Bitcoin advocates question the ability of new BTC finance companies to withstand pressure, saying they have not experienced the test of a bear market

Planet Daily News: Bitcoin advocate Max Keiser criticized Bitcoin treasury companies that recently imitated MicroStrategy's model on May 30th, questioning their ability to maintain financial discipline during a prolonged bear market. He stated that while Michael Saylor continued to accumulate and never sold during past bear markets, many "strategy clone companies" have not experienced similar market conditions and may not demonstrate the same steadfast holding attitude if faced with a pullback. Keiser wrote: "Saylor never sold even when at a loss and continued buying. It would be foolish to think the new generation of BTC treasury companies would have the same discipline. 'Strategy is the Bitcoin itself in Bitcoin financial operations', act accordingly." After MicroStrategy's stock price surged significantly and reached a high of $543, dozens of strategy imitators emerged. For example, asset management company Strive (founded by Vivek Ramaswamy) announced a BTC reserve strategy on May 7th, and Trump's media technology company TMTG announced raising $2.5 billion for Bitcoin purchases on May 27th. Additional analysis pointed out that Metaplanet currently has a premium of $600,000, with investors paying nearly six times the cost of directly purchasing BTC to gain BTC exposure, a premium risk worth noting.