The number of Bitcoin (BTC) treasury firms continues to grow, but announcing a BTC strategy no longer guarantees an increase in a company’s share price.
This model was first introduced by Strategy (formerly MicroStrategy), which is now the largest publicly traded corporate holder with 632,457 BTC as of now. Since its initial purchase in August 2020, Strategy’s stock has surged over 2,200%.
As of Friday, Aug. 29, 2025, 161 publicly traded companies each hold more than 1 BTC, as reported by BitcoinTreasuries.net. Collectively, they hold 989,926 BTC — approximately 4.7% of Bitcoin’s overall supply.
A new wave of companies joined the Bitcoin treasury movement in 2025, but market reactions have become subdued. Some firms have opted to diversify into Ether (ETH) instead, while others have seen their shares fall back to, or even below, pre-announcement levels.
Below is a glimpse at several companies whose stock performance has not kept pace with their Bitcoin ambitions.
GameStop: Holds 4,710 BTC
GameStop’s trajectory has been closely linked to Bitcoin and crypto. In 2021, retail investors on the r/WallStreetBets subreddit incited a short squeeze on GameStop’s stock, bringing meme finance into the spotlight.
During this time, the memecoin Dogecoin (DOGE) also rose dramatically, thanks to cultural hype, online communities, and tweets from Elon Musk.
On March 26, 2025, GameStop revealed its plan to invest in Bitcoin. Unlike the hype-driven spikes of 2021, this time the excitement did not mirror the earlier frenzy. Initially, GameStop’s stock rose by 12% upon the announcement and later peaked at $35 per share on May 28, after disclosing its acquisition of 4,710 BTC.
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However, investors quickly sold off after each event, and by Thursday, shares closed at $22.79, down more than 27% year-to-date.
Empery Digital: Holds 4,019 BTC
Not every corporate Bitcoin buyer has a story like GameStop’s; many have no ties to cryptocurrencies or blockchain. MicroStrategy was a business intelligence software firm before it became a pioneer in Bitcoin treasuries. Japan’s Metaplanet began as a budget hotel operator before adopting the Strategy model in 2024, with its share price spiking as much as 6,000%.
Volcon, an electric vehicle manufacturer, announced a $500-million Bitcoin treasury strategy on July 17. Two weeks later, it rebranded as Empery Digital and took on the ticker EMPD on Nasdaq.
Before the pivot, Empery shares traded mostly between $6 and $7, well below their January high of $35. The Bitcoin announcement briefly lifted the stock to $21 on July 17, but the momentum was short-lived. By Thursday, EMPD closed at $6.99, reverting to its usual range.
Sequans Communications: Holds 3,170 BTC
Sequans Communications, a French semiconductor firm listed on the NYSE since 2011 under the ticker SQNS, has a trading history resembling that of a lackluster crypto token: initial spikes followed by prolonged investor disappointment.
At the start of July 2025, SQNS was lingering at $1.45 after a year of steady decline. Its first Bitcoin purchase on July 10 sparked a brief rally, lifting shares to $5.39 in the following days. However, this momentum faded quickly, and by early August, the stock had returned to $1.25.
On Monday, Sequans announced a $200-million at-the-market equity offering to fund its goal of accumulating 100,000 BTC by 2030. This news did not prevent SQNS from dropping; by Thursday, it closed at $0.91.
Vanadi Coffee: Holds 100 BTC
Like many companies that turned to Bitcoin, the Spanish cafe chain Vanadi Coffee was pushed into the strategy due to financial struggles. In 2024, the company reported a €3.33 million ($3.9 million) annual loss, rising from €2.87 million the previous year.
The Bitcoin plan became official on June 29, and the subsequent day, its shares surged to €1.09, closing the month up over 300% from the €0.27 opening price.
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By midday trading on Friday, Aug. 29, 2025, the stock had decreased to €0.35. It’s still up 95.6% year-to-date but down 44% compared to the same date in 2024.
Ming Shing Group: Holds 833 BTC
Ming Shing Group, a Hong Kong-based construction and engineering firm, was listed on the Nasdaq in November 2024. Shortly after going public, it began acquiring Bitcoin, making its first purchase of 500 BTC on Jan. 13, 2025, and currently holds 833 BTC.
After debuting on Nasdaq at $5.59 on Nov. 22, 2024, its Bitcoin strategy initially propelled shares to an all-time high of $8.50. However, since then, the stock has dropped to $1.85 at Thursday’s close.
On Aug. 21, the company announced a $483-million arrangement to acquire an additional 4,250 BTC through a share issuance. If finalized, Ming Shing would become Hong Kong’s largest corporate Bitcoin holder, surpassing Boyaa Interactive, which holds 3,640 BTC and currently ranks as Asia’s second-largest public Bitcoin treasury behind Metaplanet.
The recent announcement briefly boosted Ming Shing’s struggling share price, though most of the gains were lost by the end of the day.
K Wave Media: Holds 88 BTC
South Korean entertainment company K Wave Media made its first Bitcoin acquisition in July 2025, yet its shares have been on a downward trend since. The company has secured $1 billion for BTC purchases, but the stock remains under pressure.
The initial announcement was made on June 4, in a Securities and Exchange Commission filing, where K Wave revealed a $500-million standby equity purchase agreement with Bitcoin Strategic Reserve. The filing also included plans to operate Lightning Network nodes and integrate BTC into its financial and consumer platform.
On May 13, Global Star Acquisition and K Enter Holdings completed a special purpose acquisition company (SPAC) merger to form K Wave Media. While the subsequent Bitcoin strategy briefly lifted the stock from the post-SPAC sell-off, the momentum soon diminished. Since the initial BTC purchase on July 10, shares have continually declined, closing at $1.85 on Aug. 28 — just under the $1.92 level recorded on July 3, the day before its Bitcoin treasury filing.
Early success cases among Bitcoin treasury companies
These instances illustrate that announcing a Bitcoin strategy often serves as a last resort for struggling companies and does not guarantee enduring gains. Share prices typically spike upon news but rarely maintain that momentum.
Nevertheless, there are a few noteworthy exceptions. On May 12, healthcare provider KindlyMD announced plans to merge with Nakamoto Holdings to form a Bitcoin treasury company, currently trading on Nasdaq under the ticker NAKA.
In recent months, Nakamoto Holdings has outperformed Metaplanet and has become the 16th-largest publicly traded Bitcoin holder, with 5,765 BTC.
Japan-based nail salon franchiser Convano has surpassed both Nakamoto Holdings and Metaplanet in performance. As of now, it holds 365 BTC, a relatively small amount compared to giants like Metaplanet and Nakamoto Holdings.
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