Bitcoin Treasury Firms on the Rise
The number of Bitcoin (BTC) treasury firms continues to increase, yet declaring a BTC strategy doesn’t automatically assure a boost in a company’s share price.
This model was initiated by Strategy (previously known as MicroStrategy), which currently stands as the largest publicly traded corporate holder with 632,457 BTC as of this writing. Following its first purchase in August 2020, Strategy’s stock has skyrocketed by over 2,200%.
As of Friday, Aug. 29, 2025, there are 161 publicly traded companies that hold more than 1 BTC, per BitcoinTreasuries.net. Collectively, they possess 989,926 BTC, amounting to roughly 4.7% of Bitcoin’s total supply.
A wave of new entrants joined the Bitcoin treasury movement in 2025, though the market’s response has moderated. Some firms have shifted their focus towards Ether (ETH), while others have experienced their shares tumble back to, or even below, their pre-announcement prices.
Below is a summary of some companies whose stock performance has not matched their Bitcoin ambitions.
GameStop: A Tale of Bitcoin Linkage
GameStop’s trajectory has been closely connected with Bitcoin and cryptocurrency. Back in 2021, retail investors on the r/WallStreetBets subreddit sparked a short squeeze on GameStop’s stock, propelling meme finance into mainstream attention.
During that same period, Dogecoin (DOGE) rose dramatically fueled by cultural enthusiasm, online communities, and tweets from Elon Musk.
On March 26, 2025, GameStop revealed its intention to invest in Bitcoin. However, in contrast to the meme-driven surges of 2021, Bitcoin could not replicate the same excitement. Following the announcement, GameStop’s stock surged by 12% initially, peaking at $35 per share on May 28 after the company disclosed it had acquired 4,710 BTC.
Nevertheless, investors quickly sold off in both instances. As of Thursday, its shares closed at $22.79, marking a decline of over 27% year-to-date.
MicroStrategy and Other Corporate Buyers
Not every corporate Bitcoin purchaser has a narrative like GameStop; many are entirely disconnected from cryptocurrencies or blockchain technology. MicroStrategy was primarily a business intelligence software company prior to establishing Bitcoin treasuries. Japan’s Metaplanet initially operated as a budget hotel chain before beginning to implement the Strategy model in 2024. Since then, its share price has soared by as much as 6,000%.
Volcon, an electric vehicle manufacturer, disclosed a $500 million Bitcoin treasury strategy on July 17. A fortnight later, it rebranded as Empery Digital, adopting the ticker EMPD on Nasdaq.
Before this change, Empery’s shares primarily traded between $6 and $7, far below their January high of $35. The Bitcoin announcement briefly boosted the stock to $21 on July 17, but that surge proved to be short-lived. As of Thursday, EMPD closed at $6.99, back within its usual trading range.
Sequans Communications and Market Expectations
Sequans Communications, a French semiconductor company listed on the NYSE in 2011 under the ticker SQNS, has a trading history reminiscent of unremarkable crypto tokens: initial spikes followed by prolonged stretches of investor disillusionment.
At the beginning of July 2025, SQNS was trading at $1.45 after a year of steady decline. Its initial Bitcoin purchase on July 10 had briefly sparked a rally, propelling shares as high as $5.39 in the subsequent days. However, that momentum dissipated quickly, and by early August, the stock had slipped back to $1.25.
On Monday, Sequans announced a $200 million at-the-market equity offering to support its goal of acquiring 100,000 BTC by 2030. This news did not prevent SQNS from continuing its downward slide; it closed at $0.91 on Thursday.
Vanadi Coffee: From Financial Distress to Bitcoin
Similar to numerous companies turning to Bitcoin, Spanish cafe chain Vanadi Coffee was compelled into this strategy due to financial difficulties. In 2024, it recorded an annual loss of 3.33 million euros ($3.9 million), up from a loss of 2.87 million euros the previous year.
The Bitcoin initiative became official on June 29, causing its shares to leap to 1.09 euros the following day, culminating in a month-end increase of over 300% from the opening price of 0.27 euros.
However, by midday on Friday, Aug. 29, 2025, the stock had receded to 35 euro cents. While it still shows a year-to-date gain of 95.6%, it is down 44% compared to the same point in 2024.
Ming Shing Group’s Bitcoin Aspirations
Ming Shing Group, a Hong Kong-based construction and engineering firm, went public on Nasdaq in November 2024. Shortly after its IPO, it began acquiring Bitcoin, initiating with a purchase of 500 BTC on Jan. 13, 2025. As of this writing, it holds 833 BTC.
After debuting on Nasdaq at $5.59 on Nov. 22, 2024, its Bitcoin strategy drove shares to an all-time high of $8.50. However, since that peak, the stock has slumped to $1.85 at Thursday’s closing.
On Aug. 21, the company announced a $483 million deal to acquire an additional 4,250 BTC via a share issuance. If successful, Ming Shing would become the largest corporate Bitcoin holder in Hong Kong, surpassing Boyaa Interactive, which owns 3,640 BTC and is currently the second-largest public Bitcoin treasury in Asia, behind Metaplanet.
The recent announcement provided a brief boost to Ming Shing’s struggling share price, although much of the gain was erased the same day.
K Wave Media’s Challenges
South Korean entertainment company K Wave Media made its first Bitcoin acquisition in July 2025, but its shares have been on a downward trend ever since. The company has raised $1 billion for BTC purchases, yet its stock is still under pressure.
The initial announcement came on June 4 in a Securities and Exchange Commission filing, where K Wave unveiled a $500 million standby equity purchase agreement with Bitcoin Strategic Reserve. The filing also detailed plans to operate Lightning Network nodes and to integrate BTC into its financial and consumer platform.
On May 13, Global Star Acquisition and K Enter Holdings completed a SPAC merger to establish K Wave Media. While the subsequent Bitcoin strategy provided a brief lift to the stock from its post-SPAC decline, the momentum was short-lived. Since the company’s initial BTC acquisition on July 10, shares have consistently dropped, closing at $1.85 on Aug. 28, just below the $1.92 level noted on July 3, the day prior to its Bitcoin treasury filing.
Conclusion
The examples provided illustrate that announcing a Bitcoin strategy often remains a last-ditch effort for struggling firms and does not ensure sustained gains. While share prices may experience spikes upon the news, they rarely maintain these increases.
Nonetheless, there are a few notable successes amid the challenges. On May 12, healthcare provider KindlyMD announced plans to merge with Nakamoto Holdings to form a Bitcoin treasury company, which is now trading on Nasdaq under the ticker NAKA.
In recent months, Nakamoto Holdings has outperformed Metaplanet and has risen to become the 16th-largest publicly traded Bitcoin holder, with 5,765 BTC.
Additionally, Japanese nail salon franchiser Convano has also outperformed both Nakamoto Holdings and Metaplanet. As of this writing, it holds 365 BTC, a relatively modest amount in contrast to Metaplanet and Nakamoto Holdings.
