Skybridge Capital founder Anthony Scaramucci warned at the DigiAssets 2025 conference about the strategy of companies buying Bitcoin through debt, stating that excessive speculation may ultimately backfire on the market. (Background: Brazil's 'Bitcoin Reserve Bill' has passed its initial review, with 5% of foreign exchange reserves ($18 billion) set to buy BTC moving closer.) (Additional context: Public company Eyenovia announced a $50 million investment in $HYPE; why choose Hyperliquid over Bitcoin?) In recent months, many companies have followed the footsteps of Strategy (formerly MicroStrategy), issuing convertible bonds to buy large amounts of Bitcoin (BTC) as corporate reserves. However, Skybridge Capital founder Anthony Scaramucci raised concerns at the DigiAssets 2025 conference, believing that such high-leverage operations are too speculative and will ultimately pose risks to Bitcoin prices and the companies themselves. Scaramucci: Buying coins with debt is like a fleeting trend. This seasoned investor compared companies issuing bonds to purchase Bitcoin to the SPAC craze that once prevailed in the financial markets, considering both to be overly concentrated and fleeting fashions. He further worries that when market sentiment reverses, this model will "come back to harm Bitcoin." Scaramucci also used the fashion industry's changing trends as an example: "Skirts get shorter, skirts get longer; collars become wider, they become narrower." He believes that buying coins with debt is "very popular now," but will eventually fade and leave behind side effects. The potential risks of high-leverage models. MicroStrategy relies heavily on issuing bonds, accumulating hundreds of billions of dollars in BTC inventory, making its position the largest among publicly traded companies, and driving the company's stock price to soar. Companies like Metaplanet, Mara, Riot Holdings, and others have also adopted the same script, forming a wave of "corporate Bitcoin reserves." However, experts have pointed out several potential concerns, including the risk of price declines, net worth fluctuations caused by debt leverage amplifying coin price volatility; when Bitcoin liquidity contracts, corporate fundraising and liquidation may be restricted; concentration of holdings among a few large holders poses systemic risks; and disconnection from core business operations, leading to investment nature overpowering operational strategies... these are all important factors to consider. Long-term observation amid valuation discrepancies. On the other hand, although Scaramucci and Strategy founder Michael Saylor are both optimistic about Bitcoin's long-term trend, there is a significant discrepancy in their final market value estimates for Bitcoin. Scaramucci views BTC as "digital gold," estimating its market value corresponding to gold at about $24–25 trillion; Saylor defines BTC as "digital property," with a potential market size of $500 trillion in global assets. Overall, Scaramucci's latest remarks again point out that if companies rely on debt to purchase BTC, they may be able to increase earnings per share and attract market attention in the short term, but high leverage also amplifies the risk of declines. Once the cycle reverses, liquidation pressure, liquidity tightening, and market panic may shift from "corporate accumulation" to "corporate liquidation," deepening Bitcoin's volatility. Related reports: Bank of America: Bitcoin is a "disruptive innovation" equivalent to the printing press over the past thousand years! Solana founder criticizes "$100 million ADA for Bitcoin" as foolish; Hoskinson responded after several days of silence. I tried two ways to invest in Bitcoin: one successful, one a complete failure, giving me valuable lessons. "Skybridge Capital founder: The trend of companies issuing bonds to buy BTC will eventually fade; excessive speculation may backfire on Bitcoin." This article was first published on BlockTempo (the most influential blockchain news media).

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