Sky Bridge Capital Founder: The corporate bond issuance craze for buying BTC will eventually fade, and excessive speculation may backfire on Bitcoin.

Anthony Scaramucci, founder of Skybridge Capital, warned at the DigiAssets 2025 conference about corporate strategies to buy bitcoin through debt, saying that excessive speculation could eventually eat the market. (Summary: Brazil's "Bitcoin Reserve Act" passed the preliminary review, 5% foreign exchange reserves (180 billion US dollars ) buying BTC is one step closer) (Background supplement: Listed company Eyenovia announced that it invested $50 million in $HYPE, why choose Hyperliquid instead of Bitcoin? In recent months, many companies around the world have followed in the footsteps of Strategy (formerly MicroStrategy), issuing convertible bonds to buy bitcoin (BTC) as corporate reserves. However, Anthony Scaramucci, founder of Skybridge Capital, warned at the DigiAssets 2025 conference that such highly leveraged operations are too speculative and will eventually bring hidden dangers to the price of bitcoin and the company itself. Scaramucci: Borrowing to buy coins is like a short-lived fashion The veteran investor likened the issuance of bonds to buy bitcoin by companies to the SPAC boom that has prevailed in the financial markets in the past, and believes that they are all overly concentrated and ephemeral fashions. He further feared that when market sentiment reversed, the pattern would "go back and hurt Bitcoin." Scaramucci also cites the popularity of fashion circles as an example: "The skirt will be shortened, the skirt will be longer; The lapels will wider, they will narrow." He believes that buying coins with debt "is fashionable right now", but will eventually subside the fever and leave sequelae. Potential risks of a highly leveraged model MicroStrategy Strategy has accumulated tens of billions of dollars of BTC inventory by issuing a large amount of debt, ranking first among listed companies in the world, and driving the company's stock price to soar. Push Metaplanet, Mara, Riot Holdings... and other companies have also adopted the same script, forming a trend of "corporate bitcoin reserves". However, experts also pointed out several potential concerns, in addition to the risk of price decline, debt leverage amplifies the fluctuation of net value caused by currency price fluctuations; When Bitcoin liquidity shrinks, corporate fundraising and liquidation may be limited; A small number of large households concentrate on holding coins, which hides systemic risks; and disconnection from the main business, making the nature of the investment prevail over the operational strategy... These are all important factors to consider. Long-term observation under valuation divergence On the other hand, while Scaramucci and Strategy founder Michael Saylor are both bullish on Bitcoin's long-term trend, there is a significant gap between their final market capitalization estimates. Scaramucci considers BTC to be "digital gold", with an estimated market capitalization corresponding to about $24–25 trillion; Saylor defines BTC as "digital property", looking at the global asset size of $500 trillion. Overall, Scaramucci's latest statement once again points out that companies that rely on debt to buy BTC may increase earnings per share and attract market attention in the short term, but high leverage also amplifies downside risks. Once the cycle reverses, liquidation pressure, liquidity tightening and market panic may all change from "corporate position increase" to "corporate position reduction" to deepen bitcoin volatility. Related reports Bank of America: Bitcoin is a thousand years of "disruptive innovation", the same level of printing! The founder of Solana criticized "$100 million ADA for Bitcoin" as too stupid, and Hoskinson responded after several days of silence I tried 2 ways to invest in Bitcoin: one set of success, one set of fiasco, a valuable lesson for me "Founder of Skybridge Capital: The boom of enterprises issuing bonds to buy BTC will eventually subside, and excessive speculation may eat back Bitcoin" This article was first published in BlockTempo "Dynamic Trend - The Most Influential Blockchain News Media".