The founder of Bridgewater Capital warns: Companies hoarding Bitcoin will cool down, investors can buy coins directly, there's no need to buy ETFs at a premium.

SkyBridge founder Scaramucci warns: The craze of companies hoarding Bitcoin through debt will eventually fade, and investors should pay attention to valuation and leverage risks. (Background: SkyBridge founder: Solana's market capitalization will surpass Ethereum, SkyBridge has deployed 100 million USD in BTC and SOL) (Additional context: SkyBridge founder: The trend of companies issuing bonds to buy BTC will eventually subside, excessive speculation may backfire on Bitcoin) Since MicroStrategy first incorporated Bitcoin into its balance sheet in 2021, an increasing number of listed companies have announced the establishment of Bitcoin reserves, and 'Bitcoin in the treasury' has quickly become a prominent topic in the capital market. However, on July 2, SkyBridge Capital founder Anthony Scaramucci once again doused cold water on this trend during an interview with Bloomberg, asserting that this FOMO spectacle will eventually fade away. The craze of companies hoarding coins was ignited by MicroStrategy. MicroStrategy leveraged by issuing convertible bonds and has accumulated nearly 600,000 Bitcoins. During this period, the company's stock price has also soared, pushing its market capitalization to 100 billion USD. Therefore, MicroStrategy's impressive performance has driven the market's 'FOMO' sentiment, leading companies like Semler Scientific and Metaplanet to announce their Bitcoin reserve plans, and even some thinly traded small and medium-sized stocks have gained media attention by 'buying Bitcoin'. Currently, this hoarding trend has spread to Ethereum, XRP, and SOL among altcoins, and crypto assets are seen as an 'accelerator' to boost corporate valuations. Scaramucci: Investors do not need to pay a premium. In the face of this monotonous script, Scaramucci warns: 'Now everyone wants to replicate the concept of a treasury company... but this trend will eventually fade.' He pointed out that as Bitcoin spot ETFs and compliant custody services mature, the public can directly hold Bitcoin without needing to buy shares of hoarding companies to participate indirectly. When investors realize they still have to pay a premium for doing so, they will inevitably question 'why not buy coins themselves', and at that time, the valuations of related stocks may also be re-evaluated. Leverage and liquidity gaps are concerns. Furthermore, one of Scaramucci's biggest concerns is leverage. He believes that many companies are buying coins with debt, and once prices fluctuate significantly, they will face pressures of interest costs, collateral calls, and liquidity gaps, which in extreme cases could even lead to bankruptcy. He emphasized that MicroStrategy's success comes more from early entry and market narrative, and that MicroStrategy's current related products are richer; its success is unique, and other companies may not necessarily succeed by taking this path. Still optimistic about Bitcoin. Although statistics for the second quarter show that the total corporate coin holdings still increased by 18% year-on-year, bullish individuals interpret this as long-term confidence, but Scaramucci warns that when valuations are too high, interest rates rise, or regulations tighten, the heat could cool down. However, he stated that he remains optimistic about Bitcoin challenging gold's market capitalization in the long term, but opposes envisioning Bitcoin as a 'digital real estate' model with a tenfold increase in valuation. He suggests that if companies want to allocate crypto assets, they should maintain financial discipline and diversify their investments; relying solely on hoarding coins to support stock prices, 'the spotlight will eventually dim.' Related reports: Trump’s first hundred days: boasting about being the most successful in history, but polls hit a new low; SkyBridge founder: the worst three months in modern presidential history; SkyBridge founder reveals: The Senate will approve Bitcoin reserve plans! But the chance of acquiring 1 million coins is low; SkyBridge founder warns: Friendly crypto regulation after Trump takes office won't start overnight; that’s not how Washington operates. <SkyBridge founder warns: Companies hoarding Bitcoin will fade, investors can buy coins directly, no need to pay a premium for ETF> This article was first published in BlockTempo, the most influential blockchain news media.