SkyBridge founder warns: Corporate hoarding of Bitcoin will fade, investors can buy coins directly without needing to pay a premium for ETFs.

SkyBridge founder Anthony Scaramucci warns: The craze for corporations to hoard Bitcoin through debt will eventually fade, and investors should pay attention to valuation and leverage risks. (Background: SkyBridge founder: The market value of Solana will surpass Ethereum; SkyBridge has allocated $100 million in BTC and SOL) (Additional context: SkyBridge founder: The trend of corporations issuing bonds to buy BTC will eventually subside, and excessive speculation may backfire on Bitcoin) Since MicroStrategy first incorporated Bitcoin into its balance sheet in 2021, an increasing number of publicly listed companies have announced the establishment of Bitcoin reserves, making 'Bitcoin in the treasury' a prominent trend in the capital markets in just a few years. However, on July 2, SkyBridge Capital founder Anthony Scaramucci once again poured cold water on this trend during an interview with Bloomberg, asserting that this FOMO spectacle will eventually fade away. The craze for corporate hoarding of coins was ignited by MicroStrategy. MicroStrategy leveraged convertible bond issuance and has now accumulated nearly 600,000 Bitcoins, with the company's stock price rising significantly during this period, pushing its market value to $100 billion. Therefore, MicroStrategy's dazzling achievements have driven the market's 'FOMO' sentiment, with companies like Semler Scientific and Metaplanet announcing their Bitcoin reserve plans, even some small-cap stocks with thin trading volumes are making headlines by 'buying Bitcoin', and this coin hoarding trend has now spread to Ethereum, XRP, SOL, and other altcoins, with crypto assets being seen as an 'accelerator' for boosting corporate valuations. Scaramucci: Investors do not need to pay a premium. Faced with this monotonous script, Scaramucci warned: 'Now everyone wants to replicate the 'Treasury Company' concept... but this trend will eventually fade.' He pointed out that as Bitcoin spot ETFs and compliant custody services mature, the public can hold Bitcoin directly without needing to indirectly participate by buying stocks of coin hoarding companies. When investors find that they have to pay a premium to do so, they are bound to question 'why not just buy the coins themselves', at which point the valuations of related stocks may be re-priced. Leverage and liquidity gaps are hidden concerns. Additionally, Scaramucci's greatest concern is leverage. He believes that many companies are borrowing to buy coins, and once prices fluctuate significantly, they will face pressures such as interest costs, collateral calls, and liquidity gaps, which in extreme cases may even lead to bankruptcy. He emphasized that MicroStrategy's success comes more from early entry and market narrative, and that MicroStrategy's current related products are richer, making its success unique; other companies may not succeed by following this path. Still optimistic about Bitcoin. Although statistics for the second quarter show that the total corporate holdings of coins still increased by 18% year-on-year, and bullish investors interpret this as long-term confidence, Scaramucci warns that when valuations are too high, interest rates rise, or regulation tightens, the heat could cool down. However, he stated that he remains optimistic about Bitcoin challenging gold's market value in the long term but opposes envisioning Bitcoin as a 'digital real estate' model to amplify valuations by tenfold. He suggests that if companies want to allocate crypto assets, they should maintain financial discipline and diversify their investments; relying solely on hoarding coins to support stock prices, 'the spotlight will eventually fade.' Related reports: Trump boasts of the most successful first 100 days in history, but polls hit new lows; SkyBridge founder: The worst three months in modern presidential history. SkyBridge founder reveals: The Senate will approve Bitcoin reserve plans! But the chance of acquiring 1 million coins is low. SkyBridge founder warns: Friendly crypto regulation after Trump takes office will not be activated overnight; that's not how Washington operates. SkyBridge founder warns: Corporate hoarding of Bitcoin will fade; investors can buy coins directly and do not need to pay a premium for ETFs.