Bitcoin treasury flops: These firms fumbled their BTC bets

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The fig of Bitcoin (BTC) treasury firms keeps connected climbing, but announcing a BTC strategy is nary longer a guaranteed mode to pump a company’s stock price.

The model was pioneered by Strategy (formerly MicroStrategy), present the world’s largest publically traded firm holder with 632,457 BTC astatine the clip of writing. Since its archetypal acquisition successful August 2020, Strategy’s banal has risen much than 2,200%.

As of Friday, Aug. 29, 2025, 161 publically traded companies each hold much than 1 BTC, according to BitcoinTreasuries.net. Together, they clasp 989,926 BTC — astir 4.7% of Bitcoin’s supply.

A question of newcomers joined the Bitcoin treasury nine successful 2025, but the marketplace absorption has cooled. Some firms person diversified into Ether (ETH) instead, portion others person seen their shares commercialized backmost down to, oregon adjacent below, pre-announcement levels.

Here’s a look astatine immoderate of those companies whose banal show has failed to support gait with their Bitcoin ambitions.

Cryptocurrencies, Bitcoin Price, Investments, MicroStrategy, Features, Companies

GameStop: Holds 4,710 BTC

GameStop’s destiny has agelong been intertwined with Bitcoin and crypto. In 2021, retail traders connected the r/WallStreetBets subreddit triggered a abbreviated compression connected GameStop’s stock, pushing meme concern into the mainstream.

Around the aforesaid time, memecoin Dogecoin (DOGE) surged connected a question of taste hype, online communities and tweets from Elon Musk.

On March 26, 2025, GameStop announced its program to put successful Bitcoin. Unlike the meme-driven pumps of 2021, Bitcoin failed to recreate the aforesaid frenzy. GameStop’s banal initially jumped 12% connected the announcement and aboriginal peaked astatine $35 per stock connected May 28 aft the institution revealed it had acquired 4,710 BTC.

But investors rapidly sold the quality successful some events. On Thursday, its shares closed astatine $22.79, down much than 27% year-to-date.

Empery Digital: Holds 4,019 BTC

Not each firm Bitcoin purchaser comes with the backstory of GameStop; galore are unrelated to cryptocurrencies oregon blockchain. MicroStrategy was a concern quality bundle steadfast earlier it pioneered Bitcoin treasuries. Japan’s Metaplanet started arsenic a fund edifice relation earlier it began following the Strategy playbook successful 2024. Its stock terms has since surged arsenic overmuch arsenic 6,000%.

Volcon, an electrical conveyance maker, announced a $500-million Bitcoin treasury strategy connected July 17. Two weeks later, it rebranded arsenic Empery Digital and adopted the ticker EMPD connected Nasdaq.

Before the pivot, Empery shares mostly traded betwixt $6 and $7, good beneath their January precocious of $35. The Bitcoin announcement briefly lifted the banal to $21 connected July 17, but the rally didn’t last. On Thursday, EMPD closed astatine $6.99, backmost successful its accustomed range.

Sequans Communications: Holds 3,170 BTC

Sequans Communications, a French semiconductor steadfast that listed connected the NYSE successful 2011 nether the ticker SQNS, has a trading past that resembles a lackluster crypto token: blistery listing spikes followed by agelong stretches of capitalist disappointment.

At the commencement of July 2025, SQNS was drifting astatine $1.45 aft a twelvemonth of dependable decline. Its archetypal Bitcoin acquisition connected July 10 concisely ignited a rally, sending shares arsenic precocious arsenic $5.39 successful the pursuing days. But the momentum rapidly faded, and by aboriginal August, the banal had slid backmost to $1.25.

On Monday, Sequans announced a $200-million at-the-market equity offering to money its plans to accumulate 100,000 BTC by 2030. The quality did not halt SQNS from sliding; connected Thursday, it closed astatine $0.91.

Vanadi Coffee: Holds 100 BTC

Like galore firms that turned to Bitcoin, Spanish cafe concatenation Vanadi Coffee was pushed into the strategy by fiscal distress. In 2024, the institution reported 3.33 cardinal euros ($3.9 million) successful yearly loss, up from 2.87 cardinal euros the twelvemonth before.

The Bitcoin program became authoritative connected June 29, and the adjacent day, its shares surged to 1.09 euros, closing the period up much than 300% from the 0.27-euro opening price.

By mid-trading connected Friday, Aug. 29, 2025, the banal had slipped backmost to 35 euro cents. It’s inactive up 95.6% year-to-date but down 44% from the aforesaid constituent successful 2024.

Ming Shing Group: Holds 833 BTC

Ming Shing Group, a Hong Kong-based operation and engineering company, was listed connected the Nasdaq successful November 2024. Soon aft going public, it began accumulating Bitcoin, making its archetypal acquisition connected Jan. 13, 2025, with 500 BTC. At the clip of writing, it holds 833 BTC.

After debuting connected Nasdaq astatine $5.59 connected Nov. 22, 2024, its Bitcoin strategy initially drove shares to an all-time precocious of $8.50. Since then, the banal has slumped to $1.85 connected Thursday’s close.

On Aug. 21, the institution announced a $483-million woody to acquire an further 4,250 BTC done a stock issuance. If completed, Ming Shing would go Hong Kong’s largest firm Bitcoin holder, surpassing Boyaa Interactive, which holds 3,640 BTC and presently ranks arsenic Asia’s second-largest nationalist Bitcoin treasury down Metaplanet.

The caller announcement concisely lifted Ming Shing’s struggling stock price, though astir of the gains were erased the aforesaid day.

K Wave Media: Holds 88 BTC

South Korean amusement institution K Wave Media made its archetypal Bitcoin acquisition successful July 2025, but its shares person been sliding ever since. The institution has raised $1 cardinal for BTC acquisitions, yet the banal remains nether pressure.

The archetypal announcement came connected June 4 successful a Securities and Exchange Commission filing, wherever K Wave disclosed a $500-million standby equity acquisition statement with Bitcoin Strategic Reserve. The filing besides outlined plans to run Lightning Network nodes and integrate BTC into its fiscal and user platform.

On May 13, Global Star Acquisition and K Enter Holdings completed a peculiar intent acquisition institution (SPAC) merger to signifier K Wave Media. While the consequent Bitcoin strategy concisely lifted the banal from its post-SPAC sell-off, the momentum rapidly faded. Since the company’s archetypal BTC acquisition connected July 10, shares person continued to decline, closing astatine $1.85 connected Aug. 28 — conscionable beneath the $1.92 level recorded connected July 3, the time earlier its Bitcoin treasury filing.

Early occurrence cases among Bitcoin treasury companies

These cases amusement that announcing a Bitcoin strategy remains a Hail Mary for struggling firms and doesn’t warrant lasting gains. Share prices often spike connected the quality but seldom hold.

There are, however, a fewer integer diamonds successful the rough. On May 12, healthcare supplier KindlyMD announced plans to merge with Nakamoto Holdings to form a Bitcoin treasury company, present trading connected Nasdaq nether the ticker NAKA.

In caller months, Nakamoto Holdings has outperformed Metaplanet and has go the 16th-largest publically traded Bitcoin holder, with 5,765 BTC.

Japanese nail salon franchiser Convano has been outperforming some Nakamoto Holdings and Metaplanet. At the clip of writing, it holds 365 BTC, which is simply a comparatively tiny warfare thorax erstwhile compared to the likes of Metaplanet and Nakamoto Holdings.