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Sygnum, a regulated digital asset bank, has expressed concerns that the acquisition strategies of certain companies, particularly those using leverage to amass significant Bitcoin (BTC) holdings, are undermining Bitcoin’s suitability as a reserve asset for central banks.
According to Sygnum, these “strategy-style” companies are accumulating oversized BTC holdings, which distorts liquidity and sentiment in the market. This poses long-term risks to Bitcoin’s stability and could deter broader adoption by institutional allocators, including central banks.
Sygnum highlights that one company, “Strategy” (formerly MicroStrategy), is approaching 3% of the total Bitcoin ever issued, and an even higher share of the liquid supply. The bank warns that large, concentrated holdings by a private corporation could make Bitcoin inappropriate for central banks to hold as a reserve asset, due to concerns over liquidity, volatility, and centralized influence.
Sygnum further points out that these acquisition vehicles have shifted from a treasury hedge strategy to a speculative, leveraged investment approach. While such strategies may catalyze demand for Bitcoin, the reliance on debt to acquire vast amounts of BTC introduces systemic fragility. Sygnum cautions that bear markets or fundraising challenges could force these leveraged firms to sell, amplifying downturns in the market.
Ultimately, Sygnum believes that for Bitcoin to gain wider acceptance as a reserve asset, it must demonstrate stability and decentralization, qualities that are threatened by concentrated, leveraged holdings.

Video courtesy of Eurex

Video courtesy of Eurex