Opinion: There are a large number of "hype companies" in the Bitcoin treasury corporate sector

Odaily Planet Daily News The market for Bitcoin treasury companies is becoming increasingly polarized. On one side are companies with genuine financial strategies, and on the other are those that rely more on publicity and hype.

Sean Bill, co-founder of BSTR (alongside Adam Back), stated: "Many companies lack the proper capital structure and the actual capability to deploy Bitcoin. They primarily rely on Bitcoin's own performance to attract investment." Sean Bill described such companies as "carnival barkers," noting that this strategy might work if companies can easily obtain leverage at a low cost. Otherwise, companies must add value through other means, or investors will opt for simpler products like ETFs.

According to data from BitcoinTreasuries, there are currently 198 publicly traded companies holding approximately 1.25 million Bitcoins, with Michael Saylor's Strategy holding the largest amount at 843,738 Bitcoins. Meanwhile, the Bitcoin treasury company Nakamoto (NAKA) has seen its stock price fall about 67% year-to-date, with a cumulative decline of over 99% from its peak of $34 per share in May 2025. After hitting a low of $0.16 in April, it underwent a reverse stock split last week. Nasdaq warned the company in December 2025 that it faced potential delisting risk due to its stock price trading below $1 for 30 consecutive days, as per an SEC filing. (Cointelegraph)