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SkyBridge Capital’s Scaramucci Warns Crypto Treasury Craze Will Fade, Despite Saylor Effect

Anthony Scaramucci questions the investment case for corporate crypto balance sheets, raising concerns about costs and sustainability as more firms mirror Strategy’s asset-holding model.

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Hongji Feng

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Hongji Feng

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Hongji is a crypto and tech reporter. He graduated from Northwestern University's Medill School of Journalism with a Bachelor's and a Master's. He has previously interned at HTX (Huobi Global),...

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Last updated:

July 2, 2025

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Key Takeaways:

SkyBridge Capital’s Anthony Scaramucci said the wave of companies adopting crypto treasury strategies will decline.
He questioned investors’ willingness to pay premiums for firms holding crypto assets.
Companies like BitMine and Metaplanet are emulating Strategy’s approach, often with prominent public figures attached.

Anthony Scaramucci, founder and managing partner of SkyBridge Capital, said the trend of public companies adopting crypto treasury models will decline, according to a report published by Bloomberg.

“Right now we’re having this replicative treasury company idea,” Scaramucci said. “So, you know, it will fade.”

He questioned the logic of paying a premium for equity in firms that hold crypto when investors could buy the underlying assets themselves.

Scaramucci Warns of Crypto Treasury Trent

Several companies have mirrored Strategy’s model of using corporate balance sheets to hold Bitcoin or other tokens. BitMine Immersion Technologies recently announced a $250 million placement to support an Ethereum treasury and appointed Fundstrat founder Thomas Lee as board chair.

Other firms have added high-profile advisers to boost visibility. Eric Trump sits on the board of Metaplanet, while Joe Lubin chairs SharpLink Gaming, which also shifted its focus to Ethereum holdings.

“Saylor’s case is different, because he’s got a couple different products going now,” Scaramucci said.

While expressing long-term confidence in Bitcoin, he said investors should evaluate each firm’s structure and cost profile.

“I’m not negative on the others, because I’m too bullish on Bitcoin, but I would just say as an investor, you have to look through the underlying costs associated with each one of these treasury companies,” he said.

Public companies acquired about 131,000 coins in the second quarter, growing their bitcoin balance 18%, according to data provider Bitcoin Treasuries. ETFs showed an 8% increase or about 111,000 BTC in the same period.https://t.co/Nyiquq8Ync
— Michael Saylor (@saylor) July 1, 2025

According to the report, SkyBridge’s ETF, which includes Strategy among its largest holdings, competes with other funds and crypto treasury firms for investor attention. Despite the broader trend, Strategy has outperformed most crypto ETFs this year.

Investor Doubts and Regulatory Questions

The funding model for Strategy’s purchases has shifted over time, from stock and debt issuance to preferred share sales. The concept has drawn criticism, including from short-seller Jim Chanos, who called it “financial gibberish.”

Scaramucci posed a practical question for investors: “The question is, if you’re giving somebody $10 and they’re putting $8 into Bitcoin, are they going to do well?” “Yes. But you might have been better off just putting $10 into Bitcoin. I think that’s an issue.”

Critics argue that firms structured around token holdings may blur the line between operating businesses and passive investment vehicles, complicating shareholder expectations and disclosures.

The trend also intersects with emerging regulatory scrutiny. Oversight bodies may revisit listing rules, disclosure practices, and capital allocation policies. Any shift in enforcement or accounting treatment could reshape how corporate crypto strategies are designed or whether they remain viable.

Frequently Asked Questions (FAQs)

Why do investors pay premiums for treasury companies rather than buying crypto directly?

Some investors prefer regulated equity exposure for accessibility or tax reasons. Others may rely on company governance or believe in additional business value. However, critics argue the added cost may not justify the indirect exposure.

What accounting rules apply to crypto held on corporate balance sheets?

Current U.S. GAAP treats crypto as indefinite-lived intangible assets. Companies must record impairment losses if prices fall but cannot mark up assets if values rise, potentially distorting reported financials.

Are there tax implications for companies holding crypto?

Corporate crypto gains are taxed under capital gains rules, and transaction-based holdings may trigger complex reporting requirements. Jurisdictional rules vary and can influence how strategies are structured.