The variety of Bitcoin (BTC) treasury companies continues climbing up, however revealing a BTC technique is no longer an ensured method to pump a business’s share rate.
The design was originated by Method (previously MicroStrategy), now the world’s biggest openly traded business holder with 632,457 BTC at the time of composing. Because its very first purchase in August 2020, Method’s stock has actually increased more than 2,200%.
Since Friday, Aug. 29, 2025, 161 openly traded business each hold more than 1 BTC, according to BitcoinTreasuries.net. Together, they hold 989,926 BTC– about 4.7% of Bitcoin’s supply.
A wave of newbies signed up with the Bitcoin treasury club in 2025, however the marketplace response has actually cooled. Some companies have actually diversified into Ether (ETH) rather, while others have actually seen their shares trade pull back to, and even listed below, pre-announcement levels.
Here’s a take a look at a few of those business whose stock efficiency has actually stopped working to keep rate with their Bitcoin aspirations.
GameStop: Holds 4,710 BTC
GameStop’s fate has actually long been linked with Bitcoin and crypto. In 2021, retail traders on the r/WallStreetBets subreddit set off a brief capture on GameStop’s stock, pressing meme financing into the mainstream.
Around the very same time, memecoin Dogecoin (DOGE) rose on a wave of cultural buzz, online neighborhoods and tweets from Elon Musk.
On March 26, 2025, GameStop revealed its strategy to buy Bitcoin. Unlike the meme-driven pumps of 2021, Bitcoin stopped working to recreate the very same craze. GameStop’s stock at first leapt 12% on the statement and later on peaked at $35 per share on May 28 after the business exposed it had actually gotten 4,710 BTC.
Related: MicroStrategy’s Bitcoin financial obligation loop: Stroke of genius or dangerous gamble?
However financiers rapidly offered the news in both occasions. On Thursday, its shares closed at $22.79, down more than 27% year-to-date.
Empery Digital: Holds 4,019 BTC
Not every business Bitcoin purchaser features the backstory of GameStop; numerous are unassociated to cryptocurrencies or blockchain. MicroStrategy was a company intelligence software application company before it originated Bitcoin treasuries. Japan’s Metaplanet began as a spending plan hotel operator before it started following the Method playbook in 2024. Its share rate has actually considering that risen as much as 6,000%.
Volcon, an electrical car maker, revealed a $500-million Bitcoin treasury technique on July 17. 2 weeks later on, it rebranded as Empery Digital and embraced the ticker EMPD on Nasdaq.
Before the pivot, Empery shares primarily traded in between $6 and $7, well listed below their January high of $35. The Bitcoin statement briefly raised the stock to $21 on July 17, however the rally didn’t last. On Thursday, EMPD closed at $6.99, back in its typical variety.
Sequans Communications: Holds 3,170 BTC
Sequans Communications, a French semiconductor company that noted on the NYSE in 2011 under the ticker SQNS, has a trading history that looks like a dull crypto token: hot listing spikes followed by long stretches of financier dissatisfaction.
At the start of July 2025, SQNS was wandering at $1.45 after a year of constant decrease. Its very first Bitcoin purchase on July 10 briefly fired up a rally, sending out shares as high as $5.39 in the list below days. However the momentum rapidly faded, and by early August, the stock had relapsed to $1.25.
On Monday, Sequans revealed a $200-million at-the-market equity providing to money its strategies to collect 100,000 BTC by 2030. The news did not stop SQNS from moving; on Thursday, it closed at $0.91.
Vanadi Coffee: Holds 100 BTC
Like numerous companies that turned to Bitcoin, Spanish coffee shop chain Vanadi Coffee was pressed into the technique by monetary distress. In 2024, the business reported 3.33 million euros ($ 3.9 million) in yearly loss, up from 2.87 million euros the year before.
The Bitcoin strategy ended up being main on June 29, and the next day, its shares rose to 1.09 euros, closing the month up more than 300% from the 0.27-euro opening rate.
Related: Bitcoin’s quantum countdown has actually currently started, Naoris CEO states
By mid-trading on Friday, Aug. 29, 2025, the stock had actually slipped back to 35 euro cents. It’s still up 95.6% year-to-date however down 44% from the very same point in 2024.
Ming Shing Group: Holds 833 BTC
Ming Shing Group, a Hong Kong-based building and construction and engineering business, was noted on the Nasdaq in November 2024. Not long after going public, it started collecting Bitcoin, making its very first purchase on Jan. 13, 2025, with 500 BTC. At the time of composing, it holds 833 BTC.
After debuting on Nasdaq at $5.59 on Nov. 22, 2024, its Bitcoin technique at first drove shares to an all-time high of $8.50. Ever since, the stock has actually dropped to $1.85 on Thursday’s close.
On Aug. 21, the business revealed a $483-million offer to obtain an extra 4,250 BTC through a share issuance. If finished, Ming Shing would end up being Hong Kong’s biggest business Bitcoin holder, going beyond Boyaa Interactive, which holds 3,640 BTC and presently ranks as Asia’s second-largest public Bitcoin treasury behind Metaplanet.
The current statement briefly raised Ming Shing’s having a hard time share rate, though the majority of the gains were removed the very same day.
K Wave Media: Holds 88 BTC
South Korean home entertainment business K Wave Media made its very first Bitcoin purchase in July 2025, however its shares have actually been moving since. The business has actually raised $1 billion for BTC acquisitions, yet the stock stays under pressure.
The preliminary statement began June 4 in a Securities and Exchange Commission filing, where K Wave divulged a $500-million standby equity purchase contract with Bitcoin Strategic Reserve. The filing likewise detailed strategies to run Lightning Network nodes and incorporate BTC into its monetary and customer platform.
On Might 13, International Star Acquisition and K Get in Holdings finished an unique function acquisition business (SPAC) merger to form K Wave Media. While the subsequent Bitcoin technique briefly raised the stock from its post-SPAC sell-off, the momentum rapidly faded. Because the business’s very first BTC purchase on July 10, shares have actually continued to decrease, closing at $1.85 on Aug. 28– simply listed below the $1.92 level taped on July 3, the day before its Bitcoin treasury filing.
Early success cases amongst Bitcoin treasury business
These cases reveal that revealing a Bitcoin technique stays a Hail Mary for having a hard time companies and does not ensure long lasting gains. Share rates frequently increase on the news however seldom hold.
There are, nevertheless, a couple of digital rough diamonds. On Might 12, doctor KindlyMD revealed strategies to combine with Nakamoto Holdings to form a Bitcoin treasury business, now trading on Nasdaq under the ticker NAKA.
In current months, Nakamoto Holdings has actually surpassed Metaplanet and has actually ended up being the 16th-largest openly traded Bitcoin holder, with 5,765 BTC.
Japanese nail beauty salon franchiser Convano has actually been exceeding both Nakamoto Holdings and Metaplanet. At the time of composing, it holds 365 BTC, which is a fairly little war chest when compared to the similarity Metaplanet and Nakamoto Holdings.
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