#BTCBreaksATH
Are Bitcoin treasury companies a new bubble akin to the ICO boom? Critics and industry leaders see similarities
As Bitcoin treasury companies are becoming the new initial coin offerings, people are starting to remember how it all ended in 2018. While ICOs and Bitcoin treasury companies are definitely not the same, critics outline some similarities. More than that, recently, the CEO of the treasury company Nakamoto, David Bailey, compared his business to “the early day ICOs.” Calling something a bubble until it bursts may not be correct, but it is possible to point out similarities and differences between ICOs and treasuries to test the potential future of the latter.
The rise of Bitcoin treasury companies
MicroStrategy was founded in 1989, and since then, it has tested several grounds. Only in 2020 did MicroStrategy focus on issuing debt to buy bitcoin, promising its shareholders indirect exposure to owning BTC held by the company. In 2025, the company changed its name to Strategy.
Strategy attracted attention. MSTR stock’s value has gained 500% since early 2024. Investors who don’t want or cannot (because of the laws) buy BTC directly but want to enjoy yield on growth opportunities.
After Donald Trump’s victory in the 2024 election and a new round of interest in Bitcoin, Bitcoin treasury companies began to emerge with ever-increasing speed. Multi-million dollar purchases of Bitcoin decrease BTC price volatility, creating increased demand for it. Strategy alone bought more Bitcoin in 2025 than miners produced. Such terms as “supply shock” and “opportunity cost” reflect how reluctant people become to sell any amount of BTC.
Just like Strategy chair Michael Saylor is advocating for Bitcoin and Strategy online and offline on a daily basis, Strategy copycats rely on influencers in the crypto sector to promote their stocks. ProCap BTC is headed by Anthony Pompliano, Metaplanet’s voice is Simon Gerovich, XXI Capital hired a Strike CEO, Jack Mallers, while Nakamoto is helmed by Bitcoin Magazine CEO David Bailey, etc.
