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Scaramucci Says Bitcoin Treasury Trend Will Fade Despite Saylor’s Success
The SkyBridge founder told Bloomberg that companies adding crypto to their balance sheets is temporary.
Jul 2, 2025, 3:26 p.m.
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What to know:
- Anthony Scaramucci said the bitcoin treasury strategy is only a short-term trend.
- The success of Strategy sparked other companies to adopt the approach.
- Some firms have started adding ether or XRP to their treasuries.
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Anthony Scaramucci, the founder and managing partner of hedge fund SkyBridge Capital, says the wave of companies adopting a bitcoin treasury strategy is just a passing trend. In an interview with Bloomberg, Scaramucci said he expects the approach to lose momentum in the coming months.
“Right now we’re having this replicative treasury company idea,” Scaramucci said. “So, you know, it will fade.”
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He implied that investors may start to wonder why they’re paying extra for a company to hold an asset they could simply buy themselves.
The idea of using bitcoin as a corporate treasury asset gained traction in 2021, when Strategy (MSTR), a software developer led by Michael Saylor, became the first major public company to do so. Saylor’s aggressive bitcoin purchases turned Strategy into a de facto bitcoin investment vehicle, sending its stock price soaring nearly 3,000% since then.
The massive gains drew attention across corporate America and elsewhere. A number of companies followed Strategy’s lead, including medical device maker Semler Scientific (SMLR), which announced its own bitcoin treasury strategy in May 2024, and Tokyo-based Metaplanet (3350), which started out as a hotel management company.
The trend hasn’t been limited to high-profile firms. Smaller companies, often penny-stocks, also jumped in, trying to raise capital or attract investor interest by adding bitcoin or other cryptocurrencies to their balance sheets.
What began as a focus on bitcoin soon expanded to other digital assets. Some companies opted to purchase ether or XRP as part of their treasury strategy, pushing the concept beyond its original scope.
Scaramucci acknowledged that Saylor’s success is unique, pointing to the company’s other business lines beyond bitcoin holdings.
“Saylor’s case is different, because he’s got a couple different products going now,” Scaramucci said in the interview with Bloomberg. “I’m not negative on the others, because I’m too bullish on bitcoin, but I would just say as an investor, you have to look through the underlying costs associated with each one of these treasury companies.”
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
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Recapping Consensus Hong Kong
Crypto's role in payments for AI, regulatory changes and the digital asset market dominated conversations on the ground.
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- Speakers at CoinDesk's Consensus Hong Kong conference said crypto and stablecoins are likely to become the default payment tools for autonomous AI agents in an emerging "machine economy."
- Market participants warned that bitcoin, which has already dropped nearly $30,000 in a month, may fall further, with $50,000 seen as the level to watch.
- Hong Kong regulators are pressing ahead with crypto rules even as others wait to see how U.S. legislation develops.
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