- Corporate Bitcoin treasuries are no longer guaranteed stock boosters—companies announcing BTC strategies often see only short-lived rallies.
- MicroStrategy remains the outlier, with over 632,457 BTC and a stock up 2,200% since 2020.
- Several firms including GameStop, Empery Digital, and Sequans Communications have seen their stock prices tumble despite large Bitcoin holdings.
- Some exceptions exist, such as Nakamoto Holdings and Convano, which are outperforming thanks to stronger fundamentals.
The Rise and Fall of Bitcoin Treasury Strategies
The corporate Bitcoin treasury playbook—once a golden ticket to soaring share prices—is showing cracks. While MicroStrategy (now renamed “Strategy”) proved the model’s success with its 632,457 BTC stack and more than 2,200% stock growth since 2020, many newcomers have stumbled.
As of August 29, 2025, 161 publicly traded companies collectively hold 989,926 BTC, representing about 4.7% of Bitcoin’s total supply, according to BitcoinTreasuries.net. Yet, instead of driving long-term shareholder value, many firms’ BTC bets have led to stock volatility and even declines.
GameStop’s BTC Play: Meme Hype Meets Harsh Reality
GameStop (GME) joined the Bitcoin treasury club on March 26, 2025, acquiring 4,710 BTC. The stock initially surged 12% and peaked at $35, but soon reversed course. By August 29, shares closed at $22.79, down more than 27% YTD.
Unlike the 2021 meme stock frenzy fueled by r/WallStreetBets and Dogecoin hype, Bitcoin’s entry failed to deliver sustained gains.
Also Read: Dogecoin Price Analysis: Key Support and Resistance Levels to Watch
Empery Digital: From EVs to BTC—And Back Down
Volcon’s pivot into crypto came with a $500M Bitcoin strategy and a flashy rebrand to Empery Digital (EMPD). The stock briefly jumped from $6 to $21 in July, but by late August it had slid back to $6.99, an 80% plunge YTD.
This illustrates the fading market patience for Bitcoin pivots without clear fundamentals.
Sequans Communications: Hype Fades Fast
French semiconductor maker Sequans (SQNS) announced BTC purchases in July, briefly spiking to $5.39. But by August, it had plummeted to $0.91, even after unveiling a $200M plan to accumulate 100,000 BTC by 2030.
The short-lived pump shows how Bitcoin news often boosts stocks temporarily—but rarely provides lasting momentum.
Vanadi Coffee and Ming Shing: Brewing Volatility
Spanish café chain Vanadi Coffee surged 300% in June after a Bitcoin pivot but quickly lost steam, falling back to €0.35. Meanwhile, Ming Shing Group, with 833 BTC, initially peaked at $8.50 but now trades at $1.85 despite plans to acquire 4,250 more BTC.
Both cases underscore how distressed companies often turn to Bitcoin as a lifeline—without ensuring sustainable growth.
K Wave Media: Entertainment Meets Bitcoin—But Not Investor Confidence
South Korean entertainment company K Wave Media bought its first BTC in July but has since seen its shares fall to $1.85, nearly back to pre-announcement lows. Despite raising $1B for BTC acquisitions and plans to integrate Bitcoin payments, the stock remains under pressure.
The Rare Success Stories: Nakamoto Holdings & Convano
Not all stories are failures. Nakamoto Holdings (NAKA), born from a merger with KindlyMD, now holds 5,765 BTC and has outperformed even Metaplanet. Meanwhile, Japanese nail salon franchiser Convano, despite holding only 365 BTC, has also outperformed, proving that fundamentals still matter.
Bitcoin Treasuries Aren’t a Free Ticket
Corporate Bitcoin strategies remain a high-risk, high-reward gamble. While pioneers like MicroStrategy continue to thrive, most firms face short-lived stock bumps that fade as quickly as they come. Unless backed by strong fundamentals, simply holding Bitcoin is no longer enough to win over investors.