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Dangerous risks: Companies rely on Bitcoin purchases with debt!
Companies are increasingly using debt for Bitcoin purchases. Anthony Scaramucci warns about the risks of this strategy.
Dangerous risks: Companies rely on Bitcoin purchases with debt!
More and more companies are turning to Bitcoin as part of their treasury strategy. However, this development harbors both opportunities and significant risks. Anthony Scaramucci, founder of SkyBridge Capital, raises concerns about the trend of companies taking on debt to accumulate Bitcoin. In his eyes, this course could be dangerous for companies because it has parallels to previous hype phases, such as the SPAC boom. Scaramucci warns that debt-based buying of Bitcoin may just be a passing fad that could cause serious setbacks for companies and the entire Bitcoin market if market conditions change.
Scaramucci is particularly critical of the strategy of companies like MicroStrategy, whose CEO Michael Saylor takes a contrary stance. Saylor continues to buy Bitcoin using leverage and recently acquired 10,100 BTC for around $1.05 billion, giving the company now 592,000 BTC with a total value of more than $41 billion. MicroStrategy's average starting price is around $70,666 per coin.
The trend towards Bitcoin Treasuries
In total, public companies hold over 775,000 BTC, representing a value of around $81 billion. Together, these holdings represent approximately 3.69% of the maximum Bitcoin supply. Private companies also own around 458,000 BTC, which accounts for another 2.18%. Overall, corporate balance sheets control around 6% of all Bitcoin in existence. This tendency to use Bitcoin as a hedge against inflation or as a speculative bet has noticeably increased in recent years.
Despite all the enthusiasm for Bitcoin Treasuries, there are critical voices. Scaramucci emphasizes that purchases on credit are risky and could have a serious impact on the Bitcoin market. Analysts at Kobeissi Letter believe a forced liquidation is "very unlikely" but highlight that pressure could arise on the financial stability of companies like MicroStrategy, especially in the event of a market downturn.
Criticism and warnings
Economic experts and the Swiss digital bank Sygnum warn of the risks that could arise from a prolonged market downturn. Scaramucci also said during a keynote speech at the DigiAssets 2025 Congress that he was “not in love” with Bitcoin’s debt-buying strategy given current results. He compares the enthusiasm for Bitcoin reserves to changing fashion trends and sees impending trouble if the current market mood changes.
The reaction of companies that have invested heavily in Bitcoin could be crucial if Bitcoin prices enter a bear market, with many accumulating at prices above $100,000. The current strategy of companies like MicroStrategy has already inspired other companies like Metaplanet, Mara and Riot Holdings to take similar comfortable positions.
How the situation will develop and whether companies will adapt their Bitcoin strategies remains to be seen. In any case, the mix of optimistic investment spirit and risky buying methods will continue to attract attention. Cointelegraph reports that this dynamic could affect not only the fate of investing companies, but also that of the entire Bitcoin market.
Going forward, the question remains as to whether these massive credit purchases actually serve as a hedge or whether they will endanger the Bitcoin market. Decrypt summarizes that despite his critical views, Scaramucci also sees opportunities for growth and stability in the Bitcoin sector, but wants a more cautious approach.