Bitcoin treasury companies may offer amplified exposure to the cryptocurrency’s upside, but that leverage cuts both ways, according to The Smarter Web Company CEO Andrew Webley. In an interview with BTC advocate Stephen Livera, Webley argued that treasury vehicles inject extra volatility into an already volatile asset and add a layer of management risk that holding bitcoin directly does not carry. “Bitcoin has no management. A Bitcoin treasury company, the management could really, really mess it up,” he said.
Webley’s warning arrived as two of the most prominent corporate bitcoin accumulators continued expanding their positions. Strategy recently acquired another 334 BTC for $28.7 million, lifting its total to approximately 848,000 BTC acquired at an average price of about $75,441. At current prices, its treasury is valued near $72.29 billion, with unrealized gains above $8 billion. Strive bought 2,000 BTC for $169 million at an average of $84,422, bringing its holdings to 29,462 BTC. CEO Matt Cole said Strive’s higher bitcoin-amplification ratio—about 51.4% versus Strategy’s roughly 25%—could generate stronger returns, and he projected bitcoin could reach $400,000 to $500,000 by late 2029.
The market backdrop remains volatile. Bitcoin briefly moved above $87,000 on Friday after a weak US jobs report, then was rejected at that level on Monday and slid below $84,000, triggering nearly $600 million in liquidations. It later recovered toward $86,000, down roughly 0.5% over 24 hours but still up nearly 7% over 30 days and about 32% below its all-time high near $126,000. Michael Saylor added to buy speculation with a characteristically brief post—“More orange than ever”—accompanied by Strategy’s bitcoin accumulation chart. No new purchase was confirmed, but traders often treat such posts as unofficial signals that another treasury acquisition may be near.
