The number of bitcoin (Btc) Treasury companies continue to climb, but announcing a BTC strategy is no longer a guaranteed way to pump a company sharing price.
The The model is advised by approach . Since its first purchase in August 2020, the strategy stock increased by more than 2,200%.
As Friday, August 29, 2025, 161 companies exchanged publicly each hold More than 1 BTC, according to bitcointreasuries.net. Together, they hold 989,926 BTC – about 4.7% of Bitcoin’s supply.
A wave of newcomers joined the Bitcoin Treasury Club in 2025, but the market reaction was cooling. Some companies have varying to ether (Eth) Instead, while others have seen their shares back in, or even below, pre-announcements.
Here’s a look at some of those companies whose stock performance has failed to keep up with their Bitcoin ambitions.
Gamestop: Holding 4,710 BTC
Gamestop’s fate has long been in touch with Bitcoin and Crypto. In 2021, retail traders in the R/WallstreetBets subreddit sparked a short squeeze in the gamestop’s stock, pushing the meme finance to the mainstream.
Around the same time, Memecoin Dogecoin (Doge) climb a wave of cultural hype, online communities and Tweets from Elon Musk.
On March 26, 2025, Gamestop announced its plan to invest in Bitcoin. Unlike bombs driven by the 2021 meme, Bitcoin failed to recreate the same frenzy. Gamestop’s stock at first Jump 12% with the announcement and eventually peeked at $ 35 per part on May 28 after the company revealed that it obtained 4,710 BTC.
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But investors quickly sell the news at both events. On Thursday, its shares closed $ 22.79, more than 27% year-to-date.
EMPERY DIGITAL: Holds 4,019 BTC
Not all corporate bitcoin consumers have Gamestop backstory; Many are not related to cryptocurrencies or blockchains. Microstrategy is a software business firm before it pioneered the Bitcoin Treasury. Japan’s metaplanet began as a hotel operator on budget before it started Following the Playbook approach to 2024. The price of its sharing has since emerged by about 6,000%.
Volcon, a manufacturer of de -electrical vehicle, announced A $ 500-million approach to the Treasury of Bitcoin on July 17. Two weeks later, it rebranded as Empery Digital and adopted the ticker EMPD in Nasdaq.
Prior to the Pivot, the Emperry shares the majority exchanged between $ 6 and $ 7, which is less than their high January of $ 35. The Bitcoin announcement Shortly raised the stock to $ 21 On July 17, but the rally did not last. On Thursday, the EMPD closed for $ 6.99, back to its usual scope.
Sequuans Communications: Holding 3,170 BTC
Sequuans Communications, a French semiconductor firm listed in the NYSE in 2011 under the SQNS ticker, has a history of trading resembling a crypto token: hot lists of spikes followed by long stretch of investment failure.
At the beginning of July 2025, the SQNS sinks at $ 1.45 after a year of steady decline. Its Bitcoin first purchase on July 10 was briefly burning a rally, sending shares as high as $ 5.39 in the following days. But the momentum faded quickly, and in early August, the stock returned to $ 1.25.
On Monday, Sequuans announced a $ 200-million and-the-market equity offering to fund its plans accumulate 100,000 BTC by 2030. The news did not stop SQNs from sliding; On Thursday, it closed for $ 0.91.
Vanadi Coffee: Holding 100 BTC
Like many companies that turn to Bitcoin, Spain’s Vanadi coffee chain is pushed to the approach by financial anxiety. In 2024, the company reported 3.33 million euros ($ 3.9 million) in the annual loss, from 2.87 million euros last year.
Bitcoin’s plan became official on June 29, and the next day, its shares rose to the 1.09 euro, closing the moon up to 300% from the 0.27-Euro opening price.
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By mid -trading on Friday, August 29, 2025, the stock returned to 35 euro cents. It is still 95.6% year-to-date but down 44% from the same point in 2024.
Ming Shing Group: Holding 833 BTC
Ming Shing Group, a Hong Kong -based construction and engineering company, listed in NasdaQ in November 2024. Shortly after going to public, it began accumulating Bitcoin, making its first purchase on January 13, 2025, with 500 BTC. At the time of writing, it holds 833 BTC.
After the NASDAQ debuting at $ 5.59 on November 22, 2024, its Bitcoin approach initially pushed to share at a full time of $ 8.50. Since then, the stock has dropped to $ 1.85 on the near Thursday.
On August 21, the company announced a $ 483-million deal to Get an additional 4,250 BTC by a shares of shares. If completed, Ming Shing will be the largest Bitcoin holdo of Hong Kong, which exceeds the Boyaa Interactive, holding 3,640 BTC and current rank as Asia’s second largest largest public treasury Behind the metaplanet.
The recent announcement has briefly raised the difficult price of Ming Shing’s sharing, even though most of the gains were removed on the same day.
K Wave Media: Holding 88 BTC
South Korean Entertainment company K Wave Media made the first Bitcoin purchase in July 2025, but its shares have slipped since then. The company raised $ 1 billion for BTC acquisitions, yet the stock remains under pressure.
The preliminary announcement arrived on June 4 with a Securities and Exchange Commission Filewhere K wave revealed a $ 500-million standby purchase agreement in the Bitcoin Strategic Reserve. File also described plans to operate lightning network nodes and include BTC on the financial and consumer platform.
On May 13, the Global Star Acquisition and K Enter Holdings completed a special purpose acquisition company (SPAC) merger to develop K Wave Media. While the subsequent approach to bitcoin can easily lift the stock from the post-spac seller, the momentum quickly faded. Since the company’s first BTC purchase on July 10, the shares continued to decline, closing at $ 1.85 on August 28 – just below the $ 1.92 level recorded on July 3, the day before the Treasury File of Bitcoin.
Early Cases of Success in Bitcoin Treasury Companies
These cases show that the announcement of a Bitcoin approach remains a hail Mary for difficult companies and does not guarantee long -term gains. Prices are often spikes in news but rarely handle.
There are, however, some digital diamonds in the rough. On May 12, the healthcare provider announced that plans to combine with Nakamoto holders at Build a Treasury company of BitcoinNow trading in Nasdaq under the ticker.
In recent months, the Nakamoto Holdings has released the metaplanet and has become the 16th-largest public-held public-held by Bitcoin, with 5,765 BTCs.
Japanese Nail Salon Franchiser Convano has -outperforming both Nakamoto Holdings and Metaplanet. At the time of writing, it holds 365 BTC, which is relatively small war chest compared to the preferences of metaplanet and Nakamoto Holdings.
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