of the current cycle. Questions have grown over whether the sector carries systemic risk. In a June 2025 note, Geoff Kendrick, head of digital assets at Standard Chartered Bank, warned that a sharp BTC price drop could trigger significant liquidations. He also said regulatory changes and market maturation may erode the premium on Bitcoin proxy stocks.
There are 198 public companies collectively holding around 1.25 million BTC, according to BitcoinTreasuries data. Michael Saylor's Strategy is the largest corporate holder, with 843,738 BTC in its treasury.
Bitcoin treasury company Nakamoto, trading under the ticker NAKA, has fallen roughly 67% year-to-date. The stock is down more than 99% from its May 2025 peak of around $34 per share. It hit a low of approximately $0.16 per share in April before a reverse stock split on May 30. Nasdaq warned the company in December that its shares would be delisted after trading below $1 for at least 30 consecutive days, according to a Securities and Exchange Commission filing.
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