MARA CEO warns of risks in Bitcoin treasury boom

MARA Holdings CEO Fred Thiel cautioned that the rapid rise of Bitcoin treasury companies could pressure BTC prices and investor returns. Speaking during an earnings call, Thiel warned that not all firms stockpiling Bitcoin will succeed and noted that market whales are selling near recent highs. The number of BTC treasury firms has grown to over 200, with holdings nearing 774,000 BTC. Thiel said some may face forced sales if their mNAV weakens. Unlike ETFs, he argued, treasury firms could react more sharply to market downturns. MARA, which holds mined, not purchased, Bitcoin, recently raised $940.5 million to expand holdings, The Block reported.