The number of Bitcoin (BTC) treasury companies continues to rise, but revealing a BTC strategy no longer guarantees a boost in a company’s stock price.
This approach was initiated by Strategy (formerly MicroStrategy), which is now the largest publicly traded corporate holder with 632,457 BTC as of this writing. Since its inaugural 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, according to BitcoinTreasuries.net. Collectively, they own 989,926 BTC, accounting for about 4.7% of Bitcoin’s total supply.
A wave of new entrants joined the Bitcoin treasury trend in 2025, but market reactions have since cooled. Some firms have diversified into Ether (ETH), while others have seen their shares retreat to, or even below, pre-announcement levels.
Here’s a look at some of those companies whose stock performance hasn’t kept pace with their Bitcoin aspirations.
GameStop: Holds 4,710 BTC
GameStop has long been linked with Bitcoin and crypto. In 2021, retail investors on the r/WallStreetBets subreddit sparked a short squeeze on GameStop’s stock, bringing meme finance into the limelight.
Around the same time, the memecoin Dogecoin (DOGE) soared due to cultural hype, online communities, and tweets from Elon Musk.
On March 26, 2025, GameStop unveiled plans to invest in Bitcoin. Unlike previous meme-driven surges, Bitcoin couldn’t replicate the same excitement. Initially, GameStop’s stock rose by 12% following the announcement and hit a peak of $35 per share on May 28 after disclosing its acquisition of 4,710 BTC.
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However, investors quickly cashed in on these announcements. 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 notable backstory like GameStop; many have no ties to cryptocurrencies or blockchain. MicroStrategy was a business intelligence software company before it set the trend for Bitcoin treasuries. Japan’s Metaplanet, originally a budget hotel operator, began following the Strategy model in 2024 and saw its share price soar by as much as 6,000%.
Volcon, an electric vehicle manufacturer, announced a $500-million Bitcoin treasury strategy on July 17. Shortly after, it rebranded as Empery Digital and adopted the ticker EMPD on Nasdaq.
Prior to the change, Empery shares predominantly traded between $6 and $7, considerably less than the January high of $35. The Bitcoin announcement momentarily boosted the stock to $21 on July 17, but the rally was short-lived. By Thursday, EMPD closed at $6.99, returning to its usual trading range.
Sequans Communications: Holds 3,170 BTC
Sequans Communications, a French semiconductor firm listed on the NYSE in 2011 under the ticker SQNS, has a trading history reminiscent of a stagnant crypto token: initial spikes followed by prolonged periods of investor disappointment.
As of early July 2025, SQNS was hovering around $1.45 after a year of decline. Its initial Bitcoin purchase on July 10 temporarily sparked a rally, pushing shares to as high as $5.39 in the following days. However, this momentum quickly dissipated, and by early August, the stock had fallen to $1.25.
On Monday, Sequans revealed a $200-million at-the-market equity offering to support their goal of accumulating 100,000 BTC by 2030. This news didn’t prevent SQNS from falling; it closed at $0.91 on Thursday.
Vanadi Coffee: Holds 100 BTC
Like many other firms that adopted a Bitcoin strategy, the Spanish café chain Vanadi Coffee turned to BTC amid financial difficulties. In 2024, the company reported an annual loss of 3.33 million euros ($3.9 million), up from 2.87 million euros the previous year.
The Bitcoin plan was officially set on June 29, and the following day, its shares soared to 1.09 euros, closing the month up over 300% from the initial price of 0.27 euros.
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By midday trading on Friday, Aug. 29, 2025, the stock had retreated to 35 euro cents. Although it is still up 95.6% year-to-date, it has dropped 44% compared to the same point in 2024.
Ming Shing Group: Holds 833 BTC
Ming Shing Group, a Hong Kong-based construction and engineering company, was listed on Nasdaq in November 2024. Shortly after going public, it began to accumulate Bitcoin, making its first purchase on Jan. 13, 2025, with 500 BTC. Currently, it 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. Since then, the stock has plummeted to $1.85 at Thursday’s close.
On Aug. 21, the company announced a $483-million deal to acquire an additional 4,250 BTC through share issuance. If completed, Ming Shing would become Hong Kong’s largest corporate Bitcoin holder, overtaking Boyaa Interactive, which has 3,640 BTC and currently ranks as Asia’s second-largest public Bitcoin treasury after Metaplanet.
The recent announcement provided a brief lift to Ming Shing’s ailing share price, though most gains were erased on the same day.
K Wave Media: Holds 88 BTC
The South Korean entertainment company K Wave Media made its inaugural Bitcoin purchase in July 2025, but its stock has been in decline since. The company has raised $1 billion for BTC acquisitions, yet its shares continue to face challenges.
The initial disclosure 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, along with plans to operate Lightning Network nodes and incorporate 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 momentarily lifted the stock from post-SPAC declines, the boost was short-lived. Following the company’s first BTC purchase on July 10, shares continued to dip, closing at $1.85 on Aug. 28 — just below the $1.92 level noted on July 3, right before its Bitcoin treasury filing.
Early success cases among Bitcoin treasury companies
These instances illustrate that announcing a Bitcoin strategy is still a gamble for struggling firms and does not assure sustained gains. Stock prices often spike on announcement but seldom maintain their levels.
However, a few digital success stories have emerged. On May 12, healthcare provider KindlyMD declared plans to merge with Nakamoto Holdings to create a Bitcoin treasury company, now 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, boasting 5,765 BTC.
Additionally, Japanese nail salon franchiser Convano is outperforming both Nakamoto Holdings and Metaplanet, currently holding 365 BTC, which, while modest compared to the likes of Metaplanet and Nakamoto Holdings, is nonetheless significant.
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