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Anthony Scaramucci, founder and managing partner of SkyBridge Capital, believes the recent surge in public companies adopting crypto treasury strategies is unlikely to last.
What Happened: In an interview with Blooomberg, Scaramucci said the current wave of firms mimicking Michael Saylor’s Bitcoin (CRYPTO: BTC) treasury model is likely to fade over time.
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“We’re seeing this replication of the crypto treasury company idea right now,” Scaramucci said. “But eventually, that will fade.”
According to Scaramucci, investors may soon realize it makes little sense to pay a premium for shares in companies that primarily hold Bitcoin or other crypto assets, assets that investors could purchase directly themselves.
“Why pay the middleman?” he asked.
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Over the past year, several public companies have aggressively pursued crypto treasury strategies, inspired by Saylor’s playbook at Strategy (NASDAQ:MSTR) (formerly MicroStrategy).
The latest is BitMine Immersion Technologies (AMEX:BMNR), a Bitcoin mining firm that announced a $250 million private raise this week to build an Ethereum treasury.
BitMine also appointed Thomas Lee, founder of Fundstrat and a frequent CNBC contributor, as its board chairman.
Many of these companies have sought to differentiate themselves by enlisting high-profile advisors.
Examples include Eric Trump, who serves on the board of Metaplanet (OTC:MTPLF), often referred to as Japan’s answer to Strategy and Ethereum (CRYPTO: ETH) co-founder Joe Lubin, who is chairman at Sharplink Gaming (NASDAQ:SBET), a former betting company now focused on Ethereum treasury management.
“Saylor’s position is unique because Strategy is now offering multiple products,” Scaramucci said. “I’m not criticizing the others—I’m bullish on Bitcoin—but investors need to carefully examine the hidden costs within each of these crypto treasury firms.”
SkyBridge’s crypto-focused ETF, the First Trust SkyBridge Crypto Industry and Digital Economy ETF, lists Strategy as its largest holding.
Saylor also wrote the foreword to Scaramucci’s recently published Bitcoin book.
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Why It Matters: While Wall Street has launched an increasing number of crypto ETFs and diversified investment products, some of which compete with crypto treasury firms like Strategy, Strategy remains one of the year’s top-performing crypto-related stocks.
