During a keynote interview at the DigiAssets 2025 conference, Anthony Scaramucci, founder of SkyBridge Capital, expressed strong reservations about corporations issuing debt to purchase Bitcoin for their treasury reserves. While his firm is invested in Bitcoin, Scaramucci cautioned that this specific strategy could backfire and negatively impact the broader Bitcoin ecosystem.
Scaramucci compared the enthusiasm for becoming a "Bitcoin treasury company" to fleeting fashion trends. He stated, "Skirts go up, skirts go down; lapels get wide, they get narrow." He warned that what seems like a hot trend now could quickly become outdated and ultimately harm Bitcoin’s reputation.
The Disagreement with Michael Saylor’s Strategy
This stance puts Scaramucci at odds with MicroStrategy’s executive chairman, Michael Saylor, whose company has aggressively used convertible notes to accumulate Bitcoin. MicroStrategy currently holds a Bitcoin treasury valued at approximately $61.9 billion. Other firms like Metaplanet, Marathon Digital (MARA), and Riot Platforms (RIOT) have adopted a similar approach, though not without scrutiny.
Analysts from firms like Sygnum Bank have pointed to potential risks. In a recent report, the Swiss digital asset bank warned that a prolonged downturn in Bitcoin’s price could force a company to liquidate part of its holdings to repay debt, sending a "very harmful signal" to the market.
While analysts at The Kobeissi Letter noted earlier this year that structural safeguards make a forced liquidation unlikely for MicroStrategy, they also acknowledged that "long-term weakness could affect its ability to meet obligations."
Scaramucci’s Broader Bitcoin Outlook
Despite his caution on corporate debt strategies, Scaramucci remains fundamentally bullish on Bitcoin. However, his price outlook is more conservative than Saylor’s. He views Bitcoin primarily as "digital gold" and bases its potential valuation on the total market capitalization of gold.
Scaramucci explained, "To me, it is digital gold—so I think it will trade to the market cap of gold." He estimates this would value Bitcoin as a $24–25 trillion asset. In contrast, he noted that Saylor sees Bitcoin as a foundational digital asset class that could connect with all other global assets, potentially growing into a $500 trillion market.
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The Risks of Leveraged Bitcoin Accumulation
Using debt to fund Bitcoin purchases introduces significant financial risk. Corporations essentially bet that Bitcoin's price appreciation will outpace the interest cost of their debt. This strategy can amplify returns during a bull market but can also lead to severe distress if the market turns.
Key risks include:
- Interest Rate Risk: Rising interest rates can increase the cost of carrying debt.
- Bitcoin Volatility: A sharp, sustained decline in Bitcoin's price could erode the value of the collateral.
- Liquidation Pressure: If the value of the Bitcoin holdings falls too close to the loan value, a company might face margin calls or be forced to sell, potentially creating a negative feedback loop in the market.
Frequently Asked Questions
Why does Anthony Scaramucci disagree with companies using debt to buy Bitcoin?
Scaramucci believes this trend is speculative and similar to other financial fads that can become outdated. He is concerned that if such strategies fail, the resulting negative fallout could harm Bitcoin's reputation and stability, even if the technology itself is sound.
What is MicroStrategy’s approach, and why is it controversial?
MicroStrategy has used the issuance of convertible notes (a form of debt) to fund the massive purchase of Bitcoin for its corporate treasury. This is controversial because it leverages the company's balance sheet to make a highly speculative bet on a single, volatile asset, which carries inherent risks for the company and its shareholders.
What are the main risks for a 'Bitcoin treasury company'?
The primary risks are financial. A prolonged bear market could force a company to sell its Bitcoin at a loss to meet debt obligations, potentially triggering a cycle of more selling. It also exposes the company to interest rate hikes and increased scrutiny from regulators and investors.
Could a company be forced to sell its Bitcoin?
Yes, though it's often a last resort. If a company has taken out loans using Bitcoin as collateral, a severe price drop could trigger margin calls, requiring the company to post more collateral or sell部分 of its holdings. Companies using simple corporate debt are subject to covenant agreements and must maintain sufficient cash flow to service their debt.
How does Scaramucci’s view of Bitcoin differ from Michael Saylor’s?
Scaramucci sees Bitcoin primarily as a store of value, akin to digital gold, with a potential market cap matching that of gold. Saylor has a more expansive view, positioning Bitcoin as a foundational technological platform that will eventually encompass a much larger portion of the global financial system.
Is there a safer way for corporations to gain exposure to Bitcoin?
Many argue that a more conservative approach involves using a small percentage of excess corporate cash flow to purchase Bitcoin outright, without leverage. This eliminates interest rate risk and the pressure of debt repayment, allowing the company to hold the asset through market cycles without the threat of forced liquidation. For institutions considering this path, thorough research is essential. 👉 Learn about institutional investment frameworks