Hey there, crypto enthusiasts! If you’ve been scrolling through X lately, you might have stumbled upon a thought-provoking post by Ryan from Blockworks Research (@_ryanrconnor). He’s tossing out a hot take: treasury companies are a net positive for the crypto world. His reasoning? They bring fresh liquidity and help reduce the risks tied to big players holding massive amounts of crypto. But is he onto something, or is this just “bait” to spark a debate? Let’s dive in and break it down!

Why Treasury Companies Matter in Crypto

First off, let’s clarify what treasury companies are. These are firms—often corporations or investment groups—that decide to hold cryptocurrencies like Bitcoin or Ethereum as part of their financial reserves, much like how a company might hold cash or bonds. In 2025, with Bitcoin hitting all-time highs, more companies are jumping on this trend, as noted in a recent piece from Charles Schwab. This shift is shaking up the crypto landscape, and Ryan’s argument hinges on two key points.

Point 1: Bringing in New Liquidity

Liquidity is basically how easily you can buy or sell an asset without messing with its price. Treasury companies inject fresh fiat money (like USD) into the crypto market when they buy coins. This can make markets more active and stable, which is great news for traders and investors. Imagine a bustling marketplace where more people are showing up with cash—things start moving faster!

Point 2: Reducing Concentration Risks

Crypto has long been dominated by “whales”—big holders who can sway prices with a single move. Ryan suggests that treasury companies help spread this concentration risk. Instead of a few rich individuals controlling the market, these companies act as custodians, potentially balancing things out. It’s like shifting from a one-man show to a team effort.

Where Could Ryan Be Wrong?

Of course, it’s not all sunshine and rainbows. The replies to Ryan’s post, like the one from Hoppy, highlight some trade-offs. For starters, that new liquidity might not stick around. Once treasury companies buy crypto, they often stash it in cold storage (offline wallets for security), which tightens the available supply. Less supply can mean higher prices, but it also makes the market less flexible.

Then there’s the concentration issue. While treasury companies might dilute the power of individual whales, they could create new concentration risks. If a handful of these firms hold massive amounts of crypto, a failure (think of the 2025 Bybit hack losing $1.5 billion in Ethereum) could still send shockwaves through the market. The Ledger Insights report from 2024 already warned about high concentration in crypto exchanges, and this could extend to treasuries too.

The Bigger Picture in 2025

As of July 2025, the crypto scene is evolving fast. Regulatory changes, like the EU’s MiCAR, are pushing for more stability, which might encourage more companies to join the treasury bandwagon. But with great power comes great responsibility. If a company’s crypto holdings crash in value, it could face a liquidity crisis—basically running out of cash to operate. This double-edged sword makes Ryan’s question worth pondering.

What Do You Think?

Ryan’s post ends with a challenge: “Where am I wrong?” It’s clear he’s inviting discussion, and the “That’s bait” image (a nod to a famous movie meme) adds a playful twist. Are treasury companies truly a net good, or do the risks outweigh the benefits? Drop your thoughts in the comments—we’d love to hear from you!

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