As a new wave of public companies rush to load up on Bitcoin, one of the industry’s most closely followed ETF analysts is urging caution — not because of the cryptocurrency itself, but because of the direction in which this trend is taking businesses.
Nate Geraci, president of The ETF Store and a prominent commentator on the crypto market, posted a clear warning: if a company exists solely to hold Bitcoin rather than build a real business incorporating Bitcoin into its strategy, that is a red flag.
For Geraci, support for firms owning BTC responsibly is clear, but at the same time he calls out the rise of “financial engineering” that turns companies into little more than dressed-up Bitcoin-holding vehicles.
Just today, France’s Blockchain Group confirmed a new purchase of 116 BTC. In Asia, Metaplanet added 2,205 more BTC to its balance. Sweden’s Hilbert Group raised 200 million SEK, all earmarked for the same purpose. The week just started, and it is already a busy one.
To be clear…
I *love* the idea of cos owning btc on balance sheet (properly risk-managed).
But if *purpose* of co is simply to own btc via financial engineering… then alarm bells go off for me.
— Nate Geraci (@NateGeraci) July 6, 2025
Last week, companies from the U.K., Canada, China and Africa joined in. The Addentax Group from China announced a $1.3 billion nonbinding deal to acquire up to 12,000 BTC. The British firm Coinsilium began purchasing BTC via its Forza unit. Canadian fintech company Mogo committed $50 million to crypto exposure. Even gold explorer Haman Gold revealed plans to issue shares, partly to buy Bitcoin.
The total figure is already massive. In the first half of 2025, public companies bought 245,510 BTC — more than double the inflows into ETFs over the same period and nearly four times the corporate purchases in the first half of 2024.
For some investors, this is bullish validation. For others, like Geraci, it is a reminder that not every Bitcoin-filled balance sheet tells the same story; some may be quite misleading.