SkyBridge founder: The accumulation of BTC by public companies imitating the Strategy is just a short-term phenomenon, and the craze is expected to fade in the coming months.

On July 2, Anthony Scaramucci, founder of SkyBridge Capital, recently stated in an interview with Bloomberg that the trend of publicly traded companies incorporating Bitcoin into their balance sheets is merely a temporary phenomenon, and he predicts that this strategy will lose momentum in the coming months. "Currently, companies are just blindly mimicking MicroStrategy's Coin Hoarding strategy, and this craze will eventually fade away," said Scaramucci. He emphasized that investors will eventually question: why pay a premium for companies holding Bitcoin rather than buying it directly themselves? This trend began in 2021 when software company MicroStrategy (MSTR), led by CEO Michael Saylor, first made large purchases of Bitcoin, resulting in its stock price rising nearly 3000%, attracting imitation from other companies including medical device company Semler Scientific (SMLR) and Japanese public company Metaplanet (3350). The craze is not limited to well-known companies; many small-cap companies have also attracted capital attention by increasing their holdings of Bitcoin or other Crypto Assets (such as Ether and XRP). However, Scaramucci emphasized that Saylor's success is unique—MicroStrategy has diverse business lines in addition to Bitcoin, "other following companies need to bear additional management costs and valuation premiums." Although he remains bullish on Bitcoin in the long term, Scaramucci warns investors to examine the hidden costs of "Bitcoin concept stocks." With the approval of Spot ETFs by the U.S. SEC, institutional investors can now directly allocate Bitcoin, weakening the scarcity logic of corporate Coin Hoarding. Data shows that in the second quarter of 2024, the growth rate of corporate Bitcoin holdings has already decreased by 37% compared to the same period last year.