Bitcoin advocates question the resilience of the new BTC financial company, stating that it has not undergone the test of a bear market.

Odaily News Bitcoin advocate Max Keiser posted on May 30, criticizing recent Bitcoin treasury companies that mimic the MicroStrategy model, questioning their ability to maintain financial discipline during a long bear market. He stated that Michael Saylor continued to increase the position and did not sell during past bear markets, while many “strategy clone companies” have not experienced similar market conditions and may not demonstrate the same steadfast holdings attitude if faced with a pullback. Keiser wrote: “Saylor has never sold even at a loss, continuing to buy. It is foolish to think that the new generation of BTC financial companies will have the same discipline. ‘The strategy is the Bitcoin itself in Bitcoin financial operations,’ so act accordingly.” After the stock price of MicroStrategy surged significantly, reaching a high of 543 USD, the market saw dozens of strategy imitators. For example, asset management company Strive, founded by Vivek Ramaswamy, announced on May 7 that it would adopt a BTC reserve strategy; Trump’s media technology company TMTG also announced on May 27 that it would raise 2.5 billion USD to purchase Bitcoin. Another analysis points out that Metaplanet currently has a premium of up to $600,000, with investors paying nearly six times the cost of directly purchasing Bitcoin to gain exposure to BTC, making the premium risk worth noting.