Bitcoin Treasuries Become Nationalization Honeypots

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The industry should be pushing for public awareness on the difference between self-custody and holding your Bitcoin with a third party.

Bitcoin treasury companies are potential honeypots for nationalization in a future where the US government is attempting to maintain its dominant role in the global order by seizing BTC amid the US dollar being dropped as the world’s reserve currency.

Bitcoin treasury companies hold Bitcoin in their treasury as a reserve asset. Michael Saylor’s MicroStrategy was the first company to pursue the strategy.

Data shows public companies are in possession of one million Bitcoin companies as of mid-2025.

Discussions around Bitcoin treasury companies rarely mention financial sovereignty. Bitcoin has generally been used by companies as a means to leverage BTC and boost stock prices.

For instance, the Charles Schwab analysis of these companies offer investors a novel way to gain exposure to crypto while diversifying corporate balance sheets, but does not mention financial sovereignty.

Schwab wrote, “Strategy made its commitment to cryptocurrency in 2020 and helped create the framework for Bitcoin treasury-holding companies, which can offer another way for investors to gain exposure to cryptocurrencies.”

Instead of empowering individuals to feel confident holding Bitcoin in a cold wallet, we are giving them easy options in which they do not hold their own private keys.

On the contrary, Bitcoin has largely been viewed – especially by its early adopters – as having the potential to separate money from the state.

Whether treasury companies are a tool for liberty has yet to be seen.

Early Bitcoin adopters – such as Adam Back – herald Bitcoin treasury companies as bolstering Bitcoin’s role as a global store of value independent of the state.

This thesis is unlikely to play out. Bitcoin treasury companies instead are tentacles of the state in a way.

They have gone public. Accountants and lawyers answer to regulators and often exercise a lot of power alongside executives within the corporate structure.

The truth is simple – Bitcoin treasury companies cannot operate independently of the state. They are the main targets of government scrutiny, which makes them candidates for a nationalization push.

The state could easily consider corporate Bitcoin holdings as a threat to fiat currency.

Central banks – 90% of them, according to the International Monetary Fund – are…