Probably the loudest Bitcoin critic, Peter Schiff, called out the corporate crypto rush in a recent post, saying these companies are essentially “fools looking to take advantage of other fools” who do not have real business models.
The timing of his comments is perfect as this week has been quite crazy for corporate crypto purchases.
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Over 100 public companies now hold Bitcoin on their books, collectively sitting on about 852,467 coins. BlackRock and Saylor’s Strategy alone have nearly 1.3 million Bitcoin — that is 6% of the total supply — was accumulated.
The international scene is equally active. Japan’s Remixpoint raised $215 million for Bitcoin acquisitions, Germany’s Nakiki SE became the first German public company to adopt the Bitcoin standard and China’s Nano Labs made a $50 million BNB purchase while considering buying up to 10% of BNB’s entire circulating supply. Sweden’s companies are not sitting out either — H100 Group bought 46.9 BTC, while Hilbert Group raised 200 million SEK for Bitcoin purchases.
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The activity keeps rolling with DeFi Development Corp adding 690,420 SOL and SharpLink Gaming purchasing 7,689 ETH just in recent days. KULR Technology is raising another $20 million for Bitcoin, and France’s Blockchain Group added 116 BTC to their holdings.
The latest examples are GameSquare, which picked up 1,818 ETH and announced plans to invest another $100 million in Ethereum, and BIT Mining, which is working on raising $300 million specifically for Solana purchases.
Schiff’s criticism might have merit, but corporate America seems determined to keep testing the crypto treasury waters regardless of his warnings.
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