How Strategy’s Bitcoin Copycats Could Fold If Price Drops

A growing number of publicly listed companies is announcing plans to add Bitcoin (BTC) to their corporate treasuries, and the trend is beginning to raise eyebrows.

In the 30-day span to June 11, at least 22 entities added Bitcoin as a reserve asset, according to BitcoinTreasuries.net.

The buying spree was popularized by Strategy (formerly MicroStrategy), whose aggressive Bitcoin accumulation blueprint has inspired a wave of imitators.

While some companies are praised for their strategic vision, critics point out that others are entering the space…