The count of Bitcoin (BTC) treasury firms continues to rise, yet declaring a BTC strategy no longer guarantees a boost in a company’s stock price.
This model was initiated by Strategy (previously MicroStrategy), the largest publicly traded corporate 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 companies each possess more than 1 BTC, according to BitcoinTreasuries.net. Collectively, they hold 989,926 BTC — approximately 4.7% of Bitcoin’s total supply.
A wave of newcomers entered the Bitcoin treasury sphere in 2025, but market reactions have cooled. Some firms opted to diversify into Ether (ETH), while others have seen their shares decline back to or below pre-announcement levels.
Here’s a look at certain companies whose stock performance has not kept up with their Bitcoin aspirations.
GameStop: Holds 4,710 BTC
GameStop’s destiny has been closely tied to Bitcoin and crypto. In 2021, retail traders on the r/WallStreetBets subreddit instigated a short squeeze on GameStop’s stock, bringing meme finance into the spotlight.
During this period, memecoin Dogecoin (DOGE) skyrocketed, fueled by cultural enthusiasm, online communities, and tweets from Elon Musk.
On March 26, 2025, GameStop unveiled its plan to invest in Bitcoin. Unlike the meme-fueled surges of 2021, Bitcoin did not spark the same excitement. GameStop’s stock rose 12% initially and peaked at $35 per share on May 28 after announcing the acquisition of 4,710 BTC.
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However, investors quickly sold on both occasions. On Thursday, shares closed at $22.79, down more than 27% year-to-date.
Empery Digital: Holds 4,019 BTC
Not all corporate Bitcoin acquirers carry the story of GameStop; many are not linked to crypto or blockchain. MicroStrategy was a business intelligence software company before it became a pioneer in Bitcoin treasuries. Japan’s Metaplanet began as a budget hotel operator before replicating the Strategy model in 2024. Its stock skyrocketed as much as 6,000% since then.
Volcon, an electric vehicle manufacturer, unveiled a $500-million Bitcoin treasury plan on July 17. Two weeks later, it rebranded to Empery Digital and adopted the EMPD ticker on Nasdaq.
Before the switch, Empery shares typically traded between $6 and $7, far below their January peak of $35. The Bitcoin announcement briefly spiked the stock to $21 on July 17, but that surge was short-lived. On Thursday, EMPD closed at $6.99, returning to its standard trading range.
Sequans Communications: Holds 3,170 BTC
Sequans Communications, a French semiconductor company listed on NYSE in 2011 under the SQNS ticker, has a trading history akin to that of a lackluster crypto token: initial hot listings followed by prolonged periods of investor dissatisfaction.
In early July 2025, SQNS was languishing at $1.45 after a year of continual decline. Its inaugural Bitcoin purchase on July 10 sparked a brief rally, pushing shares as high as $5.39. However, this momentum rapidly dissipated, and by early August, the stock had reverted back to $1.25.
On Monday, Sequans announced a $200-million at-the-market equity offering to fund its goal of acquiring 100,000 BTC by 2030. Unfortunately, this news didn’t prevent SQNS from dropping; by Thursday, it closed at $0.91.
Vanadi Coffee: Holds 100 BTC
Like many firms that embraced Bitcoin, the Spanish café chain Vanadi Coffee was driven to this strategy by financial strain. In 2024, the company reported an annual loss of 3.33 million euros ($3.9 million), up from 2.87 million euros the prior year.
The Bitcoin strategy was formalized on June 29, causing its shares to spike to 1.09 euros the following day, closing the month up over 300% from the 0.27-euro opening price.
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By mid-trading on Friday, Aug. 29, 2025, the stock had dipped back to 35 euro cents. Despite being up 95.6% year-to-date, it’s still down 44% from the same period in 2024.
Ming Shing Group: Holds 833 BTC
Ming Shing Group, a construction and engineering company based in Hong Kong, went public on Nasdaq in November 2024. Shortly thereafter, 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 raised shares to an all-time high of $8.50. However, the stock has since plummeted to $1.85 at Thursday’s close.
On Aug. 21, the company disclosed a $483-million deal to buy an additional 4,250 BTC through a share issuance. If successful, Ming Shing would become Hong Kong’s largest corporate Bitcoin holder, overtaking Boyaa Interactive, which holds 3,640 BTC and is currently Asia’s second largest public Bitcoin treasury behind Metaplanet.
The recent announcement provided a temporary boost to Ming Shing’s struggling share price, but most of the gains were lost the same day.
K Wave Media: Holds 88 BTC
The South Korean entertainment company K Wave Media made its first Bitcoin acquisition in July 2025, but its stock has been on a downward trend ever since. The company has secured $1 billion for BTC purchases, yet remains under pressure.
The initial announcement was made on June 4 in a Securities and Exchange Commission filing, which disclosed a $500-million standby equity purchase agreement with Bitcoin Strategic Reserve, along with plans to implement Lightning Network nodes and integrate BTC into its financial and consumer platform.
On May 13, Global Star Acquisition and K Enter Holdings merged through a special purpose acquisition company (SPAC) to form K Wave Media. Although the subsequent Bitcoin strategy gave a brief lift to the stock post-SPAC sell-off, the momentum faded quickly. Since its first BTC acquisition on July 10, shares have consistently declined, closing at $1.85 on Aug. 28 — just below the $1.92 recorded on July 3, the day before its Bitcoin treasury announcement.
Early success cases among Bitcoin treasury companies
These instances demonstrate that unveiling a Bitcoin strategy remains a desperate measure for struggling firms and doesn’t ensure sustainable growth. Stock prices typically spike on the announcement but seldom maintain momentum.
However, there are a few standout success stories. On May 12, healthcare provider KindlyMD announced plans to merge with Nakamoto Holdings to create a Bitcoin treasury firm, now trading on Nasdaq under the ticker NAKA.
In recent months, Nakamoto Holdings has outpaced Metaplanet and has become the 16th-largest publicly traded Bitcoin holder, possessing 5,765 BTC.
Japanese nail salon franchisor Convano has also been performing better than both Nakamoto Holdings and Metaplanet. At this point, it holds 365 BTC, a relatively modest sum compared to larger players like Metaplanet and Nakamoto Holdings.
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