SkyBridge Capital’s Scaramucci Warns Crypto Treasury Craze Will Fade, Despite Saylor Effect

Key Points

1. Anthony Scaramucci predicts the replicative Bitcoin treasury company trend will fade, as investors can purchase Bitcoin directly.

2. Public companies acquired 131,000 Bitcoin in Q2 2025, increasing their holdings by 18%, while Bitcoin ETFs saw an 8% rise (111,000 BTC).

3. Scaramucci questions the efficiency of treasury companies, suggesting investors might be better off buying Bitcoin directly rather than through intermediaries.

4. Some investors prefer regulated equity exposure for accessibility or tax benefits, though critics argue the added costs may not justify the approach.

5. Current U.S. GAAP treats crypto as indefinite-lived intangible assets, creating complex reporting requirements that vary by jurisdiction.