SkyBridge Capital Scaramucci: The craze for encryption reserve companies is bound to cool down, it is better to buy BTC directly.

Since Michael Saylor, the founder of MicroStrategy (Strategy), incorporated Bitcoin (BTC) into the balance sheet, it has sparked a trend of establishing Crypto Treasury Companies (Crypto Treasury Company). However, Anthony Scaramucci, former White House Communications Director and now founder of the hedge fund SkyBridge Capital, stated during an interview on July 3 that this "trend" is just a flash in the pan. He believes that investors will start to question the necessity of such companies, and it would be better to buy BTC directly rather than spending money on these company stocks.

The trend of holding coins by enterprises is bound to cool down; directly holding coins is better than buying these stocks.

Scaramucci stated that recently many companies have sprung up like mushrooms after rain, imitating the MicroStrategy (Strategy), and he frankly said that this trend will definitely cool down.

He pointed out that this type of enterprise is essentially just a middleman, allowing investors to indirectly hold BTC or ETH. In the future, people may even question:

"Why should I pay these companies to help me buy encryption currency? I might as well buy it myself."

Recently, Bitcoin miner BitMine announced this week that it will raise $250 million to establish a "MicroStrategy for Ethereum" and has invited renowned Wall Street analyst Tom Lee to serve as the chairman of the company.

Such enterprises usually use the "celebrity effect" to attract attention. For example, Eric Trump, the son of former U.S. President Donald Trump, serves as a director at the Japanese version of MicroStrategy Metaplanet. Meanwhile, Joe Lubin, co-founder of Ethereum, is the chairman of SharpLink, a U.S. online gaming company focused on the strategic reserve of Ether ETH.

Saylor is a special case, but we still need to see the costs clearly.

Scaramucci pointed out that the situation of Saylor, the founder of MicroStrategy, is quite special because in addition to holding coins, he is also involved in the development of other products. However, he added:

"I have no opinions on other companies, after all, I am quite optimistic about BTC, but from an investment perspective, one still needs to clearly understand the cost structure behind these companies."

It is worth mentioning that the ETF managed by Scaramucci, namely the First Trust SkyBridge Crypto Industry and Digital Economy ETF, currently has MicroStrategy as its second-largest holding, with a weight of 19.16% in this ETF, holding 70,448 shares. The two parties have a close relationship, and Saylor even wrote a preface for the Bitcoin book published by Scaramucci earlier this year.

The heated discussion on the coin storage business model continues, with voices both for and against.

However, not everyone buys into this model. Notable short-seller Jim Chanos recently publicly criticized MicroStrategy's coin-holding model as absurd, suggesting that investors might as well short MicroStrategy's stock directly and buy BTC instead. In response, Saylor countered that the premium on such corporate stocks reflects the overall strategy and structure, and cannot be judged solely by the value of the coins held.

Scaramucci finally added a key question:

"If you give a company $10, and they only take $8 to buy Bitcoin, you might still make a profit, but you have to ask yourself, why not take that $10 and buy the coin directly? That's the problem."

( Encryption meme stocks have become a new battlefield for coin traders! How to buy and sell virtual currency concept stocks through sub-delegation or overseas brokerages? )

This article by SkyBridge Capital Scaramucci: The craze for crypto reserve companies is bound to cool down, it is better to buy BTC directly. It first appeared in Chain News ABMedia.