Ammous: Bitcoin treasuries may struggle to match Strategy

Ammous's point is less about Strategy's bitcoin than about its balance-sheet depth: scale and cash reserves are what let a treasury company survive a drawdown that would force smaller holders to sell. That distinction matters for the widening field of firms copying the model, since the copycats typically lack the same cushion. The open question is whether that gap becomes a lasting structural advantage or simply a function of Strategy's head start in a cycle where access to capital has tightened.