In July 2025, Glassnode analyst James Check expressed concerns about the short-lived nature of corporate Bitcoin treasury strategies. His statements highlight the difficulties new companies may face in leveraging such strategies while established players like MicroStrategy maintain their market advantages.
Concerns over Bitcoin Treasury Strategy
James Check warns that the Bitcoin treasury strategy has a far shorter lifespan than most expect. He emphasizes that it is not about merely holding Bitcoin assets, but whether a company's product and business model can sustain long-term Bitcoin accumulation without relying on hype. He states: 'It's not about a measuring contest but about whether a company’s product and business model can support long-term Bitcoin accumulation without depending solely on hype.'
Challenges for New Entrants
Extensive data from Glassnode shows the impact of Bitcoin as a corporate asset, reflecting on the diminished prestige for new adopters like MARA Holdings despite adding reserves. Recent data indicates a lack of major institutional funding rounds for newcomers, highlighting the challenges faced by those trying to enter the market later.
Market Prospects and Changes
James Check's perspective aligns with historical trends where early Bitcoin adopters secured market premiums. New firms adopting similar strategies struggle to achieve similar influence, potentially impacting Bitcoin itself. Discussions around the sustainability of these strategies may affect future guidelines for corporate reserve management.
James Check's analysis raises important questions about the long-term viability of Bitcoin accumulation strategies today. The sustainability of business models and capability for innovation are becoming critical for the success of new market players.
