The Bitcoin treasury company space is becoming more divided between firms with actual financial strategies and those leaning more on promotion, according to one industry executive.

“I think a lot of them don’t have the right capital structure, right. They don’t have the ability to actually deploy Bitcoin,” Sean Bill — co-founder of Bitcoin treasury company BSTR, alongside Adam Back  — said during an interview with Cointelegraph published to YouTube on Tuesday.

“They’re really planning on having Bitcoin do all the talking for them,” Bill said. “I do think that you have a lot of carnival barkers in this space,” Bill said.

Sean Bill spoke to Cointelegraph at BitcoinVegas. Source: Cointelegraph

Bill said that works well to an extent if a company has “cheap and easy access to leverage in the marketplace.” If not, companies must engage in other activities to add value beyond just holding Bitcoin, Bill explained. “Otherwise, investors will go to an ETF, you know, and just use a simple product like that, Bill said.

Bitcoin treasury companies have been one of the most talked-about narratives of the cycle, but questions have lingered over whether the sector is forming a bubble. While corporate Bitcoin treasuries have helped drive demand, they also introduce systemic risks. In a June 3, 2025, note to investors, Geoff Kendrick, head of digital assets at Standard Chartered Bank, said that a sharp price drop could trigger significant liquidations, while regulatory and market maturation may erode the premium for Bitcoin proxy stocks.

Related: Bitcoin plums new six-week lows as analyst eyes BTC price dip ‘end’ at $72K

There are 198 public companies collectively holding around 1.25 million Bitcoin, according to BitcoinTreasuries data. Michael Saylor’s Strategy is the largest public corporate holder, with a treasury of 843,738 Bitcoin.

On Wednesday, Cointelegraph reported that Bitcoin treasury company Nakamoto (NAKA) stock is down by about 67% year-to-date (YTD) and by more than 99% since its May 2025 peak of about $34 per share, reaching a low of about $0.16 per share in April before the reverse stock split on Friday.

Nasdaq warned the company in December that its shares would be delisted after trading below $1 for at least 30 consecutive days, according to a Securities and Exchange Commission (SEC) filing.

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