James Check: Bitcoin Treasury Hype Could Be Fading Fast

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Glassnode’s James Check: Bitcoin Treasury Hype Could Be Fading Fast

Written by Aaron S.,

Editor-In-Chief

Last Updated: July 07, 2025

Key Takeaways

James Check said the Bitcoin treasury trend may be fading, with early adopters holding most of the appeal for investors;
New firms chasing fast gains often rely on small investors, but these backers may lose interest quickly;
Udi Wizardheimer believes many companies misunderstand the strategy and could be acquired as the market consolidates.

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Glassnode’s James Check: Bitcoin Treasury Hype Could Be Fading Fast

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James Check, lead analyst at Glassnode, has shared his views that the corporate Bitcoin BTC $117,627.11 treasury strategy may already be running out of steam.

In a July 4 post on X, he stated, "My instinct is the Bitcoin treasury strategy has a far shorter lifespan than most expect".

Check explained that investors tend to support the first few companies to embrace Bitcoin, while later ones struggle to gain interest.

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He stated that the focus is shifting to companies that can show a clear purpose and a plan to keep growing their Bitcoin holdings over time.

Newer firms often attract small investors who hope for quick returns, but Check pointed out that these investors have limited resources and can quickly lose interest. While he remains confident in Bitcoin’s long-term value, he noted that there is a difference between being an early leader and being one of many trying to copy a successful model.

Some companies still have room to grow, but many will struggle to stand out as more firms try the same strategy.

His view aligns with Udi Wizardheimer, co-founder of Taproot Wizards, who said some founders see the Bitcoin treasury idea as a way to make quick money without fully understanding it.

Wizardheimer also noted that weaker companies might eventually be bought by stronger ones as the market adjusts and consolidates.

Recently, Glassnode and Gemini reported that centralized treasuries hold 30.9% of all BTC, roughly 6.1 million coins valued at $668 billion. How was this calculated? Read the full story.