The variety of Bitcoin (BTC) treasury companies retains on climbing, however saying a BTC technique is now not a assured option to pump an organization’s share value.
The mannequin was pioneered by Technique (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 corporations every maintain greater than 1 BTC, in keeping with 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 a substitute, whereas others have seen their shares commerce again all the way down to, and even beneath, pre-announcement ranges.
Right here’s a have a look at a few of these corporations whose inventory efficiency has didn’t hold 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 didn’t recreate the identical frenzy. GameStop’s inventory initially jumped 12% on the announcement and later peaked at $35 per share on Could 28 after the corporate revealed it had acquired 4,710 BTC.
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However traders shortly 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 finances resort operator earlier than it started following the Technique playbook in 2024. Its share value has since surged as a lot as 6,000%.
Volcon, an electrical car maker, introduced 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 largely traded between $6 and $7, effectively beneath their January excessive of $35. The Bitcoin announcement briefly lifted the inventory to $21 on July 17, however the rally didn’t final. On Thursday, EMPD closed at $6.99, again in its regular vary.
Sequans Communications: Holds 3,170 BTC
Sequans Communications, a French semiconductor agency that listed on the NYSE in 2011 beneath 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.
At 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 shortly 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 build up 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 turned 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 accumulate a further 4,250 BTC by means of a share issuance. If accomplished, Ming Shing would change into Hong Kong’s largest company Bitcoin holder, surpassing Boyaa Interactive, which holds 3,640 BTC and at present ranks as Asia’s second-largest public Bitcoin treasury behind Metaplanet.
The latest announcement briefly lifted Ming Shing’s struggling share value, although many of the good points have been erased the identical day.
Okay Wave Media: Holds 88 BTC
South Korean leisure firm Okay 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 beneath strain.
The preliminary announcement got here on June 4 in a Securities and Change Fee submitting, the place Okay 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 Could 13, International Star Acquisition and Okay Enter Holdings accomplished a particular goal acquisition firm (SPAC) merger to kind Okay Wave Media. Whereas the following Bitcoin technique briefly lifted the inventory from its post-SPAC sell-off, the momentum shortly 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 instances amongst Bitcoin treasury corporations
These instances present that pronouncing a Bitcoin technique stays a Hail Mary for struggling companies and doesn’t assure lasting good points. Share costs typically spike on the information however not often maintain.
There are, nonetheless, a number of digital diamonds within the tough. On Could 12, healthcare supplier KindlyMD introduced plans to merge with Nakamoto Holdings to kind a Bitcoin treasury firm, now buying and selling on Nasdaq beneath the ticker NAKA.
In latest months, Nakamoto Holdings has outperformed Metaplanet and has change 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 conflict chest when in comparison with the likes of Metaplanet and Nakamoto Holdings.
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