Bitcoin Treasury Stocks Lose Ground as the 2025 Boom Fades

Bitcoin treasury stocks are struggling even as the broader crypto market remains active. Many public companies that shifted toward holding BTC have seen their shares fall sharply since announcing their strategies.

The weakness is especially clear among companies that built their business story mainly around buying Bitcoin. Some have lost more than 90%, while others have been delisted.

Bitcoin Treasury Stocks Have Lost Ground

Nearly 200 public companies globally hold Bitcoin, according to Bitcoin Treasuries. Many joined the trend during the treasury-stock boom of 2025.

The 20 largest non-mining Bitcoin treasury stocks provide a useful view of what happened. Their median return over the past 18 months is roughly -18%.

By late July 2025, every new Bitcoin treasury stock was already trading below its yearly high. The median drawdown had reached 52% at that point.

The declines have since become deeper for many companies. Several stocks have now fallen more than 90%, while some companies have been delisted.

Mining companies are excluded from this comparison because they regularly buy and sell Bitcoin to fund power, infrastructure and other operating costs.

Diversified Companies Have Done Better

The strongest performers among the 20 largest Bitcoin treasury stocks are companies with businesses beyond Bitcoin.

Tesla is up 59.8% over the period, while Galaxy Digital has gained 114%. Norwegian industrial group Aker is up about 182%.

Aker is a particularly clear example. Its Bitcoin unit, Seetee, holds only about 0.4% of Aker's total assets, meaning the company's stock performance is driven by much more than its Bitcoin holdings.

The pattern is different for companies that focused heavily on Bitcoin.

Fold Holdings has fallen 91% since March 2025, while Exodus Movement is down 83%. Strategy, Semler, Metaplanet, Remixpoint and Genius Group have each lost more than 40%.

The data suggests that having a diversified business has mattered as Bitcoin treasury stocks moved through the recent downturn.

Strategy Still Leads the Long-Term Group

Strategy remains the biggest name in the Bitcoin treasury market.

The company, formerly known as MicroStrategy, made its first Bitcoin purchase on August 11, 2020, spending $250 million. Its split-adjusted stock price was $14.54 that day.

Since then, Strategy's stock has gained more than 1,000%, making it the biggest long-term winner among the 20 companies studied.

But the recent picture is very different. Strategy has lost about half of its share price over the past year.

That highlights an important part of the Bitcoin treasury strategy: investors are not only buying exposure to Bitcoin. They are also paying for the company's structure, financing strategy and potential premium over the value of its BTC holdings.

When that premium falls, the stock can lose value even if the underlying Bitcoin strategy remains intact.

Early Bitcoin Treasury Winners Still Stand Out

Looking at each company's performance from the date it first announced its Bitcoin purchase gives a slightly better picture.

Exactly half of the 20 companies have positive returns on that basis, while the median return remains negative at about 15%.

Strategy is still the biggest winner. Metaplanet has also delivered a major gain, with its stock up about 476% since its April 2024 Bitcoin pivot.

Boyaa Interactive is another standout. The company disclosed its first purchase of 1,100 BTC in January 2024, and its stock has risen about 456% since then.

Those early successes helped fuel the wave of companies that followed in 2025. However, most newer treasury stocks have failed to match their performance.

The Bitcoin Treasury Trade Faces a New Test

The recent performance shows the difference between owning Bitcoin and owning a company that owns Bitcoin.

A company can accumulate BTC, but its stock price also depends on how investors value the business, its financing, its operating activities and the premium attached to its Bitcoin holdings.

That has made the strategy harder to replicate for companies that entered the market during the 2025 boom.

The historical data also suggests that simply borrowing money to buy Bitcoin and expecting the stock market to assign a higher premium has not been a reliable strategy.

Strategy and Metaplanet showed that the model can attract strong speculative demand. The experience of many later entrants shows that those gains have been difficult to reproduce.

For investors watching Bitcoin treasury stocks now, the key question is no longer simply how much BTC a company owns. It is whether the market is still willing to pay a premium for that exposure.