As Bitcoin continues its rise into mainstream finance, a growing number of public companies are adding the cryptocurrency to their treasuries — but not without controversy.
While firms like MicroStrategy and Metaplanet are going all-in on Bitcoin (BTC) accumulation, others are cautiously experimenting, often as a hedge against inflation, rising interest rates, and fiat debasement. Yet critics warn that many of these companies are financially shaky, using the coin more as a speculative lifeline than a strategic asset.
Analysts are split between seeing this trend as forward-thinking financial engineering or a “dumpster fire.” The rise of corporate Bitcoin treasuries reflects both the promise and peril of crypto’s expanding influence in global capital markets.
‘Dumpster fire in the making’
Journalist and analyst Sean Williams expressed his concerns over the possible failure of the Bitcoin treasury companies, citing the lack of innovation and operational success as the drivers of the potential bust. He called the BTC treasury hype a “dumpster fire in the making.”
He pointed out that many companies resorting to launching a BTC treasury are not profitable in the first place, so they try to make quick money out of crypto volatility. This emphasizes their weaknesses. Strategy’s stock performance was one of the worst in February 2025.
Why adopt BTC treasuries?
While some veterans could get annoyed by seeing their favorite crypto gets “appropriated” by the new players with money, the reasons for adopting corporate Bitcoin treasuries have strong macroeconomic grounds.
In an in-depth study, Fidelity analysts note that the last five years saw an increase in publicly traded companies that allocate part of their capital in Bitcoin, which is seen as a hedge against increasing fiscal deficits, fiat currency debasement, and risks associated with geopolitical turbulence.
‘Crash test’
FOMO and game theory are often mentioned when people discuss reserves. These reserves cut the live liquidity, increasing an asset’s deficit on the markets while not necessarily pumping the price (as people quickly got used to “bullish” announcements).
The trend is pretty young, and it needs to undergo a crash test so we can see if the companies stacking bitcoins are not the “tourists.”