Peter Schiff says buying Bitcoin treasury stocks is even worse than buying Bitcoin

For Peter Schiff, Bitcoin is bad. But Bitcoin proxy stocks are even worse. The gold champion and longtime Bitcoin critic has criticized the idea of buying shares in public companies that exist solely to hold Bitcoin, calling it a “ridiculous” way to gain crypto exposure. Pierre Rochard, CEO of The Bitcoin Bond Company and former VP at Riot Platforms, defended the practice, arguing that Bitcoin-native firms could create genuine value for a range of market participants. Bitcoin treasury companies are on the rise. Tether, SoftBank, and Cantor Fitzgerald recently launched Twenty One Capital, aiming to become a top corporate Bitcoin holder. Nakamoto Holdings, led by Bitcoin Inc. CEO David Bailey, and Strive Asset Management, backed by Vivek Ramaswamy, also announced ventures focused on acquiring and managing Bitcoin at scale. Supporters of the movement believe Bitcoin treasury stocks offer a practical solution for investors facing regulatory barriers. Commenting on Schiff’s post, one UK-based market participant noted that direct exposure to Bitcoin is often not possible in retirement accounts, particularly in the UK, where Bitcoin ETFs are less accessible. Critics, however, call these companies “this cycle’s shitcoins.” In a May 13 statement , pseudonymous investor Stack Hodler warned against Bitcoin treasury companies that create shares out of thin air to lure investors chasing outperformance without offering any underlying utility. Businesses are the top buyers of Bitcoin in 2025, River report finds A new report from River shows that businesses are the largest net buyers of Bitcoin so far this year, with MicroStrategy leading the charge. The company accounts for 77% of the growth in corporate Bitcoin holdings. Businesses have added a total of 157,000 BTC, followed by funds and ETFs with 49,000 BTC, and governments with 19,000 BTC. In contrast, individual investors have collectively sold around 247,000 BTC, according to the report. Despite the sales, individuals still hold over $14 million worth of Bitcoin, which amounts to more than 69% of the total circulating supply.