The variety of Bitcoin (BTC) treasury companies retains on climbing, however asserting a BTC technique is now not a assured method to pump a firm’s share value.
The model was pioneered by Strategy (previously MicroStrategy), now the world’s largest publicly traded company holder with 632,457 BTC on the time of writing. Since its first buy in August 2020, Technique’s inventory has risen greater than 2,200%.
As of Friday, Aug. 29, 2025, 161 publicly traded firms every hold greater than 1 BTC, based on BitcoinTreasuries.web. Collectively, they maintain 989,926 BTC — about 4.7% of Bitcoin’s provide.
A wave of newcomers joined the Bitcoin treasury membership in 2025, however the market response has cooled. Some companies have diversified into Ether (ETH) as an alternative, whereas others have seen their shares commerce again right down to, and even beneath, pre-announcement ranges.
Right here’s a take a look at a few of these firms whose inventory efficiency has did not maintain tempo with their Bitcoin ambitions.
GameStop: Holds 4,710 BTC
GameStop’s destiny has lengthy been intertwined with Bitcoin and crypto. In 2021, retail merchants on the r/WallStreetBets subreddit triggered a brief squeeze on GameStop’s inventory, pushing meme finance into the mainstream.
Across the similar time, memecoin Dogecoin (DOGE) surged on a wave of cultural hype, on-line communities and tweets from Elon Musk.
On March 26, 2025, GameStop introduced its plan to put money into Bitcoin. In contrast to the meme-driven pumps of 2021, Bitcoin did not recreate the identical frenzy. GameStop’s inventory initially jumped 12% on the announcement and later peaked at $35 per share on Might 28 after the corporate revealed it had acquired 4,710 BTC.
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However buyers rapidly offered the information in each occasions. On Thursday, its shares closed at $22.79, down greater than 27% year-to-date.
Empery Digital: Holds 4,019 BTC
Not each company Bitcoin purchaser comes with the backstory of GameStop; many are unrelated to cryptocurrencies or blockchain. MicroStrategy was a enterprise intelligence software program agency earlier than it pioneered Bitcoin treasuries. Japan’s Metaplanet began as a price range lodge operator earlier than it started following the Strategy playbook in 2024. Its share value has since surged as a lot as 6,000%.
Volcon, an electrical car maker, announced a $500-million Bitcoin treasury technique on July 17. Two weeks later, it rebranded as Empery Digital and adopted the ticker EMPD on Nasdaq.
Earlier than the pivot, Empery shares principally traded between $6 and $7, nicely beneath their January excessive of $35. The Bitcoin announcement briefly lifted the stock to $21 on July 17, however the rally didn’t final. On Thursday, EMPD closed at $6.99, again in its normal vary.
Sequans Communications: Holds 3,170 BTC
Sequans Communications, a French semiconductor agency that listed on the NYSE in 2011 underneath the ticker SQNS, has a buying and selling historical past that resembles a lackluster crypto token: scorching itemizing spikes adopted by lengthy stretches of investor disappointment.
In the beginning of July 2025, SQNS was drifting at $1.45 after a yr of regular decline. Its first Bitcoin buy on July 10 briefly ignited a rally, sending shares as excessive as $5.39 within the following days. However the momentum rapidly light, and by early August, the inventory had slid again to $1.25.
On Monday, Sequans introduced a $200-million at-the-market fairness providing to fund its plans to accumulate 100,000 BTC by 2030. The information didn’t cease SQNS from sliding; on Thursday, it closed at $0.91.
Vanadi Espresso: Holds 100 BTC
Like many companies that turned to Bitcoin, Spanish cafe chain Vanadi Espresso was pushed into the technique by monetary misery. In 2024, the corporate reported 3.33 million euros ($3.9 million) in annual loss, up from 2.87 million euros the yr earlier than.
The Bitcoin plan grew to become official on June 29, and the following day, its shares surged to 1.09 euros, closing the month up greater than 300% from the 0.27-euro opening value.
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By mid-trading on Friday, Aug. 29, 2025, the inventory had slipped again to 35 euro cents. It’s nonetheless up 95.6% year-to-date however down 44% from the identical level in 2024.
Ming Shing Group: Holds 833 BTC
Ming Shing Group, a Hong Kong-based building and engineering firm, was listed on the Nasdaq in November 2024. Quickly after going public, it started accumulating Bitcoin, making its first buy on Jan. 13, 2025, with 500 BTC. On the time of writing, it holds 833 BTC.
After debuting on Nasdaq at $5.59 on Nov. 22, 2024, its Bitcoin technique initially drove shares to an all-time excessive of $8.50. Since then, the inventory has slumped to $1.85 on Thursday’s shut.
On Aug. 21, the corporate introduced a $483-million deal to acquire an additional 4,250 BTC via a share issuance. If accomplished, Ming Shing would develop into Hong Kong’s largest company Bitcoin holder, surpassing Boyaa Interactive, which holds 3,640 BTC and presently ranks as Asia’s second-largest public Bitcoin treasury behind Metaplanet.
The current announcement briefly lifted Ming Shing’s struggling share value, although many of the positive aspects had been erased the identical day.
Ok Wave Media: Holds 88 BTC
South Korean leisure firm Ok Wave Media made its first Bitcoin buy in July 2025, however its shares have been sliding ever since. The corporate has raised $1 billion for BTC acquisitions, but the inventory stays underneath strain.
The preliminary announcement got here on June 4 in a Securities and Change Fee filing, the place Ok Wave disclosed a $500-million standby fairness buy settlement with Bitcoin Strategic Reserve. The submitting additionally outlined plans to function Lightning Community nodes and combine BTC into its monetary and shopper platform.
On Might 13, World Star Acquisition and Ok Enter Holdings accomplished a particular function acquisition firm (SPAC) merger to kind Ok Wave Media. Whereas the next Bitcoin technique briefly lifted the inventory from its post-SPAC sell-off, the momentum rapidly light. Because the firm’s first BTC buy on July 10, shares have continued to say no, closing at $1.85 on Aug. 28 — slightly below the $1.92 degree recorded on July 3, the day earlier than its Bitcoin treasury submitting.
Early success circumstances amongst Bitcoin treasury firms
These circumstances present that saying a Bitcoin technique stays a Hail Mary for struggling companies and doesn’t assure lasting positive aspects. Share costs usually spike on the information however hardly ever maintain.
There are, nonetheless, a few digital diamonds within the tough. On Might 12, healthcare supplier KindlyMD introduced plans to merge with Nakamoto Holdings to form a Bitcoin treasury company, now buying and selling on Nasdaq underneath the ticker NAKA.
In current months, Nakamoto Holdings has outperformed Metaplanet and has develop into the Sixteenth-largest publicly traded Bitcoin holder, with 5,765 BTC.
Japanese nail salon franchiser Convano has been outperforming each Nakamoto Holdings and Metaplanet. On the time of writing, it holds 365 BTC, which is a comparatively small battle chest when in comparison with the likes of Metaplanet and Nakamoto Holdings.
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