Bitcoin Treasury Companies Face Growing Risks Amid Market Saturation

The article discusses the recent rise of corporate Bitcoin treasury strategies, highlighting how companies are adopting Bitcoin as a treasury asset for reasons like mandated capital allocation and leveraging advantages. It explores whether this trend benefits or harms Bitcoin's mission, emphasizing that large institutional involvement is inevitable and can enhance Bitcoin's network effect, despite concerns about centralization and control. The piece also explains Bitcoin's role as a store of value and its potential to become a medium of exchange once its size and stability increase, while acknowledging the risks and opportunities in the evolving corporate and institutional landscape.