Bitcoin advocates question the ability of new BTC finance companies to withstand pressure, saying they have not experienced the test of a bear market

Odaily News Bitcoin advocate Max Keiser published an article on May 30, criticizing Bitcoin finance companies that have recently imitated the MicroStrategy model, questioning their ability to maintain financial discipline in a long-term bear market. He said that Michael Saylor continued to increase his positions and never sold in the past bear market, while many "strategy clone companies" have not experienced a similar market environment. If they encounter a correction, they may not be able to show the same firm position.
“Saylor never sold even at a loss and kept buying,” Keiser wrote. “It’s foolish to think the new generation of BTC treasury companies will have the same discipline. ‘Strategy is the Bitcoin of Bitcoin treasury operations,’ act accordingly.”
After MicroStrategy's stock price rose sharply, reaching a high of $543, dozens of strategy imitators appeared in the market. For example, asset management company Strive (founded by Vivek Ramaswamy) announced on May 7 that it would adopt a BTC reserve strategy; Trump's media technology company TMTG also announced on May 27 that it had raised $2.5 billion to purchase Bitcoin.
Another analysis pointed out that Metaplanet’s current premium is as high as $600,000, and the cost paid by investors to gain BTC exposure is nearly six times that of directly purchasing coins. The premium risk is worthy of vigilance.