24-8-2025 – Nick Tomaino, founder of crypto venture capital firm 1confirmation, has raised alarms over the concentrated voting power held by Michael Saylor in Strategy, a major Bitcoin-holding entity. Tomaino’s critique centers on Saylor’s ownership of 10% of Strategy’s shares but control over 45% of its voting rights, amplifying his influence despite the company’s possession of 3.3% of Bitcoin’s total supply.
As a prominent Bitcoin advocate with frequent media appearances, Saylor’s position could sway corporate decisions in ways that prioritize his interests, Tomaino noted, adding that Wall Street appears cautious about his growing personal wealth from these stakes. This structure contrasts sharply with Ethereum-related projects, where no single figure dominates holdings to the same degree.
In Ethereum’s ecosystem, figures like Tom Lee hold far smaller stakes, and initiatives such as SBET, ETHZ, and GAME advance without monopolistic control, fostering a more distributed ownership model. Tomaino argues this difference explains why Wall Street and the broader public may back Ethereum differently, viewing it as less prone to individual overreach compared to Bitcoin’s concentrated power dynamics.
The comments, first shared by Tomaino on social media and analyzed in crypto outlets, highlight ongoing debates about governance in crypto treasuries. Investors should monitor Strategy’s upcoming shareholder votes and any regulatory reviews of voting disparities in public crypto firms.
