Bitcoin Treasury Model Faces Shorter Lifespan: Analyst

Bitcoin Treasury Model May Soon Expire, Analyst Warns

The Bitcoin treasury model that helped companies like MicroStrategy thrive may soon lose momentum. James Check, lead analyst at Glassnode, warns that newer firms will find it hard to succeed without a clear niche.

“The Bitcoin treasury strategy has a far shorter lifespan than most expect,” Check said on X.

Newcomers May Already Be Too Late

Check believes many new entrants have missed the early window of opportunity. He emphasized that success now depends on more than simply holding Bitcoin.

“For many, it could already be over,” he added.

He noted that investors favor early adopters with a strong track record. “Nobody wants the 50th Treasury company,” he said, stressing the need for strategic differentiation.

Market Demands Proof, Not Hype

Check thinks the market is now in a “show me” phase, where companies must prove their value. Hype alone is no longer enough. New firms often attract retail investors, but that group doesn’t have unlimited capital.

Even with Bitcoin trading near $107,990, Check said only companies with clear goals and strong strategies will survive.

“Strategy has more runway than the 300th company entering the market,” he noted.

Weaker Firms Could Be Bought Out

Taproot Wizards co-founder Udi Wertheimer shares Check’s view. He believes some firms are chasing quick profits, not long-term success.

“Many see easy money and have no idea what they’re doing,” he said.

Wertheimer predicted that stronger players might acquire weaker ones at a discount.

Earlier, VC firm Breed warned that only a few BTC-holding firms would avoid a “death spiral” as their value drops close to net asset value.

Copycats May Damage Bitcoin’s Reputation

Fakhul Miah, managing director at GoMining Institutional, expressed concern about firms copying the treasury model without proper risk controls.

“If these smaller firms crash, we could see a ripple effect that hurts Bitcoin’s image,” he said.