Crypto analyst James Check has raised concerns about the sustainability of the Bitcoin treasury strategy, suggesting that newer firms may struggle to gain traction without a distinct niche. Check, a lead analyst at Glassnode, noted that while at least 21 entities have added Bitcoin as a reserve asset recently, the strategy's easy gains may have already been realized. He highlighted that investors often favor early adopters, with Michael Saylor's Strategy holding the largest public Bitcoin treasury. Check also pointed out that startup firms, despite attracting retail speculators, lack the resources to sustain long-term strategies. He echoed sentiments from Udi Wizardheimer, suggesting some companies might be leveraging the strategy for short-term profits without a clear understanding of its long-term implications. This raises concerns about the potential impact on Bitcoin's reputation if these firms fail to maintain their positions.