The number of companies holding Bitcoin (BTC) continues to rise, but simply announcing a BTC strategy no longer guarantees an increase in a company’s share price.
The concept was first introduced by Strategy (formerly MicroStrategy), which is now the largest publicly traded corporate Bitcoin holder with 632,457 BTC as of this writing. Since its initial purchase in August 2020, Strategy’s stock has surged over 2,200%.
As of Friday, Aug. 29, 2025, 161 publicly traded firms each hold more than 1 BTC, according to BitcoinTreasuries.net. Collectively, they possess 989,926 BTC — approximately 4.7% of Bitcoin’s total supply.
A surge of new entrants joined the Bitcoin treasury community in 2025, but market reactions have cooled. Some companies have opted to diversify into Ether (ETH), while others have seen their shares decline back to or even below pre-announcement levels.
Here’s a closer look at companies whose stock performance has not kept pace with their Bitcoin aspirations.
GameStop: Holds 4,710 BTC
GameStop’s story has long been linked with Bitcoin and cryptocurrency. In 2021, retail traders from the r/WallStreetBets subreddit instigated a short squeeze on GameStop’s stock, bringing meme finance into mainstream awareness.
At the same time, the memecoin Dogecoin (DOGE) experienced a surge fueled by cultural excitement, online communities, and tweets from Elon Musk.
On March 26, 2025, GameStop announced its intention to invest in Bitcoin. Unlike the meme-driven surges of 2021, Bitcoin could not recreate the same excitement. GameStop’s stock initially rose 12% following the announcement and later peaked at $35 per share on May 28, after the company disclosed it had acquired 4,710 BTC.
Related: MicroStrategy’s Bitcoin debt strategy: A masterstroke or a risky venture?
However, investors quickly sold off their shares following both announcements. As of Thursday, its shares closed at $22.79, down more than 27% year-to-date.
Empery Digital: Holds 4,019 BTC
Contrary to companies like GameStop, many corporate Bitcoin buyers lack substantial crypto or blockchain backgrounds. MicroStrategy was primarily a business intelligence software firm before leading the Bitcoin treasury revolution. Japan’s Metaplanet started as a budget hotel operator before adopting a similar strategy in 2024, witnessing a share price increase of up to 6,000%.
Volcon, a maker of electric vehicles, announced a $500-million Bitcoin treasury initiative on July 17. A fortnight later, it rebranded as Empery Digital, adopting the EMPD ticker on Nasdaq.
Prior to the pivot, Empery shares mostly traded between $6 and $7, far below their January high of $35. The Bitcoin announcement briefly elevated the stock to $21 on July 17, but the rally proved fleeting. By Thursday, EMPD closed at $6.99, back within its typical range.
Sequans Communications: Holds 3,170 BTC
Sequans Communications, a French semiconductor company listed on the NYSE in 2011 under the ticker SQNS, has experienced a trading history reminiscent of a disappointing crypto token: initial surges followed by extended periods of investor disillusionment.
At the beginning of July 2025, SQNS was hovering around $1.45 after a year of decline. Its first Bitcoin purchase on July 10 sparked a brief rally, driving shares up to $5.39 in the following days. However, the momentum soon fizzled, and by early August, the stock had dropped back to $1.25.
On Monday, Sequans revealed plans for a $200-million at-the-market equity offering to facilitate its goal of acquiring 100,000 BTC by 2030. This news did not prevent SQNS from dropping further; it closed at $0.91 on Thursday.
Vanadi Coffee: Holds 100 BTC
Like many companies transitioning to Bitcoin, Spanish cafe chain Vanadi Coffee was compelled into this strategy by financial troubles. In 2024, the firm reported an annual loss of 3.33 million euros ($3.9 million), increasing from a loss of 2.87 million euros the previous year.
The official Bitcoin plan was announced on June 29, and the following day, shares surged to 1.09 euros, closing the month over 300% higher than its opening price of 0.27 euros.
Related: Bitcoin’s quantum countdown is already underway, Naoris CEO asserts
By mid-trading on Friday, Aug. 29, 2025, the stock had fallen back to 35 euro cents. While still up 95.6% year-to-date, it is down 44% compared to the same time in 2024.
Ming Shing Group: Holds 833 BTC
Ming Shing Group, a construction and engineering firm based in Hong Kong, went public on Nasdaq in November 2024. Shortly after, it began accumulating Bitcoin, making its first purchase on Jan. 13, 2025, with 500 BTC. As of now, it holds 833 BTC.
After debuting on Nasdaq at $5.59 on Nov. 22, 2024, its Bitcoin initiative initially propelled shares to a peak of $8.50. Since then, however, the stock has plummeted to $1.85 by Thursday’s close.
On Aug. 21, the company announced a plan for a $483-million deal to acquire an additional 4,250 BTC through share issuance. If realized, Ming Shing would surpass Boyaa Interactive to become Hong Kong’s largest corporate Bitcoin holder, with Boyaa currently holding 3,640 BTC.
The recent announcement provided a temporary boost to Ming Shing’s struggling share price, though most gains were erased on the same day.
K Wave Media: Holds 88 BTC
South Korean entertainment firm K Wave Media made its inaugural Bitcoin purchase in July 2025, yet its shares have been on a downward trend since. The company raised $1 billion for BTC acquisitions, but its stock remains under pressure.
The initial announcement was made on June 4 through a Securities and Exchange Commission filing, revealing a $500-million standby equity purchase agreement with Bitcoin Strategic Reserve. The filing also included plans to run Lightning Network nodes and integrate BTC into its financial and consumer platform.
On May 13, Global Star Acquisition and K Enter Holdings completed a SPAC merger to create K Wave Media. While the plan for Bitcoin initially boosted the stock from its post-SPAC decline, the momentum quickly faded. Since the initial BTC purchase on July 10, shares have continued to slide, closing at $1.85 on Aug. 28 — just below the $1.92 mark recorded on July 3, the day before its Bitcoin treasury announcement.
Early success stories among Bitcoin treasury firms
These instances highlight that announcing a Bitcoin strategy often resembles a last-ditch effort for struggling companies and does not ensure sustained gains. Share prices may spike upon the news, but seldom do they hold.
Nevertheless, there are a few shining examples. On May 12, healthcare provider KindlyMD revealed plans to merge with Nakamoto Holdings, forming a Bitcoin treasury company now trading on Nasdaq under the ticker NAKA.
In recent times, Nakamoto Holdings has outperformed Metaplanet and has become the 16th-largest publicly traded Bitcoin holder, with 5,765 BTC.
The Japanese nail salon franchiser Convano has also surpassed both Nakamoto Holdings and Metaplanet. As of this moment, it holds 365 BTC, a relatively small reserve compared to the likes of Metaplanet and Nakamoto Holdings.
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